Hassan Elsayed currently serves as vice president, business community officer at Bank of America. A dedicated associate, Elsayed volunteers in the communities where Bank of America has a presence. It is important for him to give back and he enjoys helping others. As Elsayed grows his presence in Detroit, he is eager to build relationships within the community.
Elsayed is a member of TechTown’s Professional Service Network, through which he offers free, 25-minute consultations as part of our Ask an Expert program. He enjoys engaging with entrepreneurs, helping them understand the importance of business credit and building a solid financial foundation for their businesses. Elsayed has collaborated with TechTown on several workshops in the past and is scheduled to lead our upcoming workshop, “Training Series: Growing and Managing Your Business Finances,” on Wednesday, Aug. 21.
Elsayed has an M.B.A. with a focus in finance from Eastern Michigan University. He lives in Westland and dedicates his time to the community by coaching wrestling at the high school level and volunteering at community events as much as possible.
Here, Elsayed talked to us about his role at Bank of America, providing financial advice to local entrepreneurs, common misconceptions about small business finances and more.
Hassan Elsayed is the vice president, business community officer at Bank of America and a member of TechTown Detroit’s Professional Services Network (PSN). Through PSN, he offers free consultations as part of TechTown’s Ask an Expert program. Photograph courtesy of Hassan Elsayed
TechTown Detroit: What is a small business community officer and what can they do to help support small business owners in Detroit’s entrepreneurial ecosystem?
Hassan Elsayed: A small business community officer helps drive responsible growth focused on supplying access to capital and financial education. Also, by hosting financial education seminars for business owners, attending community events and partnering with Community Development Financial Institutions (CDFIs), we’re able to increase awareness of all lending programs available. We also work directly with nonprofit organizations that make an impact on the small business community and the ecosystem.
What has your professional background and experience looked like? What ignited your passion to support small business owners?
Small business ownership is in my blood. As the son of a restaurant owner, I saw firsthand how payroll, staffing and inventory management were cornerstones of what is needed to make the business successful. I saw how all the moving parts connected, and I carried that into later roles, like being a manager at the bank. I saw how all the specialists work together, and I really enjoyed breaking down complicated financial concepts using everyday language.
What are your thoughts on the opportunities available to entrepreneurs in Detroit and the region?
Detroit and the surrounding region offer a range of opportunities for entrepreneurs. The city has been undergoing a significant transformation, and there is nothing better than seeing growth or starting your business in the city. Also, keep in mind how strong the Detroit resource ecosystem is for entrepreneurs. There are numerous organizations and resources available to support entrepreneurs, including incubators like TechTown Detroit, accelerators and funding opportunities tailored to local needs. Overall, Detroit’s evolving landscape presents a dynamic environment for entrepreneurs.
What are some common questions or concerns entrepreneurs come to you with for their Ask an Expert sessions? How do you advise?
Business owners are always looking for support in building business credit and access to capital. They are tired of hearing “no” from lenders and want to understand what they can do to flip that into a “yes.” I provide them with the context and guidance to ultimately help them find a solution that’s going to benefit them, not only today but toward their future goals as well. There are so many options and partners out there that it’s OK to ask for additional support or help if you don’t know how to obtain it.
What are some common misconceptions about starting and maintaining small business finances?
There are several common misconceptions, the first being that you need a lot of money to start. That’s not necessarily the case; you can utilize bootstrapping and small-scale investments, as well as local startup grants and principles. The second misconception is profit equals cash flow — they are not the same. A business can be profitable yet struggle to maintain healthy cash flow due to issues like delayed payments or high expenses. Managing cash flow is essential to running a sustainable business. The third misconception is that all debt is bad, while excess debt and poorly managed debt can be detrimental to the growth and sustainability of your business. Being strategic, on the other hand, can fuel growth and expansion. The key to managing debt is ensuring it aligns with your growth plan and business goals.
Understanding and addressing these misconceptions can help small business owners better navigate their financial landscape and build a more sustainable enterprise. Last but not least, another misconception is financial planning being a one-time thing. Successful business owners are constantly planning, whether it’s a growth plan, pivot plan or sustainable plan. The wheels stay in motion and the focus is on continuing profits and executing the plan in place to lead you to that next level in your entrepreneurial journey.
What do you find is the most rewarding part of serving and supporting small business owners and entrepreneurs?
The most important part for me is getting to help someone bring their dream to life in a way that supports the entire neighborhood. Think about it: small business owners often employ family members, and you get to spend quality time that you cannot spend if you are working for someone else. In addition, there are small business owners who look like me and think they cannot get help from a large bank. I stand for the change that is happening in the industry where banks are being intentional about hiring people who understand the culture and the needs of the communities they serve.
What is one major piece of advice you would offer to small business owners or aspiring entrepreneurs?
If you are serious about your business, separate your personal and business accounts. I have so many business owners who miss lending opportunities because they do not separate their personal and professional finances. Having separate financial statements shows how long your business has been working and will better tell the story of your business to any potential lender or grant reviewer.
Ready to take your small business to the next level? Schedule an Ask an Expert appointment with Hassan Elsayed today (he can be found under the Accounting + Finance section) and get personalized advice tailored to your unique needs.
Don’t miss Elsayed’s next Training Series, “Managing and Growing Your Small Business Finances,” on Wednesday, Aug. 21, where you can learn even more valuable strategies for financial success.
