The COVID-19 pandemic brought unprecedented challenges to businesses worldwide, and for Ma. Florencita Cansino, a seasoned Davao-based entrepreneur, it was no different. As the founder of Hyatt Diagnostics System, Inc., a company specializing in diagnostics services for Filipinos seeking overseas employment, she saw her operations grind to a halt. The future looked uncertain, but Cansino’s entrepreneurial spirit was far from broken.
A Strategic Turnaround in Challenging Times
Instead of succumbing to the setbacks, Cansino strategically pivoted. Her other venture, Goldylab Enterprises, which focuses on medical supplies and products, stepped up to meet the urgent demand for COVID-19 testing equipment. This quick and decisive move proved to be a game-changer. Not only did it generate significant profits for Goldylab, but it also provided a crucial financial lifeline to Hyatt Diagnostics, ensuring its survival during a difficult period.
Cansino credits this remarkable resilience, in part, to the unwavering support she received from the country’s leading bank, BDO Unibank. “BDO was with Hyatt during its infancy stage,” she shared, highlighting the long-standing partnership. “We always took out loans from BDO because we couldn’t compete effectively at the start, using our own money. We needed additional capital for business development.” This early support from BDO laid the foundation for Cansino’s ventures, proving that a strong banking relationship can be vital for nascent businesses.
Leveling Up Operations with Digital Solutions
As Cansino’s businesses matured, so did her approach to financial management. Recognizing the need for greater efficiency, she embraced BDO’s Cash Management Services (CMS). This adoption ensured seamless transactions across both Hyatt Diagnostics and Goldylab Enterprises. “BDO’s solutions helped us streamline collections and payment processes,” Cansino explained. “Now, I can pay suppliers, print checks, and conveniently pay employees’ salaries online anytime, anywhere.” The shift to digital financial management brought a new level of control and flexibility to her operations.
Grace R. Caguioa, BDO Unibank First Vice President and Head of Transaction Banking Group CMS-SME Segment, emphasizes the value of these digital services for entrepreneurs. “That’s where we come in—we provide tools and services to facilitate easy payments to suppliers, and fast and efficient collection from their customers,” she stated. BDO’s digital solutions aim to alleviate the administrative burden on business owners, allowing them to focus on core operations and growth.
The impact on Cansino’s businesses was immediate and profound. What once took days for payroll reconciliation now takes mere hours. “We used to need a week or 10 days to track check disbursements and expenses. Now, I can do it in two hours no matter where I am. It’s very convenient and fast,” Cansino added, underscoring the significant time savings and increased efficiency.
In the healthcare sector, where Cansino operates, operational efficiency and accuracy are paramount. “One error in issuing a medical certificate can have serious consequences. That’s why accuracy is everything,” Cansino stressed. The improved financial processes, enabled by BDO’s CMS, directly contribute to this critical need for precision.
The Power of Partnership and Adaptation
Ma. Florencita Cansino’s journey is a compelling testament to the power of adaptability and strategic partnerships. By embracing innovative financial solutions and maintaining a resilient mindset, she transformed uncertainty into opportunity. Her experience with BDO Unibank’s Cash Management Services highlights how the right business tools and a trusted banking partner can be instrumental in navigating challenges and achieving sustained growth. As Cansino aptly puts it, “That’s why BDO is an ideal partner for us. Using their CMS improves our overall business operations and growth.”
What digital banking solutions have helped your business adapt to changing market conditions? We’d love to hear your story!
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