Empowering Minority and BIPOC Founders Through Financial Literacy and Mentorship

At Boost Pad, we’re all about giving minority and BIPOC founders the tools to build successful, sustainable businesses. Recently, our Cohort 9 entrepreneurs gathered for an insightful session led by David Worrell, founder of FUSE CFO, who broke down the essentials of financial literacy—a crucial skill for any founder looking to thrive long-term. David shared practical, hands-on guidance that gave our participants a clearer view of their businesses’ financial health and set them up to make confident, data-driven decisions. For many, this was a turning point, shedding light on what it really takes to build a resilient company.

David walked the group through three key financial statements every founder needs to understand to succeed:

• Profit & Loss Statement: This statement helps founders answer the critical questions, “Am I making money?” and “Am I selling enough to cover my costs?” By comparing revenue and expenses, it shows whether a business is truly profitable and if prices or volume need adjusting to reach a sustainable income.

• Balance Sheet: The balance sheet offers a snapshot of the business’s financial position, revealing assets and liabilities. David highlighted the importance of knowing exactly “Where is my money, and what do I owe?” This insight is crucial for planning growth or applying for funding, as it gives founders a strong sense of their financial standing.

• Cash Flow Statement: Cash flow is the lifeblood of any business. David’s session underscored the importance of knowing where cash is coming from and going each month, helping founders avoid unexpected shortfalls. For small businesses, managing cash flow is often the difference between stability and struggle, making this understanding especially empowering.

In addition, David introduced participants to the power of metrics and dashboards—tools that quickly show what’s working, what isn’t, and where immediate actions are needed. Tracking metrics like gross profit margin and variable expenses can transform a founder’s approach, helping them make agile, informed decisions that keep their business on track.

This knowledge is transformative, especially for BIPOC and minority entrepreneurs who often face barriers to funding and resources. Financial literacy gives these founders the confidence to manage growth, plan strategically, and demonstrate readiness when it’s time to seek funding. But it’s also about impact beyond the business itself. Stronger businesses bring jobs, innovation, and economic stability to our city, creating a more vibrant and inclusive Charlotte.

Join Us in Supporting Minority Entrepreneurs: Boost Pad’s mission is to provide essential resources, mentorship, and learning opportunities like David Worrell’s seminar. With your support, we can continue empowering the next generation of BIPOC and minority founders with skills and knowledge that build lasting success. Consider becoming a Boost Pad donor today, and together, we can make a real impact on Charlotte’s future.