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<p>A small company's community can be the lifeblood of its business, but for that to happen, connecting with locals has to go deeper than peppering houses with flyers. Often, the most successful enterprises are those that contribute to the area in tangible and intangible ways.</p>
<p>After all, when small business owners live and work in a community, and hire people from the community, it makes a big difference to the state of the neighborhood overall. Other ways of giving back, from providing sponsorship for the little league to supporting the school band with new uniforms, can ultimately benefit business revenue too. Read on for pointers from some seasoned pros.</p>
<p><img class="right_image" src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/community-ties_body-2_1283072077.jpg" alt="A business owner participates in a local food drive" /></p>
<h2>Put yourself out there</h2>
<p>It's essential to be a part of your physical community, of course, but we do <a href="https://www.lifeandmoney.citi.com/lam/articles/money/career/technology-tools-for-small-businesses" data-link-source="tiny">live in a digital world</a>, so it's helpful to spread your efforts online as well. A great way to do this is to start a social network group around a <a href="https://www.lifeandmoney.citi.com/lam/articles/well-being/well-being/hobbies-for-a-happier-you" data-link-source="tiny">hobby or passion</a> related to your business, says Garit Boothe, founder of Garit Boothe Digital, a digital marketing agency in Salt Lake City, UT. "Do you own a nursery? Start a group about local gardening. Are you a massage therapist? Start a group about healthy living, meditation or exercise," Boothe suggests.</p>
<p>At the same time, you can build up your social media presence by developing content that communicates what you do, why you do it and who you do it for, leveraging this on your channels to draw customers in. To keep your business top of mind among locals and high in search results, make sure your company is included on review sites and online listing sites and that your website is optimized and loads quickly on any device.</p>
<div><img class="right_image" src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/Karla Trotman.jpg" alt="President and CEO of Electro Soft, Inc Karla Trotman sitting in a workshop, smiling towards the camera" /></div>
<div><sub>Photo by Whitney Thomas</sub></div>
<h2>Find a need and fill it</h2>
<p>When the pandemic hit, Electro Soft president and CEO Karla Trotman discovered a crucial skill: being able to pivot. Her electronics manufacturing company specializes in building printed circuit boards, cables, wire harnesses and enclosure assemblies, but to help keep hospital workers in their community protected from Covid-19, the company switched gears.</p>
<p>"I saw photos on social media of doctors and nurses using sandwich containers as face shields and knew that we could do better," Trotman says. "As a contract manufacturer, we are professional problem solvers. We knew that we could repurpose materials from office supplies and hardware stores at a low price to serve as a temporary form of PPE [personal protective equipment] until the supply chain was restored."</p>
<p>Trotman and the Electro Soft team connect with the neighborhood in other ways too. "I live in the same community in which my company operates," she says. "We are very interested in helping young people learn about STEM fields. We regularly open our doors for tours to middle school and high school students."</p>
<p>Trotman also sponsors interns, mentors young girls and often participates in speaking engagements about manufacturing careers and entrepreneurship in the greater Philadelphia area. "It has been so rewarding to make an impact on their lives," she says, "and I have seen them go on to become successful adults in a variety of careers."</p>
<h2>Engage in the everyday</h2>
<p>You don't need a huge staff to make a lasting impact in your area. According to Megan Beauvais, a realtor at Compass in San Diego, CA, participating in your community individually as an advocate and consumer can go a long way toward growing your business.</p>
<p>She says she makes a point of eating at local restaurants, shopping at boutiques in town and supporting the area's schools and nonprofits, and refers these services to friends, family and clients. On top of that, as president of her local business association, she organizes professional development trainings, annual food drives, fundraising events and fun-spirited activities such as holiday caroling.</p>
<p>"By really entrenching myself in the communities I sell in," Beauvais says, "I am not only able to relate first-hand to buyers in the area and share what the community offers, but I am also doing my part in keeping the health of the businesses and community spirit alive."</p>
