August 11, 2020
In the past few months, COVID-19 has turned the world upside down, but the hardest hit have been small businesses – especially those owned by minority entrepreneurs. Even before the COVID19 outbreak, this group, which comprises 37 percent of all US companies, was facing greater challenges in setting up, managing and expanding their companies based on new data. Although progress has been made in vaccine development and parts of the country remain open, these hurdles remain.
Here are a few ways Facebook is helping to provide the resources and tools these companies need to be successful.
Black Business August
Facebook aims to celebrate and promote the work of black business owners and their adversity with Black Business August, a month-long series of education and business growth content with training, programming and business focus.
"We invite you to join us throughout August as we host virtual events, cover topics like finance, health and fashion, and share inspiring stories from black-owned companies around the country," the company said on an official blog Announcement.
Experts to be featured in upcoming sessions include Simileoluwa Adebajo, head chef and owner of Eko Kitchen in San Francisco, and Omar Kinnebrew, founder and CEO of Bespokuture in Atlanta. Main topics include "Building a Thriving Community", "Adjusting in Uncertain Times" and "Bridging the Opportunity Gap". Access to capital, networks and the loyal support of a community are simple but crucial elements for navigating today's business uncertainty.
Outside of these webinars, additional programs are hosted on Facebook Elevate, a community and learning platform for black businesses and creators that focuses on health and wellness, finance and wealth, food and drink, and beauty and beauty Fashion ". Each week, various black business owners and creators come together to share their travels and lead activities that put the practices into action. A workout from Ariel Harris Belgrave of Gym Hooky and a cooking session from The Spice Suite are just two Examples.
The first two topics are particularly important to many. More than ever, it is easy to lose sight of the work-life balance and the important truth that financial well-being directly affects our mental and physical health. Mindfulness can provide the productivity and clarity needed to respond to financial obstacles and avoid paralyzing business decisions in the midst of the unknown.
Empowering the next generation of black storytellers
In addition to the companies themselves, Facebook also looks inward at its own community and the voices represented. In particular, the platform is launching a new $ 25 million funding program to support black creators. The primary goal of the initiative is to improve diversity and reasoning from within by creating a meaningful community of storytellers who want to celebrate their communities, expand their unique narratives, and have a positive impact.
Due to the increased consumption of content during quarantine, speed is crucial to earn and maintain attention. Brands are quickly learning that they need to be open to learn from creators, rather than just mimicking the ad space to stay ahead and develop their strategies. With that in mind, Facebook wants to help these storytellers build a diverse and innovative business for the entire app family.
“We ask aspiring black creators to showcase their creative talents with our black creator program. Our program aims to strengthen black voices and is aimed at black creators aged 18 and over with at least 10,000 followers on Facebook or 10,000 followers on Instagram. The developers must be based in the US, ”said the platform.
Through these combined efforts, Facebook hopes to make progress in addressing concerns arising from the recent results of a civil rights review conducted in recent years to help the company improve its overall policies and civil rights in its Strengthen and advance the community. However, we cannot just rely on the platforms. As marketers, it's our responsibility to make sure these stories reduce the noise and invest time in developing a deeper understanding of the problems and opportunities that are at play.
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