We want to build an ecosystem that is a model of co-production, whereby the core of it would continue to focus on authentic collaboration between the Black entrepreneurial community, financial institutions, and all the other actors in the system that can help create an equitable future where business owners can realise their potential. We want to advocate for Black businesses that will benefit from these institutions reviewing and renewing new and legacy operational policies and practices.
In order to see the ecosystem, start to take shape we have several external objectives:
Investing our time and energies into community partnerships and collaborations
Implementing support strategies for more equitable community-centred businesses
Improving economic outcomes for Black businesses in the UK
Reducing inequalities for Black business owners to access finance
Centring equity in our strategic decision-making processes
CREATING AN ECOSYSTEM
Through our roundtable discussions, interviews with experts, and our survey findings this year, we were pleased that there was strong validation of our 10 key recommendations from last year. We found that only 7% of Black business owners and 4% of potential entrepreneurs said none of the recommendations we presented offer a solution for the barriers they’re facing. This signals positive confirmation of the work we’re already doing. The following sections explore the practical implementation of the 10 recommendations we put forward in 2021. Our goal over the next 12 months is to create an ecosystem that increases the visibility of Black businesses and creates long-term change for Black entrepreneurs.
CREATING IMPACTFUL CHANGE
“Understanding business credit scoring? Yes, to an extent, but I think why do businesses fail. If we look at the top 10 matrix of why businesses fail; lack of finance, lack of marketing, lack of strategy, lack of leadership., So for me those things are prerequisites, give people training and support in those spaces, but in a diligent way, not just a one-off way. ‘Oh, here’s a course for 3 hours’ and we tick a box and say,’Oh, yes, we’ve trained’ - that’s not competence, it’s going to be over a sustained period of time”
Dr. Carlton Brown