<p>Her advice is to be friendly and approachable, and to establish yourself as a known resource for your field. "I think a lot of people fail by focusing on what others can do for them, rather than what they can do for others," Beauvais says. "If you meet people in the neighborhood and let them get to know you rather than simply introducing yourself and asking for business, I think you will get a lot further."</p>
<p><em>&mdash; With additional reporting from Life and Money by Citi editors.</em></p>

Community Ties: How Small Businesses Can Connect Locally

<p class="MsoNormal" style="line-height:115%;background:white">It started with an online rant. Gabby Goodwin's mom, Rozalynn, was fed up over all the time and money she was spending on barrettes for her daughter's hair.</p><p>"My mom would spend 15 or 20 minutes doing my hair in the mornings, drop me off at school and I would look all pretty and nice," Gabby recalls. "Then she would pick me up and find that half of my bows were gone and that my hair was a complete mess." </p><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/gabby-bows_header_6 (1)_0.jpg" alt="Business owners Rozalynn and Gabby Goodwin" class="right_image" /><h2>Building a better barrette</h2><p>In pursuing this "science project" to engineer a more reliable barrette, Rozalynn and Gabby surveyed other frustrated parents and kids to understand the pain points. Gabby field-tested dozens of barrettes to explore what worked, what failed and why.</p><p>The initial funding was also entirely self-directed. Rozalynn and her husband dipped into their retirement accounts, crowdsourced investment, applied for grants and pitched the business in countless competitions.</p><p>"While we had great credit and good banking relationships, we still were not able to get serious business funding from banks," says Rozalynn.</p><p>This is an all-too-common obstacle for Black business owners. <a href="https://www.citigroup.com/citi/racial-equity/our_approach_invest.html">Citi points to data</a> which finds that Black-owned businesses "are the most likely to apply for bank financing, but get turned down at twice the rate as white business owners. This financing gap is especially pronounced in the start-up world, where studies show that Black entrepreneurs receive only 3% of venture capital funding."</p><p>"We started off with a big bank and they just thought Gabby was cute," says Rozalynn. "They didn't take us seriously."</p><p>But then a business pitch competition (one of many where, Rozalynn is quick to point out, Gabby crushed it) led them to Dom Mjartan, president and CEO of Optus Bank, a local Minority Depository Institution (MDI).</p><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/Dominik-Mjartan-2020_Photo-credit--Jeff-Blake (1).jpg" alt="Dominik Mjartan, president and CEO, Optus Bank" class="right_image" /><h2>What local Black-owned banks mean for Black business</h2><p>MDIs like Optus have deep community roots and a mission to not just finance Black businesses, but also to develop long-term growth opportunities for individuals and the community.</p><p>"Our theory of change is based on closing the racial wealth gap through entrepreneurship, homegrown home-ownership and savings and assets," says Mjartan. "We do it by delivering high-impact, relationship-oriented banking services to entrepreneurs."</p><p>Optus' mission-driven approach was a point of difference that Rozalynn and Gabby felt immediately. "No one had ever said anything like that to me before — I was like wow, I feel seen, I feel heard," recalls Rozalynn. "He was so upfront about, listen, this is why we are here. We are here to help Black-owned businesses and he said specifically 'Black women-owned businesses like yours.'"</p><p>The relationship proved beneficial for both sides. "I'm super proud to have had a small hand in really helping someone maximize the potential that they already had," Mjartan says. "All they needed was someone who took a little bit of extra interest. And, in Gabby's case, look beyond the age. It's an amazing story, and both Rozalynn and Gabby continue to inspire me to move Optus Bank forward every day."</p><h2>How Citi is collaborating with MDIs to help create Black wealth</h2><p>Just as Confidence by Gabby Goodwin found a champion in Optus, the bank also had a financial ally in its corner. In 2020, Citi launched its <a href="https://www.citigroup.com/citi/news/2021/211109a.htm">Action for Racial Equity</a> initiative to help close the racial wealth gap in the United States. Along with other Black-owned banks across the country, Optus is a key part of this strategic approach to increase economic mobility.</p><p>Working with Citi has provided Optus with the enhanced operational resources and financing that enables it to focus on offering the critical support required to put emerging business owners on track for success.