The Truth About Black Folks and Our Reputation in Business

Four reason some black businesses get a bad rap (and what entrepreneurs can do to fight it)

Always out of a product you are supposed to have or unable to provide a service you supposedly offer: If you are facing this problem it may mean that you have a financing problem, pricing problem or an inventory management problem.
If you order products from a supplier and retail them or use them to make a product that you retail, ask your supplier about financing or terms.  For example, UPS has a special division of its company (UPS Capital) that consults with small businesses and provides terms to help them get beyond supply and distribution problems.  That’s not their core business but it makes sense for them to use their expertise to help the businesses that use their shipping services. The more those businesses prosper the longer they will be UPS customers.  List all the businesses you buy from and negotiate or research services they can offer that will help you make your business systematic, sound and successful.  If your business is service based and you’re always stretched or unable to provide the service upon request then you may have a pricing problem. Increase your prices and get more help. Don’t perpetuate a reputation for poor business practices when the problem is simply that you are trying to do too much for too little money.

 

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