While interviewing hundreds of small business owners and employers, I came to realize that their single largest challenge is to find and keep the right employees. In fact, a Columbia University study estimates that replacing a lost employee can cost 150% of that person’s annual salary. That’s a high price to pay, even when the rest of the business is going well.
As your business grows, you may find yourself in need of a small business loan to reach the audience and profit potential you desire. To obtain the financing you need, your lender will likely ask to see a funding request. A small business loan application could ask for an outline that includes a clear summary of your product or services as well as financials, which will show the lender your credibility as a borrower and your level of risk. You may have created a business plan when you first started your business, and should update it as your company grows and your need for capital increases. You can use this to help construct your request for financing, which should include the following five elements.