</p><p>"Part of this challenge is that simple access to capital is not the solution," says Mjartan. "Access to human capital and social capital is what takes an entrepreneur from a likelihood of failure to a likelihood of success. So how do we prepare them? We spend time with them."</p><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/gabby-bows_body (1)_0.jpg" alt="A crowd applauds a ribbon cutting" class="right_image" /><h2>Set up for success</h2><p>Time spent preparing and building relationships with Optus paid off for the Goodwins. "We were trying to get a Small Business Association (SBA) loan," says Rozalynn. "And when we had that meeting with Dom, he connected us to the Business Development Center (BDC), which actually administers SBA loans. Everything just started rolling from there."</p><p>That milestone enabled the Goodwins to triple their revenue in short order. "We had the cash flow to invest in the operations, and the team and everything that we needed to grow and not remain stagnant," says Rozalynn. "It made all the difference."</p><p>Today their business continues to grow, along with the confidence Rozalynn was determined to nurture in her daughter. They've expanded their product line and built out an online community that supports caregivers and kids while celebrating natural hair.</p><p>Gabby, with the focus of a seasoned entrepreneur, sums it all up: "With these barrettes, a full line of plant-based hair care products, our girls' salon, a retail store and other solutions, we are able to remove stress from the hair styling process so that moms, dads and girls can bond over hair care."</p><p><em>Watch the video above for the full story of how Citi and Optus Bank are partnering with the next generation of Black entrepreneurs.</em></p>

How a Mother-Daughter Duo Launched a Hair Care Business

<p>On a leafy street in Savannah, GA, The Culturist Union, a welcoming space with exposed brick and botanical accents, recently opened its doors.</p><p>More than a place to pop in for an espresso drink, it's an artisan marketplace and a creative incubator for local Black creatives. It also happens to be the first Black-woman-owned coffee house in town.</p><p>"I knew that we couldn't just do a coffeehouse," says its owner, Elbi Elm, who first launched The Culturist Union with virtual workshops and pop-up experiences pre-pandemic. "We, as a community, needed more than that. I also knew that we couldn't just be a retail shop.</p><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/Robert James II_ Credit_Somi Studios_Savannah_0.jpg" alt="Image of a man wearing a suit and smiling to the camera" class="right_image" /><h2>A Black-owned bank with a legacy</h2><p>Elm's mentor sent her to Carver State Bank because it is a Black-owned bank with deep roots in the community. <w:sdt id="-886099944" sdttag="goog_rdk_1"></w:sdt>Robert James Jr., the CEO of its holding company, Carver Financial Corporation, remembers his first interview with Elm. "She walked me through her business plan and I asked her critical questions about it," he recalls.  </p><p>"And [then] she went through various twists and turns with the pandemic and with building out a location." Throughout that process, Carver State Bank had her back. "We provide not just transactional support or accounts or loans, but also a lot of consulting services and advisement to our customers."</p><p>That kind of high-touch banking service to the Black community is central to Carver's mission. "The partnership between Carver and The Culturist Union is symbolic of our history," says James. "[It's about] finding entrepreneurs like Elbi who have a good idea, who have the energy and the talent to get it done but maybe need some additional guidance."</p><p>James, a second-generation banker, believes a key to addressing the racial wealth gap in America is to finance Black entrepreneurs.  But just as Black entrepreneurs need greater access to capital, so do Black-owned banks.</p><p>"If you look at the entire banking system in the United States, there are about 4<w:sdt id="800040306" sdttag="goog_rdk_2"></w:sdt>,800 banks," says James. "There are only 19 Black-owned banks. And from an asset perspective, it's even starker."</p><p>Carver has been working to drive Black wealth and entrepreneurship since 1927,  but was able to further scale operations in part due to a recent <a href="https://www.citigroup.com/global/news/press-release/2020/citi-launches-more-than-1-billion-in-strategic-initiatives-to-help-close-the-racial-wealth-gap">strategic relationship with Citi</a>. In 2020, Citi made a <a href="https://www.citigroup.com/citi/news/2021/211109a.htm">$1 billion commitment</a> as part of its Action for Racial Equity initiative to expand economic opportunity for communities of color. One focus for this funding has been on Minority Depository Institutions (MDIs), a historically trusted source of financing for Black communities.