Hello UI followers. I hope that you have been implementing the new strategies of money saving and handling that I have been giving you. Our financial series has been a blessing for many of us because it gives solutions to real time problems in our communities and in our lives. The last time we tackled student debt and how to eliminate it from your life. All the time we hear about investing in the black community and keeping our dollars black, but what does that REALLY mean? Most would have you think that its definition is “Only use Black businesses and spend money in Black neighborhoods.” However this blind way of thinking is more so crippling than helping our cause. Now… I’m not saying to NOT spend with each other… But what I am saying is that our spending needs to be PROACTIVE instead of SITUATIONAL. What I am covering today is proper investing in Black business to build as opposed to maintaining the status quo.

Like anything else we first must point out the problem, and then provide a plausible solution. The primary issue is the fact that many blacks do not promote nor use Black businesses in their daily lives. The reason for this is not the “Uncle Tom” label that many try to label these Black individuals. The bottom line here without going into a long explanation is that quality of self is more important to them than the success of a particular business. Let’s be honest… That is the mind set of most people. We want the best for ourselves and our families. Knowing that let’s take a look at many Black mom & pop businesses in America. Though they look like us and we would love to help, the bottom line is that the quality is lacking.

There is a silent culture among Black businesses that states, ”We will get a certain amount of business simply for the fact that we are Black owned and operated.” This then creates a culture of not having to try as hard as the next company because there will always be money no matter the quality of the product. As a result, people in general have come to expect a level of poor service that seems to only be displayed by Black business. (Ratchetry) We as Black people have for decades excused the lack of customer service and poor delivery of service period in the name of helping out a black business. In order for OUR businesses to flourish this behavior must change.  We have to hold ourselves to a higher standard and make these businesses earn back our trust in the quality that they provide.

Now that we have pointed out the true problem that exists instead of blaming each other, we can start to work on the very real solution which is investing properly. The first thing that we must do is recognizing the Black businesses that are in our area. In this age of information, this act is really not that hard. Once we have found them we have to make ourselves familiar with them. There are certain goods and services that do not require a level of quality but more so the best pricing and discounted rate. Dry cleaning, the purchase of name brand electronics, barber and beauty services… These are some examples of services and products that do not require the big store to get the best possible deal. These should be your go-to Black businesses because there is little to no risk involved to do business with any of these providers. The risk is when we need to rely on a product, or an organic service that is run and operated by the average Black business. This is where things get difficult.

Because there is a certain entitlement that many Black businesses have there is a common notion that Blacks in the lower income neighborhoods have no choice but to deal with their business no matter how bad it is. This is the reason that over 60% of Black businesses have poor service and produce poor products. When a person does not HAVE to provide quality… They won’t. Especially if quality means more money or more effort. The way we actively improve our businesses is by actively seeking out our businesses… Pointing out what we need… Letting them know where they are lacking and what they need to do to gain our business… And if need be, going with other business and telling them exactly why. By doing this not only do we let our people know the best way to run a GOOD business, but we also weed out the bad Black businesses because they will not want to improve quality because if they did not want to work to better things when prompted they will die out and make way for those who care about the quality of the goods and services that they provide.

By simply giving our money to Black businesses and allowing them to provide subpar service and products, we open ourselves to the scrutiny of other as well as building a reputation for being bad business people. This is something that we know to not be true. We also are in a sense rewarding failure which also cripples our people into a sense of entitlement, accepting mediocrity as a standard. We must create a culture of not just Black business, but good business. We have been to lenient on our own people in this regard. There is an adage that says … “We have to work 2x as hard to get half as much.” This reigns true for black people throughout the world. Since we know that this is the case, why would we allow our businesses to operate with less than optimal service and quality? Stop giving them the “Fellow Black Person Pass” and start being more critical of what they do. I’m not saying to not use Black businesses, because that is counterintuitive. What I’m saying is don’t simply give them business because they are black, and don’t deny them business because they are black. We need to actively work together to help each other produce the best quality that we can.

Remember these key actions in proper investment into Black business…

1. Expect and demand quality service and goods.
2. Advise management when they are lacking. (Can’t fix what you don’t know)
3. Try Black business where you have not in the past. (You may be surprised at what you find and if not, your bad experience is a valuable learning tool for all parties involved)
4. Remember that you have an education that their employees may not have. Guide instead of judging harshly
5. If the investment comes from you directly by partnering or taking a stock in the company ask yourself if the moves you make are good enough… Or the best move you can make for what you have.

The return may not always be financial. It may come in the shape of bettering your community or even helping a business become better and able to truly compete with others. The term “invest” simply means placing something into something else for a greater return at another time. Make sure that your investment yields the return that you desire. What that return may be is entirely up to you. Until next time UI Financial faithfuls… Make money, not excuses.