August is Black Business Month, and at FMS Advisory, we’re proud to celebrate the incredible impact Black-owned businesses have on our economy and communities. Black Business Month is a time to honor the innovation, resilience, and contributions of Black entrepreneurs—and to take action in supporting them all year long.

Why Black Business Month Matters

Black-owned businesses are a vital part of the U.S. economy, generating billions in revenue and creating jobs across the country. Yet, many face unique challenges, from limited access to capital and resources to systemic barriers that make growth more difficult. Recognizing and supporting these businesses isn’t just good for our communities—it’s good for the economy as a whole.

How You Can Support Black-Owned Businesses

There are countless ways to show your support:

1. Shop intentionally. Choose Black-owned brands and local businesses for your everyday needs.
2. Amplify their voices. Share and recommend Black-owned businesses on social media, with friends, and within your networks.
3. Invest in their growth. Hire, partner with, or fund Black-owned businesses and organizations.
4. Offer mentorship and resources. If you have skills, tools, or expertise that could help a Black entrepreneur, consider lending your support.

Financial Tips for Minority-Owned Businesses

Many minority-owned businesses face extra hurdles in accessing capital, building sustainable systems, and staying tax-compliant. Here are a few financial strategies to help set a strong foundation for long-term success:

1. Separate business and personal finances.
   Open a dedicated business bank account and use it exclusively for business expenses. This makes bookkeeping easier and protects your personal assets.
2. Get serious about bookkeeping.
   Keep accurate, up-to-date records using tools like QuickBooks Online or Xero. This helps you stay compliant and gives you real insight into your business performance.
3. Build your business credit.
   Apply for a business credit card, pay bills on time, and monitor your business credit profile. Strong credit opens doors to funding opportunities.
4. Take advantage of minority-owned certifications.
   Certifications (like MBE, WBE, or 8(a)) can help you qualify for government contracts, grants, and supplier diversity programs.
5. Plan for taxes year-round.
   Don’t wait until April! Work with a CPA to project taxes, maximize deductions, and create a savings plan so you’re never caught off guard.
6. Create a cash flow cushion.
   Aim to set aside 1–3 months of operating expenses. This buffer helps you weather slow seasons or unexpected expenses.
7. Seek out funding opportunities designed for minority-owned businesses.
   Look into grants, microloans, and alternative funding sources like CDFIs (Community Development Financial Institutions).

Our Commitment at FMS Advisory

As a woman- and minority-owned firm, we understand the hurdles small businesses face. We are committed to helping Black-owned businesses achieve financial clarity, scale with confidence, and build lasting legacies. Through services like tax planning, CFO advisory, and accounting support, we help owners focus on what they do best—running their businesses.

Let’s Build Together

This Black Business Month, we encourage everyone to celebrate the trailblazing business owners making a difference in their communities. Your support helps them grow stronger, hire more employees, and create opportunities for the next generation.

💡 Question for you: Which Black-owned businesses are your favorites? Share them with us in the comments or tag us on social media—we’d love to highlight them!