Big corporations can and should take important steps to uplift local businesses and provide them with an opportunity to market themselves. So this Hispanic Heritage Month, vow to help your local Hispanic-owned businesses.
Currently, there are 4.65 million Hispanic-owned companies in the United States. That means that 14% of all businesses in the country are run by Hispanic people. Many of these are small businesses, which means in order to sustain the economy, it’s crucial that these young businesses are provided the help they need.
Many people who start small businesses do so with a particular vision for their product or service. However, this vision may not always be the best money-making scheme, especially if the business owner does not have a business background.
This is where big companies can come in and help. In this article, we’ve put together some important strategies that corporations can implement to help Hispanic-owned businesses this Hispanic Heritage Month.
1. Help the business grow organically
With years of experience under their belt in the business world, big corporations have a certain know-how of how to run a business that smaller businesses simply will not have. Therefore, as a big company, you should take steps to ensure that the knowledge you’ve acquired reaches local business owners as well.
So this Hispanic Heritage Month, launch a campaign to distribute your business skills among small Hispanic businesses. You can get a fixed number of businesses on board for this by reaching out to local Hispanic business owners via email, phone call, or by assigning a representative to drop in at their place of business.
Here are some important elements to include in your campaign:
- Business seminars for owners and CEOs
- Training workshops for employees – including employee etiquette packets and business tips
- A weekend retreat for upper management
- A lead-sharing session in which you can help business owners reach out to potential clients and partners that you have a contact for
2. Offer a service
Sometimes, smaller businesses face blockers that inhibit them from taking their company to the next level. These blockers may be financial, managerial, or general in nature. As a big company with the ability to offer solutions, you can dedicate a team to figuring out what each Hispanic business’s blocker might be.
Start by shortlisting a bunch of small businesses you want to work with. Then assign people to research and work with each business. Talk to them, find out about their business strategies, and learn about their shortcomings.
Once you have a detailed report on each company and an idea of what they need to grow, offer to fill that gap. Possible solutions include fixed-period loans, a special team of people, new equipment, etc.
Dell utilized this strategy by striking a deal with local small businesses, which allowed them to buy computer equipment at zero percent interest. This helped these businesses cut costs and use the money to expand elsewhere.
3. Integrate Hispanic businesses into your network
A big problem with small businesses is a lack of visibility. They tend to have a number of loyal customers in the neighborhood – people who know about them – but are unable to expand their reach.
Big corporations tend to have a larger reach and social media presence. You can use this to provide a platform to small Hispanic businesses so that your customers are able to connect with them.
It’s important to create space for local communities wherever you can and give them the opportunity to grow as you did. This is exactly why this strategy is so important to implement.
Here are a number of ways you can integrate Hispanic businesses into your own network:
Give them a platform on your social media
Run an “A Day With” campaign in which one Hispanic business takes over your social media for the day. They can post stories and share posts, tell people what they do and what their day-to-day operations look like, and answer any questions people might have. Advertise this campaign in advance through special Hispanic Heritage Month posters so that people tune in.
Invite them to networking events
Invite Hispanic CEOs to networking events and give them the space to interact with potential sponsors, investors, and partners. They’ll be able to reach leaders in the industry in ways they would never be able to before.
The Black Innovation Alliance, a coalition of Black business leaders, recently used social media to uplift small business owners from their community. They put up posts about them on their platforms and organized joint live sessions so people could learn more about them.
4. Encourage people to buy from Hispanic businesses
At the end of the day, it’s the sales that matter so let people know how important it is that they support local Hispanic businesses this month. Put together a comprehensive list of Hispanic-owned companies, with details about their location, contact, website, and a brief summary of what they offer.
Put up this list on your website, along with pictures and messages from Hispanic CEOs. Add links to your site as well so your customers are directed to their pages immediately. The more eyes you can get on their sites, the better.
Add all of this information to a custom Hispanic Heritage Month landing page, in which you also celebrate the months and educate people on its significance.
You should also raise awareness among people offline by putting up posters and flyers celebrating Hispanic Heritage Month. An effective way to go about this is to dedicate each flyer to one Hispanic business and put all of them up in highly visible locations such as parks, local libraries, and office buildings.
You should also hand out flyers at grocery stores and movie theatres, particularly during rush hours. Use PosterMyWall to create your custom Hispanic Heritage Month flyer in minutes.
A good example of how you can encourage people to buy from a particular business is that of Dr. Roshawnna Novellus, CEO of EnrichHER. She ensures that small women-led businesses get the support they need by purchasing gift cards to local stores and handing them out to her client base.
Hispanic Heritage Month is an extremely important time of the year. It provides big companies with a unique opportunity to be there for local Hispanic businesses and help them grow. So make the most of this month and utilize these strategies to fulfill your social responsibility and take Hispanic-owned businesses to new heights.
A professional writer with over a decade of incessant writing skills. Her topics of interest and expertise range from health, nutrition and psychology.