</p><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/header_RobertJamesJrCarverStateBank_ElbiElmCulturistUnion_0.jpg" alt="Two people sitting on chairs discussing" class="right_image" /><h2>Taking a chance on an entrepreneur </h2><p>When Elm approached Carver, it wasn't an automatic yes at first ask. But she pitched not only her idea but also something else she knew would be of value: a network of young entrepreneurs in need of a local bank.</p><p>"When I was in the military I was an intel analyst, and I learned very quickly how to do an exchange of information," she says. "I came into the conversation saying, I know that you traditionally don't consider clients like me. However, I do have this unique vantage point. You might want to take a chance on it."</p><p>Carver, in part due to the commitment from Citi, was able to take that chance. "Our relationship with Elbi and The Culturist Union is paying dividends for her," says James. "But it's also paying dividends for the bank in terms of really exposing our bank, which is a 95-year-old institution, to a younger generation, an audience that maybe doesn't see Carver as being as creative and as flexible as we are."</p><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/IMG_1843.jpg" alt="Customers browse items at The Culturist Union store" class="right_image" /><h2>Advice from a rising entrepreneur</h2><p>Elm founded The Culturist Union with the goal of expanding opportunity and prosperity for the Black community in Savannah and beyond. "My goal is that The Culturist Union can grow into a nationwide space," she says.</p><p>"Because Tulsa needs a place like this. Birmingham needs a place like this. I'm from Pontiac, Michigan, so Detroit needs a place like this. All of these cities where Black people are centered need a place where all kinds of artists can sit and gather together." </p><p>Having made it to a position where she can now think about growth and scale, Elm has advice for other budding Black entrepreneurs at the start of their journey: "Connect with your minority-focused bank wherever it is and just explain to them what's going on," suggests Elm. "And even if they can't support you, I am pretty sure that there is some sort of nonprofit or resources that could be available to you." </p><p>Most importantly, says Elm, "Don't let lack of resources stop you. There is always a person that you can connect with, a community that is here to support you and resources available to you if you 'crack your teeth,' which is what we say down here — it's Gullah Geechee — which means speak up. Ask for what you need."</p><p><em>Watch the video above for the full story of how Citi and Carver State Bank are partnering with the next generation of Black entrepreneurs.</em></p>

How a Black Entrepreneur Funded Her Community-Minded Business

<p>Starting a successful company isn't just about having a great idea and executing it. Giving your teams the right tools and systems is crucial too, to help the day-to-day flow smoothly. Think about it: Every bit of time you save by streamlining a process can go toward ideation and innovation.</p><p>Whether you're launching a small business or wanting to expand the one you've already started, here are seven tips to help you and your young company grow.</p><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/small-business-secrets_body-2_681740748.jpg" alt="Bakery owners review billing on their laptop" class="right_image" /><h2 style="margin-bottom: 11px;">Give group work some structure</h2><p>Emailing certainly has its place at the office, but it's not always the best way to communicate or collaborate; sometimes all that back-and-forth can lead to wasted time, overlooked steps and buried attachments. That's where cloud-based, work sharing software and apps can come into play, allowing you to create dedicated channels for projects or teams. Here are some top ways to use these tools. </p><ul><li>Simplify communication with a service that enables conference calls, group video chats or live chats.</li><li>Set up online calendars that allow everyone to view available times and booked slots, making meeting-scheduling a breeze.</li><li>File share with a basic online site that staffers can all access, making it easy to see each other's notes and comments and cutting down on the confusion that can come from duplicate versions.</li><li>Optimize collaboration with an online project management system. Many providers offer free or low-cost versions with helpful data-organizing and tracking features.</li></ul><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/GettyImages-683807950_web.jpg" alt="a man and a woman sit together at a coffee shop working together on laptops" class="no_image" /><h2 style="margin-bottom: 11px;">Look for areas to automate</h2><p>Many day-to-day business tasks can take up valuable time, especially if you're operating with a lean staff, which is why you may want to harness the power of automation tools. Consider these options to streamline processes and help you feel as though you have another set of hands.