Yara Banks, CEO, BNX Business Solutions

Invest: had the opportunity to speak with BNX Business Solutions CEO Yara Banks about the intense, transformational growth taking place in Jacksonville’s economy and how BNX has a part in this evolution. Banks described the unique way in which BNX serves their clients through integrating both human resources and business consulting.

Reflecting on the past year, what have been the overall contributions of BNX Business Solutions in Jacksonville?

BNX Business Solutions is a nationwide integrated human resource solutions provider. We tie people to dollars and dollars to the bottom line. We are able to show business owners that if they cultivate their biggest asset, human capital, it should transfer to higher revenue and cut costs. In the last year we’ve been focusing on small businesses in Jacksonville. They can struggle with understanding how to translate their return on investment for the hires they have or how to set up a firm foundation for HR so that they have building blocks in place for future growth and scaling. We’ve been able to run workshops and perform strategy calls so that these businesses can understand exactly what they need in order to set themselves up for success.

What services do you expect to be the main drivers of growth for BNX over the next few years?

Many businesses do not move forward because they are stuck and have a fear of failing. Human resources and human capital management in particular are so large that it is easy to become confused and overwhelmed. To be able to have guidance on what to do next sets businesses up for success, and they can feel relieved to have a foundation set for them. Having that understanding and being trained appropriately can mean the difference between success and failure for a business, especially if a business has to navigate a federal regulator or lawsuit. We operate on an integrated basis, so business acumen plays a huge role in human capital. It’s not just putting out fires and managing people but how to translate that to a balance sheet.

What makes Jacksonville a great place for mid-to-large size companies to grow and relocate into?

Jacksonville is made up of 99.8% small businesses. The other .2% are large companies. There is a huge local, grassroots movement to make Jacksonville a large hub for upcoming businesses. There are earnest people wanting to grow Jacksonville into a metropolis for businesses and who are preparing themselves to work in larger industries. A culture of professional development and collaboration is quickly developing to increase earning capacity. We have educated people in the community who understand the need for a mix of business sizes and are ready to jump in with their sleeves rolled up and are ready to get to work.

The city is working on creating more dollars for these businesses to come together to work on these larger projects to support this growth. Collaboration and education are key to succeeding in these goals, as are tenacity and grit.

Which industries do you expect to most significantly drive Jacksonville’s future growth?

Finance and technology already have strong foundations in Jacksonville, and those industries will continue to grow. Construction will also play a large role, as we have a ton of new construction coming up, both for commercial and residential development. The housing industry in particular is booming here. The new Jaguars stadium is bringing people and companies to the area and speaks to the grassroots movement of allowing local companies to grow and thrive in our community. Florida is the senior capital of the country, so healthcare is always going to be growing here. Telehealth is allowing access to people who are otherwise not able to seek medical treatment, and we’ve heard it is expected to expand from an $8 billion industry to a $45 billion industry by 2030. 

How do you track improvement amongst your clients?

We track through Key Performance Indicators (KPIs) and set metrics for review. Every role should have goals attached which should lead to the overall strategy of organizational growth. If we know what the current costs are for employee retention, training or turnover, we want to see if those associated costs have decreased and if productivity has increased over time. Productivity measures and lowered expenses are our goals.

How does BNX Business Solutions differentiate itself from its competition?

HR consultants and business consultants are separated. HR consultants typically put out fires and navigate issues involving human capital. Business consultants strictly look at the balance sheet. The two rarely intersect, and that’s what makes us different. We have the acumen to look at both sides of the equation and demonstrate how HR can be traced back to organizational goals, return on investment and the resulting impact on the balance sheet.

Some HR consultants cannot accomplish this – they can only advise how to manage people and how to be compliant. You have to be able to speak the language of your target people. I am targeting executive leaders and decision-makers, and they, too, have to have an understanding of how all this comes together to affect their bottom line. 

How has BNX Business Solutions evolved in the way you advise clients in response to market shifts?

Flexibility and agility are huge, which are lessons learned during the pandemic. Businesses must be able to pivot and switch as needed, and they need to understand that it is okay to make those changes. We also train businesses in change management, in which communication is critical. If a business needs to make a drastic change, the employees need to understand the context around those changes in order for the transition to be successful. Workplace culture is huge, and we emphasize treating people like people. 

Workers do not typically leave for increased pay elsewhere. Even more important than pay is the workplace environment and valuing employees.

What types of challenges are currently being faced by business consulting and HR solutions?

The most significant challenge involves understanding employees. It’s imperative for companies to value their human capital. They are a business’ biggest asset. Navigating employee retention for our clients involves meeting people where they are and implementing DEI. The more diverse solutions a company has, the more innovative they can be and the easier it is to invent new ideas for growth, but a business has to meet and accept employees where they are. Minimum wage is always an issue. If we can get the listening ear from business leaders to discuss nurturing their workforce, we can steer them in the right direction.