Did You Know? Only 2% of the Small Business Investment Company program resources go to Black-owned businesses?
photo credit: The Zoe Report --- https://rb.gy/cjy7or
Nearly 15% of the American population is black. So, now we are asking for a minimum of 15% of retail shelf-space to display Black-owned businesses. August is National Black Business Month, and far more than ever, our Black-owned businesses need support and visibility. Aurora James, the Creative Director of Brother Vellies, proposed a call to action for retailers to support the Black community beyond a short-term fix. Amidst recent events in the Black Lives Matter movement, many huge retailers were distributing emails and social media posts declaring solidarity, but James felt that it was not enough. This plan was initially devised by individuals within the retail and fashion industries that have an eye towards mobilizing large multi-brand retailers with a desire to make store shelves a more inclusive space. The pledge creators believe the spirit of this pledge can be adopted across a wide range of industries and the lives of every individual, at a consumer level. Signing the 15 Percent Pledge Petition as a consumer or taking the pledge as a retailer are potent ways to actively support the Black community today and in the future.
Since the pledge has been unveiled, retailers like Sephora, Rent the Runway, West Elm, and MedMen have made the pledge. With Sephora's unparalleled influence and power in retail at large, their response and action involving the pledge make a historic contribution to the fight against systematic racism and discrimination. Likewise, West Elm's commitment to the pledge last month shows impressive leadership in the global design space. Their determined action plan of brand collaborations will be immensely beneficial for Black-owned businesses in the home-goods category.
The Steps:
Step One: Take Stock.
Taking stock requires companies to take a comprehensive look within their company of the percentage of shelf-space, contracts with Black-owned businesses, Black leadership, advertising that displays Black faces, hiring Black talent, and much more. Within every business model, from companies large and small, there is an opportunity to apply the 15 percent pledge in various ways, and the first step is in taking stock of where you are now. Even if a company's current representation is 1%, that realization is meaningful beyond belief and will give them the power to start to make a change.
Step Two: Take Ownership.
Take ownership of the findings, intensely examine how the company's and society's blind spots and biases have led to disparities, and what progress a company can make to address them. Publish the findings internally and externally, and allow them to illustrate a new ideal for "business as usual" behavior. The world asks companies to question the barriers to entry, support systems, hiring practices, assumptions, and fundamental prejudices that got you to the numbers that we are asking to be shared and changed.
Step Three: Take Action
Define and publish a plan for growing the share of Black businesses you empower to at least 15% while developing a concrete accountability strategy that promotes transparency surrounding your new commitment. Execute the plan. Beyond the immediate actions, all plans should clearly establish a framework for how your company will remain accountable and transparent for years to come. Success is now defined by thoughtfulness and longevity.
photo credit: @monachalabi on Instagram
"We also know that female founders and Black people who are the founders of their own businesses end up contributing to their own communities as well. So this isn't just about Black business owners. This is about Black people in Black communities as a whole."
--Aurora James, Vanity Fair, June 2020
History has shown us that tinkering with the numbers alone will lead us right back to old problems unless we fundamentally change the equation. However uncomfortable the numbers, share them. Emancipation in 2020 requires economic empowerment within the Black community. By signing the petition and imploring retailers to take the pledge, you can collectively put billions of dollars back into the Black communities. These changes will require tackling significant systematic issues that may take months and years to address, but we are now laying the groundwork.
To Sign the 15 Percent Pledge Petition: https://www.15percentpledge.org/
To Learn More About Taking the Pledge: https://www.15percentpledge.org/pledge
photo credit: https://www.15percentpledge.org/
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