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August is Black Business Month. We argue that in the Black community, every day should be "Support a Black Business Day."
The argument for sustained backing of Black businesses by Black Americans underscores the fact that the well-being of a community is intricately linked to its economic vitality. No one raises an eyebrow when this is practiced in other communities. Black Americans must recognize that this principle of circling the dollar longer within the black community ultimately builds a stronger community. It's simple math. This notion holds true for any community, regardless of its racial or ethnic identity. Just as other groups engage in purposeful patronage to uplift their communities, Black consumers supporting Black businesses create a positive feedback loop that fosters growth and resilience.
According to the USA Business Directory, on average, money circulates for about 6 hours within the Black community, 17 days within the White community, 20 days within the Jewish community, and an impressive 30 days within the Asian community. This stark difference is not a result of racism but rather of intentional consumer behavior that nurtures community prosperity. Imagine the transformative impact if the cycle of money circulation within the Black community were extended even slightly.
We can hear critics saying that embracing such an attitude is "woke." We are the very last that should be considered woke. We do, however, have good common sense. As did President Ronald Reagan. When President Reagan addressed the issue in the 1980s, the buying power in the Black community was $140 billion. Today, it is $1.3 trillion.
Reagan said, "In most neighborhoods, what really brings prosperity is when the income of that neighborhood is then multiplied by turning over several times within that community. I must tell you that in the Black communities in America, the turnover is less than once before the dollars, those 140 billion, go out into the community at large. And that has to be changed."
We agree with President Reagan that has to change.
It's essential to remember that the call for the Black community to aggressively support Black businesses with year-round support does not undermine the significance of Black Business Month; rather, it complements it. August serves as a reminder, amplifying the continual efforts that must be made.