1 The Competitive Edge News December 23 Barstow: Beverly Hills: Culver City: High Desert: Hollywood Area Inland Cities East: Inland Cities West: Inland Valley: Lancaster/Palmdale Long Beach: Moreno Valley: Palm Springs: Pomona Valley: Riverside Cities San Gabriel Valley: International S o u t h e r n C a l i f o r n i a B l a c k C h a m b e r o f C o m m e r c e
2 THE COMPETETIVE EDGE PUBLISHER Richard Wallace EDITOR Nikisha Bond, Dee Goins, Lue Dowdy PRODUCTION ASSISTANT Thomas Baltzgar Southern California Black Chamber of Commerce President Richard Wallace Ambassadors to the Chamber Sherrie Curry Sandra Williams Willie Ellison Membership Director Julia Moody Information Officer La Trici Thomas Director of Media Nikisha Bond, Emonie Jones Beverly Hills Rachelle Blake Culver City Linda Lewis— Westchester, La Dera Heights, Baldwin Vista, Playa del Rey, Inglewood High Desert Terrance Stone Apple Valley, Victorville, Adelanto, Hesperia, Big Bear Hollywood Cities Eva Patterson North Hollywood, Glendale, Burbank Inland Cities East Lue Dowdy Rialto, Highland, San Bernardino, Loma Linda, Beaumont, Big Bear, Lake Arrowhead Inland Cities West Devoree Ealy Fontana, Ontario, Rancho Cucamonga Inland Valley Tolanda Hughes Temecula, Murrieta, Lake Elsinore, Wildomar, Perris, Menifee, Canyon Lake International Jeff McCarty World Wide Lancaster / Palmdale Fawn White Long Beach Lakewood, Cerritos, Bellflower, Carson, Torrance, Downey, Lynwood, Norwalk Moreno Valley Val Stewart Mead Valley, Good Hope Palm Springs Julia Moody Cathedral City, Palm Desert, Indian Wells, Laquinta, Indio Pomona Valley Maurice Autrey Montclair, Upland, Pomona, Diamond Bar, West Covina, Chino Hill, Claremont, San Dimas, La Verne Riverside Cities Ashley Daniels Corona, Norco, Jurupa Valley San Gabriel Valley Kimberly Perry Pasadena, Monrovia, Duarte, El Monte, Arcadia, Glendora, Covina, Azusa
3 Black on Black Crime in Business: The Importance of Collaboration and Grace in the Black Community The Black community has always faced systemic disadvantages when it comes to entrepreneurship and business ownership. Despite the obstacles, Black-owned businesses have been able to make a significant impact on the economy. However, within the Black community, there is still a sense of competition and scarcity mindset that often works against our collective success. To truly make strides in the business world, Black-owned businesses need to stick together and remove the competition within our own community. Collaboration should be the key to our success. It is important to recognize that success for one Black-owned business is success for all Black-owned businesses. We should elevate and support each other rather than tear each other down. Furthermore, it is crucial to have grace when working together towards a common goal of everyone winning together. We often forget that we are all human and may make mistakes along the way. Instead of dwelling on mistakes, we should use them as learning opportunities to improve and move forward together. It is also important to not have a scarcity mindset when it comes to business profits, especially when working in similar industries. When there are only a limited number of customers or opportunities, it is easy to fall into a mindset that there is not enough success to go around. However, the truth is that a rising tide lifts all boats. If we work together and support each other, we can create more opportunities and grow our businesses together. Ultimately, it's time for Black-owned businesses to take a hard look at ourselves and examine how we can better collaborate and support each other. We need to start addressing the "black-on-black crime" in the business world and create solutions that benefit us all. By working together, showing grace, and removing the competition within our own community, we can achieve success and make a lasting impact that sets us on the path to generational wealth and economic empowerment. Southern California Black Chamber of Commerce Pres & CEO Rich Wallace
4 The Federal Trade Commission and the U.S. Department of Labor (DOL) signed a new agreement that will bolster the FTC’s efforts to protect workers by promoting competitive U.S. labor markets and putting an end to unfair, deceptive, and other unlawful acts and practices, as well as unfair methods of competition, that harm workers. The new memorandum of understanding (MOU) between the two agencies outlines ways in which the FTC and DOL will work together on key issues such as labor market concentration, one-sided contract terms, and labor developments in the “gig economy.” Increase sales by keeping up with your competitors Every sales manager knows how important it is to keep files on customer accounts. But there are people who are just as important to store information on: your competitors. Creating files on your competitors will help you and your reps know how to beat them in the field. Encourage reps to take these forms in the field and document information they find while prospecting. For example, when reps cold call, encourage them to ask probing questions to prospects who are customers of competitors. This allows you and your reps to put a strategy in place when prospects are currently using the competitors’ productor or reps must complete with them for a prospect’s business.
