Several news outlets, including the Wall Street Journal on Tuesday April 21st, have reported about the aid businesses received under the federal government’s Paycheck Protection Program (PPP) and the fact that many of the businesses that received aid were not the ones with the greatest need.
It looks as if receiving PPP was heavily influenced by how and where companies banked. Many of the companies who received funding from the PPP already had loans with the bank they applied through. The Wall Street Journal states; “thousands more that lacked the right ties, weren’t approved.”
In my book Make Your Banker Happy, available on Amazon, I describe how essential your banker is to your success because business doesn’t always go as planned. It pays to establish a relationship with your banker in good times because when bad times come (as they always do), you will have that trusting relationship in place. The current situation with companies applying for PPP funding is a perfect example.
Your banker should be an important partner in your business, but that relationship requires an effort on your part. Owners of small and midsize businesses who invested in that relationship are seeing the payoff now.
If you are experiencing difficulty in your business, this is a great time to look at the big picture and uncover what has been working well and what has not been. From there we can unlock ways to make your business more efficient and effective.
Give me a call. I am an expert in business process improvement and can help you increase top-line revenue and bottom-line profit: 503-312-3145