August is Black Business Month
August is Black Business Month. It’s time to recognize, honor, uplift, and celebrate Black-owned businesses across the country and all they represent in the country’s ongoing drive for diversity and equality. Let’s take a moment to recognize these businesses’ remarkable contributions to our society and economy.
Established in 2004 by forward-thinking entrepreneurs Frederick E. Jordan and John William Templeton, Black Business Month is a vital platform that spotlights the struggles and achievements of Black-owned enterprises. It’s an opportunity to address the disparities in access to capital and opportunities that minority business owners often face.
Today, the Black business community thrives, with over 140,000 Black-owned businesses collectively generating an astounding $141.1 billion annual revenue. These enterprises employ 1.3 million individuals and contribute to an annual payroll of approximately $42.2 billion.
The history of Black entrepreneurship is deeply rooted and resilient. The era of the “Black Wall Streets” during the 1800s and 1900s is a powerful testament to the ingenuity and determination of Black business leaders. Despite facing systemic barriers and exclusion from the white economy, Black Americans showcased the strength of collective economics, offering essential goods and services that generated unprecedented wealth.
Tragically, these centers of Black prosperity were met with adversity and destruction, resulting in decentralization and ongoing systemic challenges. However, even in the face of such challenges, Black entrepreneurship has continued to flourish. During the pandemic, a surge in Black-owned businesses emerged as a response to disproportionate job layoffs, empowering Black workers to harness their skills and regain control over their futures.
As we celebrate Black Business Month, let’s recognize the importance of supporting Black-owned businesses. By doing so, we contribute to a more equitable and diverse economy while honoring the legacy of Black entrepreneurship that has shaped our nation’s history.
About Davis Davis & Harmon LLC – Sales Tax Experts: Headquartered in Dallas, Texas, Davis Davis & Harmon LLC – Sales Tax Experts specializes in sales/use tax refund recovery and audit defense. Our team of consultants is comprised of former Big 4 sales tax consultants and state sales tax auditors. Each of our consultants has 15 to 20 years of experience, providing our clients with access to a highly specialized team of sales/use tax professionals. At Davis Davis & Harmon, LLC, we are committed to maintaining the highest standards in our talent pool. We work hard to meet our clients’ needs by ensuring that you view our firm as an extension of your company and a member of your team.