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6 Dear Business Leader, The economic progress and resilience we've achieved since the harshest moments of the pandemic are at risk as the deadline to pass a federal budget looms and some lawmakers are flirting with the idea of a government shutdown. Our economy is showing positive signs—inflation is beginning to cool along with record low unemployment, and a solid job market. However, these achievements face a setback if lawmakers grind the government, and all its services, payments and programs to a halt. It's crucial, now more than ever, for them to prioritize the needs of the American people and small businesses over partisan politics. Join Small Business for America’s Future in urging lawmakers to swiftly pass a budget so we can protect the economic progress we have achieved and continue moving forward. With your support, we can continue to expand our economy and empower Main Street to rebuild even stronger.
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8 There’s been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, it’s easy enough to understand why that worry has come up. But the data clearly shows today’s market is very different than it was before the housing crash in 2008. Rest assured, this isn’t a repeat of what happened back then. Here’s why. It’s Harder To Get a Loan Now It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one. As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Things are different today as purchasers face increasingly higher standards from mortgage companies. The graph below uses data from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is.
9 Five steps to building sales in a tight economy Everywhere you look, there are stories about struggles due to the economy. You’ve probably been affected by it – and seen your numbers drop. Here are five ways reps can reduce the effects and keep numbers high. 1. Identify hot industries and sectors. Even in the current bear market some industries are doing well. Have reps review their records to see which industries have made the most purchases. Reps should also find out which industries are doing poorly to avoid wasting time 2. Target specific accounts. When dealing with current customers, reps should evaluate purchasing cycles and target those accounts. For example, an account that consistently makes monthly purchases is probably more worthy of your rep’s time than the semi-annual buyer. 3. Market Themselves: Encourage reps to attend trade shows and networking functions. Reps should try to write industry articles in newsletters and magazines. Frequent visits and post cards to current customers can only help. 4. Create need: Challenges reps to find unique ways for industries to use their products. When reps research various trade journals, they’ll find that other sectors may need what they sell. 5. Don’t abandon Customers: Remind reps that customer retention is more important than ever. Try to set a cycle for customer contact for reps, and verify that they follow it.
10 ACCESS TO CAPITAL Pomona Valley Mixer the 1st Monday Montclair, Chino, Upland, Diamond Bar, West Covina, Chino Hill, Claremont, San Dimas, La Verne Barstow Mixer the 1st Tuesday Lynwood, Hinkley, Yermo Lancaster / Palmdale 1st Thursday Lancaster, Palmdale, Quartz Hill, Littlerock, Hi Vista, Leona Valley Palm Springs Mixer the 2nd Tuesday Cathedral City, Palm Desert, Indian Wells, Laquinta, Indio Culver City Mixer 2nd Wednesday Westchester, Ladera Heights, Baldwin Vista, Playa del Rey, Inglewood Moreno Valley Mixer the 2nd Thursday Mead Valley, Good Hope High Desert Valley Mixer the 3rd Monday Pasadena, Monrovia, Duarte, El Monte, Arcadia, Glendora, Covina, Azusa, Inland Cities West Mixer the 3rd Tuesday Fontana, Ontario, Rancho Cucamonga Long Beach Mixer the 3rd Wednesday Lakewood, Cerritos, Bellflower, Carson, Torrance, Downey, Lynwood, Norwalk Beverly Hills 3rd Thursday Beverly Hills, Sherman Oaks, Studio City, Westwood Hollywood Mixer the 3rd Thursday North Hollywood, Glendale, Burbank Inland Cities East Mixer the Last Monday Highland, San Bernardino, Redlands’ Loma Linda, Beaumont, Big Bear, Arrowhead Inland Valley Mixer Last Tuesday Temecula, Murrieta, Lake Elsinore, Wildomar, Perris, Menifee and Canyon Lake San Gabriel Valley Mixer the Last Wednesday Pasadena, Monrovia, Duarte, El Monte, Arcadia, Glendora, Covina, Azusa Riverside Cities Mixer the Last Thursday Corona, Norco, Jurupa Valley, Mead Valley, Good Hope International Chapter Meets as needed Webinar Chambers & Business Affiliates A/A Chamber