Just like in baseball, business success relies on analyzing data for individual players and the entire team. Entrepreneurs can use these statistics to enhance competition, swiftly adapt to changes, and drive consistent revenue growth.
New York Life (NYL), present in Birmingham, Alabama since 1902, recently hosted “Swing for Success: Driving Growth for Black Business Owners & Entrepreneurs.” This event, attended by 150 local small business owners and others, aimed to equip entrepreneurs with financial tools and strategies for scaling up, accumulating wealth, and fostering economic prosperity.
The panel featured Leilani Rivers, advanced planning consultant at NYL; Nan Baldwin from the Birmingham Business Alliance; and Danielle Hines, CEO and founder of CREED 63, with Stacy Graham, managing partner of NYL’s Central Alabama General Office, as the moderator. The event also included a fireside chat with former MLB player and business owner Dexter Fowler.
NYL, the nation’s largest mutual insurance company, serves around 30,000 policy owners in Birmingham and nearly 85,000 in Alabama. In 2023, it provided $12 billion in life insurance protection and paid about $124 million to Alabama beneficiaries. The company has about 1,500 Black agents offering life insurance, retirement income planning, and financial advisory services.
Held during Juneteenth week and in tribute to baseball’s Negro Leagues, the panel was timely, given striking statistics on Black entrepreneurship. For example, out of 2.6 million Black-owned businesses in America, 80% fail within their first 18 months due to a lack of resources and funds. In Birmingham, Black residents make up 74% of the population but own only 50% of businesses, compared to white residents who make up 22% of the population but own 47% of businesses.
Panelists shared their success strategies, offering valuable insights for Black entrepreneurs. Key points included:
YOU ARE ONLY AS GOOD AS YOUR TEAM
Graham noted that in 2021, there were 161,000 U.S. firms with significant Black or African American ownership, up from 124,000 in 2017, with revenues soaring by 43%. Hines emphasized the importance of having a capable team and recognizing one’s strengths and weaknesses. Rivers highlighted the need to invest in your team to retain talent and help them succeed.
PLANNING FOR YOURSELF FINANCIALLY IS A MUST FOR BUSINESS OWNERS
Rivers pointed out that small business owners need to proactively save for retirement since they lack the automatic benefits like 401(k) plans available to employees. She stressed the importance of starting early to ensure a comfortable retirement while pursuing business dreams.
WHERE YOU GET ADVICE FROM TRULY MATTERS
Panelists discussed the Black community’s $1.8 trillion buying power and the importance of wealth transfer through life insurance, financial planning, wills, and education. Graham advised challenging salespeople to ensure their products fit into a holistic financial plan.
THE SIGNIFICANCE OF BUILDING A NETWORK
Baldwin encouraged entrepreneurs to build their brand through networking and relationship building, emphasizing the importance of fulfilling promises to maintain a good reputation. Hines praised Birmingham as a city rich in history and potential, noting that events like this invigorate local entrepreneurs and small businesses.
She added that such discussions help facilitate intentional conversations about the past, present, and future, acknowledging the legacy and contributions of previous generations.
