New York Life panel offers strategies to help Black small business owners scale and generate individual wealth.
Much like baseball, stellar triumphs in business are calculated by analyzing data for the players and the team. Those stats can help entrepreneurs apply actions to compete better, adapt quickly to changing business conditions, and even potentially spur steady revenue growth.
The panel included Leilani Rivers, advanced planning consultant, NYL; Nan Baldwin of the Birmingham Business Alliance; and Danielle Hines, CEO and founder at CREED 63. Stacey Graham, managing partner of the Central Alabama General Office, NYL, was the moderator. The event included a fireside chat with former MLB player and business owner Dexter Fowler.
The panelists talked about what helps them achieve, offering insights that Black entrepreneurs may do well to consider in establishing or sustaining their success. Some key takeaways included:
YOU ARE ONLY GOOD AS YOUR TEAM
Among her responses, she says she always tells people if your business is perfect when you start, then you start it too late. Secondly, she says you must have a team around you and understand when you’re starting your business, what you’re good at, and what your blind spots are.
She noted there were some things she lacked as a small business owner, which were very hard for her to overcome as she was growing and developing her business. “So, really understanding what your strengths are and identifying your weaknesses so that as you grow, you can really be this well-rounded small business and small business owner.”
Rivers added that as an employer, you must invest in your team. She says that’s crucial to retaining good talent. “So, you want to make sure that you’re also giving them tools to succeed and further impact their potential goals and investing in their success.”
PLANNING FOR YOURSELF FINANCIALLY IS A MUST FOR BUSINESS OWNERS
WHERE YOU GET ADVICE FROM TRULY MATTERS
Panelists discussed how the Black community has roughly $1.8 trillion in buying power. Yet under a staggering 13% of African Americans will receive an inheritance. They also discussed the importance of wealth transfer, a hot topic. Rivers explained that life insurance as an asset—along with financial planning, having a will, and education—can help pass on a financial legacy and close the wealth gap. If a salesperson approaches you, Graham’s advice is to challenge them. “You don’t need a product; you need a plan.” Ask how does this fit into my overall plan? “That’s how you take holistic advice and planning and use it to your advantage and get you to where you want to go.”
THE SIGNIFICANCE OF BUILDING A NETWORK
As you grow your business, Baldwin suggests getting your name and brand out there to help you achieve success. But make sure that whatever you say you will do, whatever service you provide, or whatever needs you fulfill, do it because your reputation will precede itself. “I can’t say enough about building your brand through networking and relationship building.”
Business owner Hines of CREED 63 shared some comments on the panel discussion.
“Birmingham is a hidden gem with so much history. Events like this encourage and invigorate the city, specifically those entrepreneurs and small businesses that spend day in and [day] out creating spaces, services, and products.”
She added, “We are decades later from so many significant milestones and events, and our small business owners know and appreciate the shoulders we stand on. Events like this help facilitate intentional conversations, both of history, present, and future.”
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Source: Black Enterprise
