Black Owned Business Network

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After working with clients and customers, Don't be afraid to ask for valuable feedback.  There are several ways to ask your clients for feedback. You can ask them to complete and anonymous survey or to respond to an email.

 

When asking for feedback remember to ask directed questions like How can we improve our services? These types of questions result in constructive criticism from your clients.  Make it a part of your business process to ask for feedback each time you deal with a client. 

The most important part of asking for feedback is to follow up.  If you have many clients telling you that your business process is too complex, then you may need to look into simplifying your business process.

How do you solicit feedback from your clients?

 

Published in Business Tips

So you have that great idea.  The idea that's going to turn you into the next Bill Gates or Mark Zuckerberg.  Your going to be the next billionaire.  But wait, how will you finance this big idea?

So you want an investor, a business loan, just a few thousand dollars.  You contact everyone you can attempting to solicit support to fund your BIG idea.  Everyone you contact seems to ask you the same question, Can I see your Business Plan?

Uh Oh.  There is something that you forgot. Business investors, banks, and the people with the money want to know the details of your business. What is your budget?  Who is your competition? Where is the demand for your business?  Who are your potential customers? How much do you have to invest in your business? HOW WILL YOU MAKE MONEY?  WHEN WILL YOU TURN A PROFIT? 

Think about it.  How do you know how much money you need if you have not created a budget or researched how much your inventory, supplies, building lease, website design will cost?

If you want your business to be successful.  Start working on your business plan today.

Did you create a business plan before going into business?

Published in Business Tips

You need repeat customers to have a successful long-term creative business.

Repeat customers are the easiest customers.  Think about it, they know your product or service. They trust your brand.  Most importantly, you already have a relationship with them.  It is easier and cheaper to get someone to buy from you if they have bought from you before.  So what does it take to turn a new customer into that favored repeat customer.  Here's a couple of tips:

1) Have a great product or service at a competitive price.

When you have a quality product or service, it will usually sell itself.  Your customers will come back because they value and trust your product or service and your price is competitive. 

2) Keep in touch

Sometimes your clients forget about you.  Send them a thank you note for doing business with you. Notify your clients when you offer new products or have promotions.  Not only is this a good gesture, but it keeps you on the clients mind.

3 ) Offer special discounts to repeat customers

Everyone loves a sale.  Offering a special discount to your customers makes them feel appreciated.  It makes clients feel like they are getting something exclusive.  It makes clients feel important.


What tips do you have for turning your first time customers into repeat customers?

Published in Business Tips

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Our goal is to empower black businesses with tools to strengthen networking abilities and to provide valuable business resources that will enable us to close the gap in the profit margin between black owned businesses and non–black owned businesses.

In 2007 there were over 1.9 million black owned businesses in the United States. That number is growing rapidly. According to the US Census, the average black owned business grosses about $72,000 per year. This is below the national average for other minority businesses which gross an average of $179,000. In addition, non-minority firms gross an average of $490,000 per year.

Improved networking is the key to the success of the black owned business. We will start by giving black businesses the ability to network with other black owned businesses. We will provide valuable resources to businesses that will enable businesses to move forward and focus on their business needs. These resources include the following:

  • Black owned business directory that will offer business a free listing to all black owned businesses
  • Scholarship listing that will list scholarships that target African American students
  • Job board that will list jobs that are offered by African American business owners
  • Discounts on web design services to black owned businesses who do not have a web presence
  • Discounts on Lean Six Sigma training to businesses to give black owned businesses a means to increase profits internally.
Published in Uncategorized

 

Let's face it.  For every service you provide, there are hundreds of others who provide the same service.  When a potential customer or client tries to contact you or your business for your services.  You usually only get one shot.  Make it easy for your clients to get in touch with you.  Make sure that your email address, physical address, and phone number are correct on all of your media including your website and business cards.

 

Published in Business Tips

Minorities in Business * Black Owned Business * Disadvantaged Business Enterprises ( DBE ) * African American Owned Business * Small Business Administration ( SBA ) * Small Business Interprise ( SBE ) * Minority Business Enterprise ( MBE ) * Small Disadvantaged Business ( SDB )

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