Episode 197: Small Business and Success Through Collaboration

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The Secrets Of Earning Money Show

Tashaya Singleton

171 episodes

3 days ago

Business - Money - Mindset. This show is focuses on sharing tips, expertise, books and thoughts in the areas of Business, Money and Mindset so you can take control of your personal financial economy and life.

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Episode 197: Small Business and Success Through Collaboration

The Secrets Of Earning Money Show

16 minutes 59 seconds

3 months ago

Episode 197: Small Business and Success Through Collaboration

Happy Black Business Month! We are celebrating and highlighting positive growth trends in Black-owned businesses and discussing strategies for successful business partnerships, emphasizing the need for clear contracts, shared values, and consistent effort in entrepreneurship.

Our host, Tashaya Singleton, is hosting an upcoming virtual Business Succession and Sales Boot Camp on August 23rd., go to www.tashaya.com for the details.

There has been positive growth in Black employer firms, noting an increase to 134,567 firms with total sales of $133 billion. Black businesses are primarily in the healthcare and social assistance sector.

Many businesses are started through bootstrapping, and because of limited funding there is an importance for collaboration between complementary businesses. Joint efforts can reduce marketing costs and increase reach. They help business owners to create databases of referral partners and organize joint events for cross-promotion.

Shared values, written contracts, clear terms and conditions, and a joint marketing plan help to minimize conflicts and ensure successful collaborations.

Commitment and consistency is important in entrepreneurship, because while passion is crucial, maintaining consistent effort, even if small, is key to long-term success. There is also a need for business partners to align on commitment levels and manage finances carefully, because generating high revenue does not guarantee profitability without proper expense control and cash flow management.

Building a strong advisory team is important for small business owners. That team should include bankers, accountants, and legal professionals, to navigate future crises and access government assistance programs.

For inspiration this month, read "Succeeding Against The Odds" the autobiography of John H. Johnson, founder of Ebony and Jet magazines, as an inspiring example of perseverance and success despite facing significant challenges.

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