June 27th 2024.
Baseball and business have a lot in common, as both rely heavily on analyzing data to determine success. In the business world, this means looking at statistics for both individual employees and the team as a whole. These numbers can help entrepreneurs make strategic decisions, adapt to changing market conditions, and even drive revenue growth.
One recent event that highlighted the importance of data analysis in business took place in Birmingham, Alabama. New York Life, a company with a long history in the city, organized a panel discussion called "Swing for Success: Driving Growth for Black Business Owners & Entrepreneurs." The event, attended by 150 local small business owners and others, aimed to provide financial tools and strategies to help entrepreneurs scale up, build wealth, and contribute to economic prosperity in their communities.
The panel featured a diverse group of experts, including Leilani Rivers, an advanced planning consultant from NYL, Nan Baldwin of the Birmingham Business Alliance, and Danielle Hines, the CEO and founder of CREED 63. Stacey Graham, managing partner of the Central Alabama General Office at NYL, moderated the discussion, which also included a fireside chat with former MLB player and business owner Dexter Fowler.
As the nation's largest mutual insurance company, New York Life has a strong presence in Birmingham, with approximately 30,000 policy owners in the city and 85,000 in the state of Alabama. In 2023 alone, the company provided $12 billion in life insurance protection and paid out $124 million to beneficiaries in Alabama. With 1,500 Black agents offering a range of services, including life insurance, retirement planning, and financial advisory, NYL is committed to supporting and empowering entrepreneurs from all backgrounds.
The timing of this panel discussion was particularly significant, as it took place during the week of Juneteenth and coincided with a tribute to the Negro Leagues in baseball. This was a timely reminder of the challenges and barriers faced by Black entrepreneurs, as well as the potential for growth and success in the business world. For example, despite there being 2.6 million Black-owned businesses in America, 8 out of 10 fail within their first 18 months due to a lack of resources and funding.
In Birmingham specifically, a report from the city revealed that while 74% of the population is Black, only 50% of businesses are Black-owned. In contrast, white residents make up 22% of the population but own 47% of businesses. The panelists discussed their experiences and offered insights and advice for other Black entrepreneurs looking to establish or sustain their success.
One key takeaway from the discussion was the importance of having a strong team. As Graham pointed out, in 2021, there were 161,000 US firms with major Black or African American ownership, and their revenues increased by 43% in just four years. "Many of you in the audience contributed to that," he said. Hines also emphasized the value of having a team and understanding your strengths and weaknesses as a business owner. She stressed that no business is perfect when it starts, and it's essential to have a support system to help you grow and overcome challenges.
The panelists also highlighted the importance of financial planning for business owners. As Rivers explained, while employees can automatically enroll in a 401(k) and benefit from employer matching, small business owners don't have that luxury. She encouraged entrepreneurs to start saving for retirement as early as possible, as it can make a significant difference in the long run. "Financial empowerment begins as soon as you become educated and take proactive steps," she said.
Another crucial aspect of building a successful business is seeking advice and guidance from the right sources. The Black community has a buying power of $1.8 trillion, yet only a small percentage will receive an inheritance. This makes wealth transfer a hot topic, and the panelists stressed the value of having a solid financial plan in place. As Graham advised, it's essential to challenge salespeople and ask how their products fit into your overall plan. "You don't need a product; you need a plan," he said.
Finally, the panelists highlighted the significance of networking and building a strong personal brand. Baldwin spoke about the importance of reputation and delivering on your promises as a business owner. "I can't stress enough the value of networking and building relationships," she said. Hines, reflecting on the event, expressed her appreciation for the city of Birmingham and its history, and how events like this can bring entrepreneurs together to learn from each other and plan for the future.
In conclusion, the "Swing for Success" panel provided valuable insights and advice for Black entrepreneurs looking to achieve success in the business world. By focusing on teamwork, financial planning, seeking the right advice, and building a strong network, entrepreneurs can overcome challenges and contribute to the economic prosperity of their communities. To learn more about business planning and resources, check out the website mentioned in the article.
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