Commerce of San Joaquin, Antelope Valley AACC, L.A. Black Business Association, Carson Black Chamber of Commerce, Central San Diego Black Chamber, Contra Costa Black Chamber Crenshaw Chamber of Commerce, IAAAACAME, Inc., Kern County Black Chamber, Fresno Metro Black Chamber, Greater Los Angeles A/A COC, Greater Watts-Willow Brook Chamber of Commerce, Monterey County A/A COC, Moreno Valley Black Chamber, North Bay Black Chamber Oakland AA Chamber of Commerce, Regional Black Chamber SFV, San Francisco A/A Chamber Silicon Valley Black Chamber, Solano County Black Chamber, U.S. Black Chamber of Commerce, Inc. Latin Business Association, Black Women's Network, The Hollywood Jewish Chamber of Commerce, The Asian Business Association, The Los Angles Urban League
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12 Clarity of Vision M ost successful people are driven by an over-riding purpose. Superstars take it one step farther and develop a vision for future growth. This vision helps guide the day-to-day activities and strategic decision-making necessary to achieve success. Before deciding what steps are necessary to move toward your goals, you must be very clear about your desires for yourself and your career or business. Excellence is a learned behavior, a skill set, Your Vision defines your desired future. Do you have a strong Vision that provides focus and the momentum to take you to where you want to be? Is it in line with what you are doing? If you do have an aligned Vision, do you think it stops there? It shouldn't. Given today's dynamic business environment, it is most important to be continually generating new refinements of your Vision. For sustained success it is critical to redefine your Vision, be flexible enough to go in new directions, and sustain focus with new goals and objectives that motivate you. What do you dream your future could be? Your vision helps you strategically maneuver beyond the details of your current day-to-day activities. Your Vision is intended to be one that will help you visualize specific things that you would like to realize within a certain time frame, say, a few years. However, your vision isn't grounded in today's reality. It is a goal to strive for, not a reflection of your current situation. Set your target for what you do really well. This will elicit passion and commitment and result in new growth potential. To identify your vision, focus on the future. Don't forget to consider changes in the global marketplace, the Internet, and technology. Revisit your mission statement with self focus often and with conviction to engage your imagination and motivation for action. Proactively align your sales culture, defined values, resources, goals and objectives to reflect your desired future - your Vision. What do you want your desired future to look like personally and professionally? Define your Vision and set your goals for success! Moving from the present to your vision requires a gap analysis. This process will help you identify the difference between the two and determine what changes and improvements are necessary to close the gap and help you achieve your vision. Improvement is a continual exercise that never ends because "If you're not moving forward, you are falling behind." With this in mind, I'm offering today's suggestion for the week - create a vision - and the following opportunities to improve your performance, and speed you on the path to your success. Mr. Rich Wallace
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16 We tripled sales by turning a resigning rep into our prospector Due to personal problems, one of our reps wanted to resign. It wasn’t related to the work environment- she just couldn’t put in the odd hours we needed. She was a very good sales person, and she excelled at prospecting. Although she wasn’t the top producer, she always has the most leads - and appointments. We didn’t want to lose such a talented rep, so we put our heads together to see if we could find in alternative solution. Cold-calling specialist. We decided to offer her a position as our full-time prospector. She’d contract prospects and inform them about products and services, and set up appointments for our reps. At first, some reps balked; they felt that they should do their own cold-calling. But the reps who handed her their scheduled saw more prospects daily and their sales number rose dramatically. Now, all reps give her their scheduled, and she makes over 80% of the sales forces’ appointments. In three years, sales have tripled because we found a place for a star prospector.
