Local business owners and vendors gathered on Wednesday to hear from Bank of America executives on the multiple ways to grow their businesses by increasing and monitoring cash flow.
Vice President of Global Banking & Markets Brian Barrow and his colleague, Vice President of Small Business Banking Doris Leal, began their presentation by asking questions about each attendee’s work industry and job title. The presentation was a part of the Workshop Wednesday series hosted by HISD’s Business Assistance Supplier Diversity department.
From lawyers to lumber workers and everything in between, many attendees sought advice on how to make their businesses more valuable and profitable.
“Your success rate is plummeting if you’re not familiar with your cash position,” Leal said. “You need to know how much money you have to operate with.”
Leal emphasized the importance of owners being aware of their budget, but also maintaining a record of company expenses. Barrow added that establishing a good relationship with employees in charge of the business account assists with controlling the money coming in and going out.
“You have to understand the person who is purchasing things,” Barrow said.
Attendees were also given advice on how to convert their services rendered to cash quickly. Types of accounts receivables include daily check and cash deposits, collecting payment upfront, accepting debit and credit cards, cashing deposit checks via cell phone and more.
Although National Fence Company owner Gayle Delong has been an HISD vendor for 14 years, she still found the information and advisement beneficial.
“It was good,” Delong said. “They said some helpful things.”
HISD’s Business Assistance Supplier Diversity department hosts Workshop Wednesday on the first Wednesday of each month. The free event covers various topics that are targeted to provide relevant information and assistance to minority- and women-owned companies interested in doing business with the district.
For more information on upcoming workshops and networking opportunities, contact the Business Assistance Supplier Diversity office at 713-556-7273 or email@example.com