By Janet Currie
The CIAA is in town, and that means big impact for Baltimore. The tournament generates millions of dollars for our city, reporting a total economic impact of over $27 million. These numbers don’t just mean a boost for big businesses; it’s the small ones too.
It’s coming at a good time. According to Bank of America’s Business Owner Report, entrepreneurs across our communities are expressing cautious yet determined optimism. Nearly three in four business owners expect revenue gains in the next 12 months, and many plan to expand (59 percent), hire (43 percent) and secure financing (83 percent).
While the CIAA Tournament is a celebration of athletic excellence and the legacy of HBCUs, it’s also an opportunity for local entrepreneurs and small business owners to activate and elevate their business. Here’s how:
Leverage community engagement around local events
Community engagement can help businesses grow and attract new customers. More than half of business owners (58 percent) have modified operations around major events such as the CIAA Tournament, concerts or festivals by introducing targeted promotions, social content, themed campaigns and sponsorships tailored specifically to those events.
Businesses can set measurable goals for event days, align staffing and hours in advance and pair in-person activations with digital calls to action to extend reach.
Manage cash flow with discipline
Disciplined cash flow management is critical for business owners, especially in our current economy, when inflation (70 percent) and interest rates (58 percent) are top concerns. Most entrepreneurs (88 percent) report inflation impacting their businesses, prompting many to raise prices (64 percent) and scrutinize cash flow and spending plans (39 percent). Concurrently, 75 percent are facing supply chain pressures, leading to price adjustments (52 percent) and sourcing challenges (32 percent).
In response, business owners are proactively adjusting their financial strategies. This includes reevaluating cash flow projections, optimizing spending and exploring local sourcing options to build more resilient supply chains. Beyond these operational adjustments, a disciplined focus on liquidity is key. Owners should also engage with their bankers to review existing loan structures, ensuring they align with current cash flow profiles and the interest rate environment.
Plan for succession
Succession planning remains a critical component of long-term planning, yet 40 percent of business owners have yet to prepare one. They can begin by identifying potential successors, outlining governance and core processes and tracking value drivers, such as margins and recurring revenue. Advisory teams, including bankers, CPAs and attorneys, can help, especially when engaged early in the process.
The CIAA offers a variety of resources throughout the week-long tournament, from workforce and professional development to entrepreneurship and financial training. Bank of America professionals will be on site Feb. 28 at the CIAA Money Moves Financial Summit, and I will be participating in a panel to help small business owners think about succession strategies and ways to preserve generational wealth.
Bottom line, community support matters.
Whether you’re a spectator or small business owner, supporting local businesses during CIAA week is about more than where you stay, eat or shop. It is about understanding that every dollar spent locally increases the likelihood that wealth stays local. That means it stays in our community where businesses continue to grow, hire, and reinvest in Baltimore’s neighborhoods.
When you support local small businesses, you are investing in Baltimore’s future.
See you at the games!
The opinions expressed in this commentary are those of the writer and not necessarily those of the AFRO.