64 www.blackeoejournal.com Black EOE Journal
all the progress youve made until you see it sprout. According to data from the U.S. Bureau of Labor Statistics, about 20 percent of U.S. small businesses fail within the first year. By the end of their fifth year, roughly 50 percent have faltered. After 10 years, only around a third of businesses have survived. Its important to remain patient during the hard times if you want your small business to last. Remember that rough economic times dont last and although your customers and clients might not be buying now, they may want to in the future. Keep in contact with all your leads and former customers by running a consistent email marketing campaign. As countless studies have shown, email marketing is still more effective at engaging and converting users than any social media channel in existence. going forward, the more your team can do for your business.
You have to be prepared to adapt your business and go in different directions in the
Establish Boundaries with Employees and Investors
When you first start a business, it's easy to get caught up in the positivity and happiness that comes with your decision. But as we all know, owning a business isnt all sunshine and rainbows. There will frequently be occasions during which you will have to have difficult conversations with employees, partners and investors. Be clear about your expectations with all the people involved in your business and hold them accountable for their roles. Prepare yourself for tough conversations with investors and learn how to convince funders for more money during difficult times as a way to propel your business forward. Communication is key, and the clearer you are about your expectations pursuit of profit. For example, during the global coronavirus health crisis, many restaurants and gym owners had to find ways to pivot and continue providing value to their customers under new laws and restrictions. Sometimes changing tracks is not only necessary, but the way to lead your business to new heights.
Never Forget That You're the Boss
Changing circumstances and new market trends will hopefully result in your business trying new things. However, never let anyone convince you to do something with your business that you dont feel entirely comfortable with. Sometimes, as a Black business owner, lis- tening to your gut entrepreneurial instincts is the best move you can make. Never lose sight of the fact that you understand your business best - after all, youre the one who has in- vested so much time, energy and money in it! Its always best to listen to the advice of others around you, but ultimately you are the decision-maker. After all, isnt being your own boss the best thing about owning your own business?
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