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BANKATLANTIC SHARES TOP TIPS FOR SMALL BUSINESSES IN TODAY’S ECONOMY

FOR IMMEDIATE RELEASE

FORT LAUDERDALE, Fla. – May 5, 2009 – In a less than strong economy, many small business owners are looking for ways to stay competitive and grow, with fewer resources at their disposal. Doug Freeman, executive vice president and chief corporate banking executive for BankAtlantic, Florida’s Most Convenient Bank, offers advice to small business owners to help them form good habits for a financially secure business.

“Small businesses are the lifeblood of our economy and an integral part of South Florida’s business community,” said Freeman. “Now is the time to ensure small business owners are making the strategic decisions that will allow them to weather the storm and grow stronger in the process.”

• Review and revise your business plan: A business plan is the primary tool to determine where your business is heading and how it will get there. A strong business plan is also a crucial tool in receiving funding for your business.
• Strong relationships with your customers: With more competition, retaining customers is about presence and remaining top-of-mind by cutting through the clutter. Maintain strong interpersonal relationships with those customers you can’t afford to lose.
• Strong relationships with your bank: A strong relationship with your bank before a loan or line of credit is needed increases the likelihood of a seamless and pleasant experience down the road.
• Ensure your bank meets your needs: Choose a bank that understands small businesses and has products engineered for them. Ask in advance what your banks term’s are for extending loans to a business like yours. Beyond loans, simple services like remote deposit captures and extended banking hours allow small businesses to increase productivity by spending more time at the office and less at the bank.
• Let go of the past: It may be time to make tough decisions when it comes to managing expenses more aggressively. This can mean parting ways with people, locations and product lines.
• Invest in the future: When it comes to creating value for your customers, now is the time to invest. Expenditures like technology that differentiate your business, or keep it competitive, are smart moves in a down economy.
• Watch those goods: The bulk of expense for small businesses is the cost of goods. Whether its raw materials or end product, astute business owners will closely watch costs when buying goods and managing inventory.
• Survey your people: By far, one of the hardest decisions is to let a member of your team go. Leave emotion out of it by ranking your employees by how each helps achieve your business goals, and do it well in advance of any difficult decision. When it comes time to let someone go, the answer is there in ink.
• Understand the stimulus: New legislation has created plenty of contract jobs for small businesses at the federal, state and local level and now is the time to get certifications and other pre-approvals out of the way in order to reap the benefits of the stimulus.

About BankAtlantic:
BankAtlantic, “Florida’s Most Convenient Bank”, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches, online banking division - BankAtlantic.com , and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week with extended weekday hours, Free Online Banking & Bill Pay, a 7-Day Customer Service Center and Change Exchange coin counters.

Media Contacts:
Sandra Fine, rbb Public Relations
Phone: 305-567-0535 /Email: Sandra.Fine@rbbpr.com

Leo Hinkley-Ban, BankAtlantic
Phone: 954-940-5343/Email: lhinkley@bankatlanticbancorp.com

 


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