In This Episode
There has been a lot of frustration voiced in the media by small business owners who aren’t happy with bankers prioritizing current customers over new customers when it comes to the PPP loan program. Or prioritizing customers who have done more business with the bank in the past than other customers. Isn’t that the purpose of having formed and developed relationships over time so you can lean on folks who you Know Like and Trust during good times and bad? Wouldn’t you do the same thing in your business where you take care of your most important customers first?
We’ve been big advocates for small business owners utilizing their Know Like Trust (“KLT”) lists more purposefully to help their businesses. It can help with anything from growing the business to finding good people to having folks to bounce ideas off. So why are the business owners who have been using KLT for things like forming good relationships with their bankers getting lambasted by the media saying it’s not “fair” that certain people got funding and others don’t? Maybe the ones getting the funding are the ones who are in better shape and are on top of things like this due to how they normally run their business with a focus on KLT.
Is it just a coincidence that all of our current clients, and the vast majority of our past clients, were successful in attaining funds from the PPP loan program? Might it have something to do with the fact that those owners have been purposefully working KLT to improve their business? We think successes with KLT like this should be celebrated not vilified!
If you don’t have your own KLT list, you should create one. Click here to get a template to help you start to pull together your KLT list. As we discussed on the show there are lots of ways to start this list, but you have to start!
People, Companies and Resources We Mentioned in the Show
- CDC Guidelines for Opening Up America Again (https://www.whitehouse.gov/openingamerica/)
- Paycheck Protection Program (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp)
- Harvey Mackay (https://harveymackay.com/swim-sharks-without-eaten-alive/)
- Good Fellas (https://en.wikipedia.org/wiki/Goodfellas)
- Leadership Lorain County (https://www.leadershiploraincounty.com)