How an entrepreneur banked on the right business prescription for success
Diagnostics System, Inc., and Goldylab Enterprises, eagerly shares with her staff how BDO’s financial solutions improve the operational efficiency of her businesses in Davao.
Ma. Florencita Cansino, a Davao-based entrepreneur and founder of Hyatt Diagnostics System, Inc. was accustomed to providing diagnostics services for Filipinos heading overseas for employment. But when the pandemic struck, business operations halted, leaving her in a challenging position.
Rather than dwelling on setbacks, Cansino found ways to turn things around. Her other business, Goldylab Enterprises, specializing in medical supplies and products, pivoted to meet the urgent need for COVID-19 testing equipment. This strategic move not only generated profits for Goldylab but also provided financial support to Hyatt Diagnostics.
Cansino likened this resilience to how the country’s leading bank stood by her company in its early days. “BDO was with Hyatt during its infancy stage. 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,” she shared.
Leveling up business operations, processes
As her businesses evolved, so did her approach to managing finances. Cansino adopted BDO’s Cash Management Services (CMS), ensuring seamless transactions across both companies. “BDO’s solutions helped us streamline collections and payment processes. Now, I can pay suppliers, print checks, and conveniently pay employees’ salaries online anytime, anywhere,” she shared.
For Grace R. Caguioa, BDO Unibank First Vice President and Head of Transaction Banking Group CMS-SME Segment, these digital services alleviate entrepreneurs like Cansino from the stress of allotting too much time on these aspects of the business. “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 said.
The impact on Cansino’s business operations was immediate. Payroll reconciliation which once took days now takes just 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.
In healthcare, operational efficiency is crucial, where one mistake can have repercussions on a bigger scale. “One error in issuing a medical certificate can have serious consequences. That’s why accuracy is everything,” Cansino stressed.
By embracing innovative financial solutions and staying adaptable, Cansino turned uncertainty into an opportunity. With the right mindset, and business tools from a trusted bank partner, she was able to survive the challenges and turn them into success. “That’s why BDO is an ideal partner for us. Using their CMS improves our overall business operations and growth.”
