Bigger and Better Business
Bigger and Better Business became the first national program of Phi Beta Sigma Fraternity. It was first introduced at the Tenth Anniversary Conclave, in Philadelphia, Pennsylvania (December 1924). When Bigger and Better Business was adopted as a national program, special emphasis was placed on encouraging and promoting Negro businesses. At its inception, the program sought to encourage Negro businesses to improve their business acumen, efficiency and service to the public, to be competitive with other businesses..
In 2021 we adopted a Black Spending Initiative designed to support Black Businesses in our community.
Why is capturing Black Spend important?
A dollar spends 28 days circulating in the Asian community; 19 days in the Jewish community; 17 days in predominately White communities; and 7 days in the Hispanic community. A dollar circulates for only 6 hours in the Black community! All of this tells us that as African-Americans every dollar we earn is not spent in our own community. 99% of our $1.3 trillion dollar buying power is spent outside our community. Blacks spend less money in our own communities than any other ethnic group.
How can we become a Change Agent?
While we continue to assist Black-owned businesses with development, promotion, growth, and support, the Black Spend Initiative provides a systematic way to track our efforts to support these businesses. Our goal is to reverse the trend of spending a vast portion of our wealth outside of our community. If the pandemic has taught us anything, it’s the need to return to a mindset of self-reliance and we do that by supporting businesses and business owners who are invested in the community in which we live.
If you are interested in working with the Bigger and Better Business Committee please email the Director for more information.