</p><ul><li>A client management system can store key client details and track prospects through your marketing funnel.</li><li>With an invoicing system, you can create client bills quickly, facilitate online payments and send past-due reminders.</li><li>An auto-responder can send a welcome message to your new email subscribers. </li><li>A social media scheduler can post updates on a predetermined schedule and loop content</li></ul><h2 style="margin-bottom: 11px;">Explore options for capital</h2><p>Your type of business and early growth goals will likely play a major role in determining the amount of money you'll need to get it off the ground. These are some sources you might tap for potential funding.</p><ul><li>Investors: If you're willing to split the wins and losses with additional stakeholders, you might try soliciting funds from friends, angel investors or venture capitalists, or crowdfunding more broadly.</li><li>Line of credit: You don't need to be a mega corporation to get attention from lenders. Some banks offer lines of credit designed specifically for small business owners.</li><li>Credit cards: A strong personal credit history can help you get approved for a business credit card, which may provide flexibility as financial needs arise. You'll want to repay the entire statement balance on time to avoid penalties and interest charges.</li><li>Bootstrapping: If you've got the funds and resources in your own pocket, you may be able to start your business single-handedly and build it up with your profits.</li></ul><img src="https://www.lifeandmoney.citi.com/rcs/lifeandmoney/storage/public/small-business-secrets_body-1_902810140_0.jpg" alt="Two restaurant owners review paperwork" class="right_image" /><h2 style="margin-bottom: 11px;">Think about going the influencer route</h2><p>Enlisting the help of someone with credibility and widespread recognition among your target audience can be a useful marketing move; if they're willing to promote your business or product, it could mean a major boost for your brand awareness. You might not land a major celebrity endorsement, but you can create a beneficial business relationship with someone who adds value to your enterprise.</p><p>Start by searching social media for people who are respected in your industry and have a big following. You'll want to choose a person whose image and reach resonate with your marketing goals and ideal client. Popular bloggers, prolific authors and thought leaders can be good options too. </p><p>Keep in mind that certain legal disclosures are needed if you do engage an influencer. It must be clear in your posts and the influencer's post that they are paid by you and that it is a paid promotion.</p><h2>Tap into the gig economy</h2><p>Hiring the right people is always a smart way to cover the workload and bring in experts so you don't have to know (and do) everything. If you aren't ready for the commitment and cost of a full-time worker, consider hiring a part-time employee or freelancer to tackle necessary tasks that are too time-consuming or outside your area of expertise.</p><p>The <a href="https://www.lifeandmoney.citi.com/lam/articles/money/career/achieving-financial-success-in-a-gig-economy">gig economy</a> is only growing, and so is the pool of skilled people who are able to step in quickly for short-term projects in a range of fields, from accounting and graphic design to building maintenance and order fulfillment.</p><h2 style="margin-bottom: 11px;">Step back and strategize</h2><p>Getting a small business off the ground takes focus, so it can be easy to lose sight of the grand plan. To tackle things efficiently, it can help to disconnect from day-to-day tasks long enough to take in the big picture and prioritize next steps.</p><p>Try the "eat the frog" approach, which means taking care of your most challenging task first. By allowing you to gather momentum and power through your lighter tasks faster, it can give the rest of your day a boost.</p><h2>Make employees a priority</h2><p>No matter how many smart processes and systems you have in place, their usefulness can't compare to the effect the human element has in determining your company's success. Ensuring your teams feel appreciated and have what they need is essential to building a business that runs smoothly.</p><p>"[Employees] are more valuable than key technology, fancy offices or even money in the bank," says The SnapBar co-founder Sam Eitzen, and regularly recognizing your team's accomplishments can ultimately help build camaraderie and foster a sense of pride for your brand.</p><p><em>— With additional reporting from Life and Money by Citi editors.</em></p>