The Atlanta-based firms are collaborating to boost the financial health of this growing demographic. It comes as research increasingly shows that founders who benefit the most from business financial literacy skills are also the same groups that face the biggest barriers.
On a mission to uplift women and minority-owned startups
In this brand-new alliance, UrbanGeekz will provide 5 full-ride scholarships to the Finance Savvy CEO 2022 winter cohort of Your Profit Playbook. The hands-on program helps underserved founders build the financial roadmap for their business. It also provides them with a sustainable future for their ventures.
“I’m thrilled to be partnering with Finance Savvy CEO,” said Kunbi Tinuoye, founder and CEO of digital news platform UrbanGeekz. “At the end of the day, the difference between a hobby and a business is cash flow. Every startup founder and savvy entrepreneur should be focusing on financial profitability to build a sustainable business.”
“I’m so excited by this collaboration,” said Marguerite Pressley Davis, founder and CEO of Finance Savvy CEO. “Once again it shows UrbanGeekz’s commitment to making an impact in the community.”
“From 2007 to 2020 women-owned businesses grew an impressive 58 percent,” said Pressley Davis. “During the same period, the number of firms owned by Black women grew 164 percent, that’s nearly 3x the growth rate for women-owned businesses. Despite starting businesses at a high rate, only a startling 7 percent of black women are running ‘mature businesses’.”
“Some of the biggest obstacles to success are confidence and practical know-how regarding the financial side of business,” adds Pressley Davis, a former Wall Street analyst and financial strategist. “The top reason that businesses fail is financial issues and cash mismanagement. In fact, 60 percent of operating small businesses are not profitable.”
How the cohort will help women and minority-owned startups
Your Profit Playbook is a 6-week business financial plan creation and implementation program that guides founders on how to create realistic financial plans and projections for their business. It also teaches them business strategies to increase revenue, optimize expenses and maximize profits.
At the end of six weeks, business owners create a comprehensive financial plan, financial goals, realistic KPIs and strategies to assist with profit maximization.
To date, Your Profit Playbook had directly created a $9.9 million in economic impact. The pilot group launched in 2018 and 100 percent are still in business three years later. Typically, 20 percent of businesses fail within the first two years. Forty-five percent will fail within the first five years. Sixty-five percent will fail in the first 10 years.
Your Profit Playbook alum reported an average increase in profitability of 42 percent in just 12 months. Upon program completion, 96 percent of business owners identified as “financially competent” or “financially confident”. Ninety-eight percent of business owners identified as “more confident in their CEO abilities.”
Helping 24,000 entrepreneurs by 2024
Finance Savvy CEO’s goal is to help 24,000 underserved businesses owners by 2024 to improve their business financial literacy and financial health, increase their profitability, build generational wealth and increase their projected business longevity. Join UrbanGeekz and founder and CEO Kunbi Tinuoye in taking a pledge to make this happen.
Scholarship applications are now open and will close on January 20th. All scholarship recipients will be announced by January 25th. The Your Profit Playbook 2022 program winter session begins on January 31st. Apply here.
UrbanGeekz is a black-owned African-American, Latinx, multicultural digital news platform focused on technology, business, science and entrepreneurship. The groundbreaking videocentric multimedia platform covers tech, business, science and startups. Its mission is to make tech ‘cool’ and accessible while highlighting innovative careers and STEM-related fields as exciting and rewarding paths, especially for women and underrepresented groups
About Finance Savvy CEO
Finance Savvy CEO is a female-run private company on a mission to improve business financial literacy amongst small business owners and empower profitable entrepreneurship as the means to close the gender and racial wealth gap. The goal is for content, courses, community, and counsel to serve as the catalyst for business owners to make more confident, financially informed business decisions so that they too, can build, grow and scale a profitable business that allows them to create generational wealth.