How familiar are you with the 100 largest Black-owned businesses in America? Known as the BE 100, this year marks the 38th annual report on these businesses by Black Enterprise magazine. There are five different categories including: Industrial/Service, Auto Dealers, Advertising Agencies, Banks, Asset Managers, Investment Banks, and Private Equity Firms.
Overall, in 2009 the BE 100 companies posted a 12.53% drop in revenues to $17.905 billion and a 5.47% decline in payroll to 67, 937 employees compared to a year earlier. It’s definitely a rough landscape, but there are opportunities available too. For example G&C Equipment Corp (no. 52 on the list with $75 million in revenues) expanded product lines and was revenue growth of 36.4%.
I was able to interview Black Enterprise Editorial Director, Business and Finance, Alan Hughes on my radio show and he shared even more insights. There are lessons all business owners can learn from studying the strategies and tactics of the largest companies. Don’t miss your opportunity to benefit. Listen to the interview. pick-up the magazine, read the article. We must empower ourselves.
What tactics do you recommend for Black-owned businesses to grow and thrive? What role can Black consumers play? Let me know your thoughts.