At The Black Business Focus Group (The BBFG), we recently conducted a quick poll to gauge revenue expectations among our members for 2024. The question was straightforward: Are you on track to make more in sales this year than last? Less? About the same? The responses were overwhelmingly positive, with 85% of participants indicating they are on track to make more in sales this year compared to last year. Another 7% expect their earnings to be about the same, while 7% were unsure about their revenue projections.
Key Insights from the BBFG Quick Poll Results
1. Strong Optimism Among Black Business Owners
The most striking takeaway from our poll is the high level of optimism among BBFG members. With 85% of respondents expecting higher sales in 2024, it’s clear that many Black business owners are experiencing or anticipating growth. This optimism could be driven by various factors such as increased consumer demand, successful marketing strategies, expanded product lines, or new business opportunities. According to BBFG Business Owner Maurice W. Evans, CEO of Powernality™ "I am confident that our revenues will significantly increase this year due to new opportunities to better serve corporations through our SuperPowered Leadership™ and SuperPowered Marketing™ systems. These systems, coupled with the growing number of certified trainers, enable us to provide tailored solutions that enhance corporate performance and drive measurable results. By leveraging the unique strengths of individuals, Powernality™ not only improves personal development but also transforms team dynamics and organizational efficiency, ensuring sustained growth and success."
2. Economic Resilience and Growth
The positive outlook reflected in the poll suggests a resilience and growth trend within the Black business community. Despite broader economic challenges, these results indicate that many Black-owned businesses are not just surviving but thriving. This resilience might be attributed to adaptive business practices, strong community support, and a focus on innovation and quality.
3. Stability for a Segment of Businesses
For the 7% of respondents who expect to earn about the same as last year, stability is key. Maintaining consistent revenue can be seen as a positive outcome, especially in uncertain economic times. These businesses may have found a sustainable model that works well for them, or they might be in industries where growth is more gradual.
4. Uncertainty and Areas for Support
The 7% of respondents who are unsure about their revenue expectations highlight a segment of businesses that may need additional support or resources. Uncertainty can stem from various factors, including market volatility, changes in consumer behavior, or internal challenges. Providing targeted assistance, such as business coaching, financial planning, or networking opportunities, could help these businesses gain clarity and confidence.
Moving Forward: Supporting Continued Growth
The BBFG remains committed to supporting the growth and success of Black-owned businesses. These poll results are encouraging and highlight the importance of fostering a supportive environment where business owners can share insights, strategies, and resources. Here are a few ways we plan to continue supporting our members:
Educational Workshops and Webinars: Offering sessions on topics like scaling a business, effective marketing, and financial management.
Networking Events: Creating opportunities for members to connect, collaborate, and learn from each other’s experiences.
Resource Sharing: Providing access to tools, templates, and guides that can help businesses plan and execute their growth strategies.
Advocacy and Representation: Working to ensure that the voices and needs of Black business owners are represented in broader economic discussions and policies.
Conclusion
The early results of our 2024 revenue expectations poll reflect a promising future for Black-owned businesses within the BBFG community. Please keep in mind that the results of this BBFG Quick Poll will change over time but as of May 28th, 2024 our outlook is strong. The optimism and resilience demonstrated by our members are inspiring, and we are dedicated to continuing our support to help them achieve their goals. Together, we can build a thriving ecosystem where Black businesses not only survive but flourish.
It's our time!
-Phil-
Phillip W. Dunn, Founder
Black Business Focus Group, LLC