When you apply for a loan, the first thing lenders look at isn’t your sales pitch or your future projections—it’s your numbers. If your books aren’t in order, even the best business idea won’t get funded. That’s why preparing loan-ready financials is critical. Getting this right can save weeks of back-and-forth and increase your chances of approval.

A document retention policy is an essential part of good recordkeeping and risk management for any small business. It helps ensure that your company maintains the right documents for the right amount of time—meeting legal requirements, protecting sensitive data, and avoiding clutter or costly mistakes. Without one, you risk noncompliance with tax laws, losing critical evidence in legal disputes, or wasting resources storing unnecessary records.