We are approaching the most active spending period of the year. Holiday spending between Thanksgiving and New Year’s Day represents the difference between success and failure for many businesses – especially retail businesses. That’s why the Friday after Thanksgiving is called Black Friday. It is the busiest shopping day, and the difference between finishing the year in the red, or in the black for many businesses.
Black people should do business with one another during this period of the year because our progress in this economic system depends on it.
We have survived for more than 400 years under oppressive conditions, and now we represent an economic opportunity valued at more than $700 billion dollars. We should make Black Friday a day when we seek out Black-owned businesses to spend our hard-earned money with.
That $700 billion dollars is disposable income, after taxes -- money that we can invest, save, and spend on consumables. We all feel the pain of being on the bottom rung of the economic ladder – higher unemployment, greater dependence on welfare programs, poor education systems, poor housing, and negative wealth accumulation. Why is that? It is really quite simple.
This is a problem that can be solved without all Black people understanding complex economics. We need to understand one simple fact: The return on our expenditures, investments, and savings – is determined by the priorities of those with whom we invest, save and spend. If the folks we are spending our money with, the banks we are saving in, the businesses we work in – don’t have the same priorities as we do, then we are investing in the success of others.
Why should we spend our money with Black businesses?
We should spend our money with Black businesses because this creates job opportunities for other Blacks; we should save with Black banks because they will practice fair lending policies in our communities; Black businesses should merge with other Black businesses rather than sell out to White businesses because this creates wealth that strengthens our community. This wealth supports and preserves our Black culture, supports Black schools; strengthens Black families.
Martin Luther King Jr. said that if a man won’t stand up for something, he will fall for anything. We need to stand up for the Back values, Black culture, and Black independence -- independence from the whims of our oppressors and other economic forces. We can take control of our destiny simply by choosing to do business with each other whenever possible.
We can begin to change the current trend of spending 95% of our earnings outside of our community by taking advantage of the Internet to participate in the Virtual Black economy. The Internet affords the flexibility and choice to select quality, value, price, or any other criteria – all within the Virtual Black Community. Some of our actions will be local, some will be virtual. But first and foremost, they need to have a Black priority.
Our decisions to do business with one another can have as much as a 10 to 1 impact on the growth of Black-owned businesses if every Black wage earner would redirect just 10% of what we spend. We would make a $70 billion investment in the growth of black businesses, the creation of jobs, and building stronger communities. Of course, if we invested more than 10%, the impact would be greater.
There is a false sense of equality for those who think that money is a great equalizer, and they only need to “get the best deal I can get, no matter where I spend my money.” That self-deception is based in a system that does not have our best interests as a priority. And the outcomes of these spending habits speak for themselves. We should start making a difference immediately, and make the next dollar we spend an investment in doing business with each other.
On this Black Friday, plan to visit the iZania Market where -- We make the ‘Net Work for you!