New York Life Panel Offers Black Businesses Growth Tips

Much like baseball, great business triumphs are calculated by analyzing player and team data. These statistics will help entrepreneurs take motion to raised compete, quickly adapt to changing business conditions, and even potentially drive sustained revenue growth.

New York Life (NYL), which has been operating since 1902 and has a presence in Birmingham, Alabama, recently conducted the “Swing for Success: Driving Growth for Black Business Owners & Entrepreneurs” project there. The panel, which included 150 local small business owners and others, provided financial tools and methods to assist entrepreneurs scale their businesses, accumulate wealth and construct their very own economic prosperity.

The panel included Leilani Rivers, Advanced Planning Consultant, NYL; Nan Baldwin of the Birmingham Business Alliance; and Danielle Hines, CEO and founding father of CREED 63. Moderator was Stacey Graham, managing partner of the Alabama, New York General Office Central Office. The event included a fireplace chat with former MLB player and business owner Dexter Fowler.

The nation’s largest mutual insurer, NYL is home to about 30,000 policyholders in Birmingham and nearly 85,000 in Alabama. In 2023, the corporate provided $12 billion in life insurance coverage and paid out about $124 million to Alabama beneficiaries.

The insurer has about 1,500 black agents offering life insurance, retirement income planning and financial advisory services.

Presented through the week of June 11 as a part of a timely tribute to Negro Leagues Baseball, the panel was presented with startling statistics regarding Black entrepreneurshipFor example, there have been 2.6 million black-owned businesses in America. About 8 out of 10 failed inside the first 18 months resulting from lack of resources and funding.

According to report of town of Birmingham, Black residents make up 74% of town’s population, but only 50% of companies are Black-owned. By comparison, white residents make up 22% of the population, but 47% of companies are white-owned.

Panelists discussed what helps them achieve, offering insights that Black entrepreneurs should consider as they seek to ascertain or sustain their success. Some key takeaways included:

YOU ARE ONLY AS GOOD AS YOUR TEAM

Graham noted that in 2021, 161,000 U.S. firms had a predominantly Black or African American workforce, up from 124,000. In 2017, he says, their revenues grew by about 43% during that point. “Many of you in the audience contributed to this.” Hines was asked to share her experiences running a small business and the important thing lessons she’s learned over time.

Among her answers is that she at all times tells those that if your small business is ideal firstly, it means you are starting too late. Secondly, he says it’s essential to have a team around you that understands once you’re starting out, what you are good at and what your weaknesses are.

She noticed that she was missing certain things as a small business owner that were very difficult for her to beat as she grew and expanded her business. “So really understanding your strengths and identifying your weaknesses so that as you grow, you can be a truly well-rounded small business and small business owner.”

Rivers added that as an employer it’s essential to put money into your team. He says that is crucial to retaining good talent. “So you want to make sure that you’re also giving them the tools to be successful and continue to impact their potential goals and that you’re investing in their success.”

PLANNING YOUR OWN FINANCES IS NECESSARY FOR BUSINESS OWNERS

Rivers explained that employees can often get a job, routinely enroll in a 401(k) and have an employer match. But as a small business owner, you don’t have that luxury. She emphasized that the earlier an owner starts saving for retirement, the higher off they’ll be. “It’s imperative that you’re proactive and don’t sacrifice a comfortable retirement lifestyle. You just want to get down to work and try to live your dream with this business. You can do both, and the financial empowerment starts as soon as you educate yourself about it and start taking proactive steps.”

WHERE YOU CAN GET ADVICE FROM TRULY MATTERS

The panelists discussed the $1.8 trillion spending power of the black community. However, a staggering 13% of African Americans will receive an inheritance. They also discussed the importance of transferring wealth, a hot topic. Rivers explained that life insurance as an asset — together with financial planning, having a will and education — will help pass on a financial legacy and shut the wealth gap. If a salesman approaches you, Graham advises difficult them. “You don’t need a product; you need a plan. Ask, ‘How does this fit into my overall plan?’” “That way, you can take the overall advice and planning, use it to your advantage and get where you want to go.”

THE IMPORTANCE OF BUILDING A NETWORK

As your small business grows, Baldwin suggests promoting your name and brand to provide help to succeed. But be sure that that whatever you say you’ll do, whatever service you provide or need you meet, do it because your repute will precede it. “I can’t say enough about building a brand through networking and building relationships.”

CREED 63 owner Hines shared his thoughts on the panel discussion.

“Birmingham is a hidden gem with so much history. Events like this encourage and revitalize the city, especially those entrepreneurs and small businesses who spend day in and day out creating spaces, services and products.”

She added, “We’re decades removed from so many significant milestones and events, and our small business owners know and appreciate the shoulders we stand on. Events like this facilitate purposeful conversations about history, the present, and the future.”

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