More action needed in supporting Black-owned businesses

Inclusion strategist Denise Hamilton offers a candid look at the challenges Black-owned businesses have faced, in comparison to their white counterparts, and encourages corporations to bolster their support by initiating changes like shortening pay cycles, adopting a transparent approach to contracts and reaching out to BIPOC entrepreneurs outside of their immediate circle. “Top executives should put more effort into fixing these problems, and less into announcing how much they care,” said Hamilton, citing a recent survey that revealed that despite promises to support Black-owned businesses through supplier diversity programs, 53% of Black business owners reported that their revenue dropped by at least half since the pandemic began, compared to 37% of white owners.