Most of us have heard a variation of the following statistics and a lot of talk about keeping our money circulating in our community for much longer but what is the practical application of this?
Lifespan of a pound
Asian Community: 28 days
Jewish Community: 19 days
Black Community: 6 hours
Keeping the money circulating in our community is one of the objectives of BIG. We do this practically by providing platforms and tools which enable people and businesses to come together and interact, network and collaborate, engaging in business with each other. We facilitate this through:
We help start-ups/SME's specifically but also businesses of any size (micro, small, medium and large) to establish themselves professionally in order to present themselves, their products and services in the best way possible.
In summary and conclusion there is a lot of talk about money leaving our community much quicker than other communities. Can you share what practical solutions you use or think we can use to implement this further.
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This is a very interesting topic.
There are a lot of different ways that we can keep our money circulating in our community.
Here are a few ideas that i use:
1. When going shopping think of a black owned shop where you can go and buy what you want (and actually go there!)
2. When visiting a shop owned by another race, buy what you need to buy there and anything you see that you can buy in a black owned shop, save that portion of your money and then go to a black owned shop and purchase there.
3. Save an amount of money every week so you can treat yourself to a (healthy) spending spree in a black owned business.
4. Whenever you have a make a major purchase look online for a black owned business and spend your money there.
5. Encourage family and friends to do all of the above as well.
6. Teach our children to do all of the above.
7. When buying clothes visit black owned clothes (and shoes) shops.
8. Be passionate ab0ut spending money in the black community.
9. Get educated about the reasons why this should be done. You can do this by visiting sites such as https://ebonydirectory.com/need-black-businesses/ which give deeper insight into how this problem started and what we can do to resolve it.