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18 Recognition ideas that build team morale Despite all the bonuses, context and commission checks, reps still need a little push to stay motivated. Now, you don’t want to become Monty Hall and give prizes for everything reps do. But if you increase the effectiveness of your recognition plan, reps will hit the streets with an extra bounce in their step. Add these ideas to your current strategies to keep morale high. Personal thanks. There’s always something special about thanks personally expressed by those who are in charge. Whether it’s done during a one-on-one conversation or in writing, try to offer thanks in a timely manner. It’s important that the act warrants thanks. Thanks for standard acts tend to lack sincerity. Public Praise. All sales rep want their co-workers to be aware of their accomplishments. Try to arrange monthly or quarterly meetings to recognize reps publicly. Awarding items like certificates are a great way to mark the occasion. Consider inviting other members of management, like the CEO, to add a special touch. Morale-building meetings. Just about all reps want the chance to air their gripes. You can put a positive spin on gripe sessions by calling them “morale builders” and challenge reps to bring team unity. Responding to all suggestions will show reps that you value their input and want to provide a better work environment for them.
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20 Mission The Southern California Black Chamber of Commerce (SCBCC) is a nonprofit 501(c)(6) business organization dedicated to improving the economic environment for the minority business community, and fostering business development and prosperity. The SCBCC focuses its efforts on four major areas: Economic Development Community Development Public Policy and Membership Services The SCBCC invests financial and other resources to implement relevant programs for members and which affect the orderly growth and development of the community. It is the catalytic agency that brings together all of the forces, public and private, through which common goals can be resolved. The fundamental mission of the SCBCC is to create and promote a climate where minority businesses can operate in a productive and profitable manner. The SCBCC has served member businesses since 1993, and they are enabling them to prosper through mutual cooperation and support. Financial Strength and Stability As in any business a sound financial base is essential for a Chamber of Commerce to perform its mission. A portion of the SCBCC’s finances are received on a voluntary basis from chamber membership, through an annual dues investment. The amount a member pays to the chamber may be based on a fee formula, business classification, special negotiation or averaging. Increasingly over the last 10 years, dues make up a smaller percentage of chamber budgets, with the average being about 50 percent. The remaining portion of the budget is dependent upon income received through the sales of publications, charges for services, special projects and foundations. A well developed product and services program is the current trend for successful chambers of today. Structure The SCBCC is governed by Officers and a Board of Directors. The President of the Board appoints Committee Chairs to meet the needs of the Chamber. The staff is headed by the Executive Director. Programs The SCBCC’s primary programs are created to provide the maximum benefit to business owners and professionals in Southern California. These programs include: Contacts to Contracts – The SCBCC actively engages in facilitating government and corporate contracts for minority businesses. Business Development and Training – Minority business owners, operators and their staff are provided a range of workshops, one-on-one training, peer mentoring, resources and referrals. Networking and Professional Development – The SCBCC provides local and regional networking for all who wish to participate. Monthly mixers, local business conferences, seminars and workshops are provided for the purpose of unifying and connecting minority businesses with the re- About the Black Chamber sources, contacts and training needed to grow their businesses.
21 Studied industry culture to gain entry into different markets As a growing company, we always encourage reps to investigate new markets. One of our sharper reps had found one that our production line was perfect for. But continual efforts to enter the market were fruitless – we were making no progress. We really felt that customers would benefit from our products if we could just get someone to listen. After doing some brainstorming, we decided to go to a trade show in the industry to see what we could pick up. A new way to do business. When we watched how others who sold to the industry operated, we saw our problem. Our selling style – well- suited for our regular customers – was too aggressive for the prospects in this industry. They were much more laid back. Our reps were use to going through one or two people to close a deal. In this industry, you don’t meet the decision maker before several visits. Now we go to industry conferences and trade shows before attempting to enter any new markets.
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25 Turned customer into expert to increase sales Our customer’s product weren’t selling like we thought they should. We knew it would be a challenge, since the market was saturated. But we couldn’t take excuses back to the customer – he expected sales. So we did some surveys and end-user analysis and discovered what the problem was. Because our customer was new to the industry, he wasn’t seen as a expert. Since end-users questioned his knowledge, they also questioned his product. Built credibility. The plan: Increase the credibility and visibility of our customer in the industry. We contacted industry publications and submitted written pieces from our customer. In addition, he spoke at trade shows and seminars. He’d focus on industry concerns – not his products- to build credibility. Then he’d casually mention his products. Prospect began to recognize his name and trust his reputation. Soon he gained industry legitimacy, and the sales of his products increased. Now we use that approach with all our customers.
