Corporations have a social responsibility to support local businesses that may need funds or recognition to elevate their brand. So this Hispanic heritage month, it’s important to recognize and appreciate the culture, history, and achievements of Hispanic Americans in the United States.
Big businesses can show their communities they care by reaching out to Hispanic businesses, partnering with them, and helping them grow.
Currently, there are about 4.65 million Hispanic-owned companies in the US. That’s a whopping 14% of the 33 million businesses all across the country. Many of these are small businesses that could use the support of their larger counterparts.
In this little guide, we’re sharing ways in which you can do your part to support local Hispanic businesses this Hispanic heritage month.
So let’s dive in!
1. Share your expertise
As a well-established business, you will have an arsenal of business tips and strategies that you could share with smaller Hispanic businesses so that they may grow.
This month, make a list of all businesses run by Hispanic Americans in your locale and reach out to them. Invite them to a series of lectures on good business practices. Recruit the best and the brightest from your company to design short business crash courses and conduct them on weekends and in the evenings.
This will also help build your own brand and establish your reputation as a business that pays it forward.
You can also run brainstorming workshops with these businesses in which you bounce ideas off of each other and discuss Hispanic heritage month ideas until you land on a joint promotional strategy for this month.
Oftentimes, big corporations can run tone-deaf campaigns because of a lack of input from the community they’re celebrating. A workshop like this will help you avoid this.
According to a Gallup survey, when big companies shared their expertise with local businesses, the latter grew by 13% in revenue and created 500 new jobs.
2. Run a dedicated awareness campaign
Partner up with your local Hispanic businesses to get their name out there. A lot of small businesses don’t really have promotional strategies of their own and tend to rely on word of mouth within their communities.
You can help them become more popular by integrating them within your own network. In other words, use your reach to spread the word about smaller businesses. Think of some Hispanic heritage month activities that would pique your audience’s interest and introduce them to these businesses.
Here are two awareness activities to consider:
- Invite one Hispanic business owner a day to take over your social media pages and talk about what they do and how they uplift their community
- Promote special offers offered by Hispanic businesses on your platforms
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The Black Innovation Alliance, a coalition of Black business leaders, recently used social media to uplift small business owners from their community. They posted about them on their platforms and did joint live sessions so people could learn more about them. Your big business can organize similar activities to shed light on Hispanic-owned small businesses.
3. Provide help with operations
Help Hispanic businesses in your locale speed up the process of building their brand by making operations easier for them. You can do this in a number of ways. Offer bulk discounts, provide manpower, or help them streamline their day to day operations.
Newer businesses, especially those run by immigrants or by people without contacts in the industry, generally find it harder to get off the ground because they’re less likely to find good deals from their vendors. This is where you can help.
Dell used this strategy by offering zero percent interest on equipment purchases for small businesses. This helped these businesses preserve much needed capital and use it to grow.
4. Encourage people to shop local
Let people know how committed you are to helping your local Hispanic community. Actively encourage customers to buy from them. This gesture will establish your brand as one that cares. And it will reiterate the need to help small businesses establish themselves.
A lot of big companies routinely run campaigns to support their smaller counterparts. For instance, FedEx organized “Big Days of Small”, a two day shopping event that featured a variety of small businesses and offered exclusive deals to increase their sales.
Dr. Roshawnna Novellus, CEO of EnrichHER, also ensures that small women-led businesses get the support they need. Her company buys gift cards to local stores and hands them out to her client base. This way her clients are inclined to interact with these businesses and find out more about them.
Hispanic businesses can also be supported through dedicated shopping events and gift cards.
By helping local Hispanic businesses grow, you’ll be able to fulfil your social responsibility. You’ll also help boost dozens of businesses this Hispanic heritage month. So make a real difference today. Start by reaching out to Hispanic businesses. Then train their staff, offer exclusive deals, and help them reach more people by promoting them on your platforms.
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