ORLANDO, Fla. – This week on “Black Men Sundays,” host Corie Murray interviews Juan Amo, senior vice president and market executive for Bank of America Central Florida.
Amo urged growth-oriented entrepreneurs to lean on banking partners and develop a relationship with them, as that can mean the difference between getting your startup off the ground or continuing to work for someone else.
”You can come to me and say, ‘Hey, one of my brothers just graduated from dental school’ — they can come to Bank of America and actually pursue their dream of owning their own practice from the get-go. Why? Because it’s something that we do extremely well,“ he said. ”(...) The best way to do that if you don’t have any connections within the institution, just walk into your local financial center, ask to meet with a relationship banker, walk him through your degree, what you’re trying to accomplish, and then he will guide you and help you navigate your organization.”
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Amo urged business owners to monitor cash flow and supplier relationships and to use slow periods to reassess operations.
”When you actually go through a natural business’ slowdown, what are you doing to take advantage of that? So, that’s when you actually press the reset button, start analyzing the efficiencies of your business, what you’re doing, what went well, what went wrong," he said. “(...) Do you have a strong understanding of your cash flow? We know it, ‘cash is king’ and you need have a really close gauge of this. It’s not how much money you have in your account. I’m talking about how you monitor the flow,”
Hear the interview and more in Season 7, Episode 10 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.