26 Chambers & Business Affiliates
27 Chambers & Business Affiliates
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29 • Over 75,000 buy-one-get-one and up to 50% off deals • Savings in 10,000+ U.S. and Canadian cities • Dining, attractions, movies, travel, shopping and more • The convenience of saving on your phone and online • New local and national coupons added daily EVERYDAY SAVINGS FOR EVERYDAY THINGS! CHAMBER MEMBERSHIP ONLY Entertainment® is the premier source for: Gift Giving, Coupon Books, Printable Coupons, Online Coupons, Discounts, and Savings.
30 The Official Newsletter of the Black Chamber of Commerce ADVERTISING RATE CARD Circulation: From the Desert to the Sea, Barstow Lynwood, Hinkley, Yermo - Culver City Westchester, Ladera Heights, Baldwin Vista, Playa del Rey, Inglewood - High Desert Apple Valley, Victorville, Adelanto, Hesperia, Big Bear - Hollywood Cities North Hollywood, Glendale, Burbank - Inland Cities East Rialto, Highland, San Bernardino, Loma Linda, Beaumont, Big Bear, Lake Arrowhead - Inland Cities West Fontana, Ontario, Rancho Cucamonga - Inland Valley Temecula, Murrieta, Lake Elsinore, Wildomar, Perris, Menifee, Canyon Lake – International World Wide - Long Beach Lakewood, Cerritos, Bellflower, Carson, Torrance, Downey, Lynwood, Norwalk - Moreno Valley Mead Valley, Good Hope - Palm Springs Cathedral City, Palm Desert, Indian Wells, Laquinta, Indio - Pomona Valley Montclair, Upland, Pomona, Diamond Bar, West Covina, Chino Hill, Claremont, San Dimas, La Verne - Riverside Cities Corona, Norco, Jurupa Valley - San Gabriel Valley Pasadena, Monrovia, Duarte, El Monte, Arcadia, Glendora, Covina, Azusa Readership: 10,000+ Content: Information for small to medium size businesses, professionals and entrepreneurs Local cultural events, as well as State and Federal political and economic news of importance are shared with our readership. Distribution: Drop distribution to prominent firms businesses, bookstands and mailed to members and others on our mailing list. Email distribution weekly as well as online options for your Full Page 10X7 $675 Half Page 5X7 $370 1/4 Page 3X4 $225 Business Card $175 888-466-7408 P. o. Box 1722 , Duarte Ca 91009 BlackChamberOfCommerce.Org Cultural Political Local The Edge is printed on recycled paper in full color. Your ad should be print ready. If you need help with your ad or design, the Chamber’s graphic designer can expertly assist you.
31 Business Name Owner’s Name Address City State/Zip E- Mail Address 2nd E-mail State/Zip Phone Date of Membership Sole Proprietorship Partnership Corporation Non-Profit MEMBERSHIP APPLICATION Please complete this form, print and return with your membership fee to the Black Chamber of Commerce Type of Business or Profession (please check one): Automotive Retail/Wholesale/Distributor Healthcare Civic/Social Organization Public Utilities Publisher/Printer Entertainment/Art Transportation Financial Radio/TV/Media Marketing/Advertising Insurance Real Estate Construction Manufacturer Processor Restaurant/Food Service Legal Fashion/Clothing Education Networking Technology Business Development Minority Certification Business Start-Up Other ________________________________________ Annual Membership Dues Non-profit $150 Small Business $200 Partnerships $350 Silver Corporate $1,000 Corporate Business $2,500 Major/Gold Partner $5,000 Chapter you plan to network with most often: Barstow Culver City High Desert Hollywood Cities Inland Cities East Inland Cities West Inland Valley Long Beach Moreno Valley Palm Springs Pomona Valley Riverside Cities San Gabriel Valley Amount Enclosed: $___________ Southern California Black Chamber of Commerce P.O. Box 1722 Duarte Ca 91009 Blackchamberofcommerce.org 888-466-7408
32 Southern California Black Chamber of Commerce P.O. Box 1722 Duarte Ca, 91009 BLACKCHAMBEROFCOMMERCE.ORG From the Desert to the Sea Beverly Hills Barstow Culver City High Desert Hollywood Cities Inland Cities East Inland Cities West Inland Valley Lancaster/Palmdale Long Beach Moreno Valley Palm Springs Pomona Valley Riverside Cities San Gabriel Valley 888-466-7408 International