Published: Wednesday, March 30, 2022
The March Revive Black Business Summit was one of the best yet. The speakers were all outstanding with inspiring and instructional presentations.
Over 100 Black business owners, entrepreneurs and support organizations have participated with the Revive Black Business Summits in 2022.
The theme to start the year has been all about creating a strong foundation for your business and getting connected with resources – including funding.
The first summit of the year in January provided a comprehensive perspective and included some of Omaha’s most successful Black business owners, entrepreneurs and dozens of support organizations.
The second summit zeroed in on credit, banking, investing and wealth building.
The third summit held on Saturday, March 26th focused on creating and building business plans, financial projections, using data and market research to grow your business, insurance options for business owners, and identifying and selecting the right attorney.
Deborah Dogba, founder and CEO of Business Seals, is a local expert on business plans, operations and launching businesses. She provided an excellent overview of strong business plans and financials.
“Business plans aren’t just for new businesses or preparing to go to see a banker,” said Dogba. “You should revisit and update your plan frequently.”
She added, “Your financial projections tell the bank whether or not you are worth the risk of investment. They want to know will they get their money back?”
“As a business owner, you must have your balance sheet, income statement and cash flow statements on hand and ready.”
Raheem Sanders, “The Innovation Man” founder and owner of PPRP Innovations, delivered a powerful piece as he shared valuable insights that he tagged as Move, Do, Act and Costs.
“It’s not just about the numbers, what is the data telling us and are we looking at the right data,” said Sanders. “These levers will help you grow your business. Are we moving people to act, and do we know the costs?”
“Conversion rates help you understand how to get potential customers to move, do and act; and the lower the conversion rate, the more profitable your business becomes.”
Shawntal Mallory, consultant and executive Director of the Nebraska Legal Diversity Council, captured the groups attention with key elements to consider when selecting an attorney for your business.
“Be prepared, do your research, take advantage of the free consult, and make sure the relationship is a good fit,” said Mallory.
She added a bonus, “Don’t forget you can always fire your attorney if it’s not working for you.”
Cort Bonner, business owner and longtime State Farm Agent, closed out the presentations with some key insights regarding insurance.
Bonner said that when he speaks with clients, he breaks down his recommendation into three areas: Property. Protection. People.
It was clear that his passion is making sure that business owners and all individuals have life insurance policies.
“It’s unfortunate that in too many cases, after a love one dies in our community, I’m not writing a check to their families from their insurance coverage, but a check to make a contribution or buying a dinner at church to help them bury their loved one,” said Bonner.
“We need to make sure our families have life insurance, and you as a business owner must have insurance to make sure your family receives the benefit.”
Dr. George Fraser provided the icing on the cake by reinforcing key elements for entrepreneurial success. He closed out the event with a consistent message.
“If you don’t have a system, you don’t have a business,” said Fraser. “And, you don’t build a business, people build the business. Your job as the leader is to build the people.”
His message connected directly to the purpose of the event.
Willie Barney, co-founder of the Revive Black Business Network along with his wife, Yolanda, added: “The Revive Black Business Summits and Network are focused on building strong leaders, that build strong people, that build strong businesses and communities.”
Learn more about the Revive Black Business Network, here.