Small business is the backbone of our economy, representing 99% of all businesses in America and creating more jobs than large businesses. But that doesn’t mean small businesses have it easy – there are many challenges to achieving success, including limited resources and susceptibility to market pressures. To help, this guide covers everything from important definitions to expert growth tips.
A small business is a privately owned company with fewer employees and lower revenue than larger companies. They can be structured in any way, from a partnership or LLC to a corporation and may operate as either for-profit or non-profit. Small businesses are often in closer contact with customers and clients, which gives them the opportunity to provide a more personalized level of customer service that can boost loyalty and satisfaction.
In general, the term “small” refers to companies with fewer than 500 employees or less than $15 million in annual revenue; however, specific size standards vary by industry and country. For example, in the United States, vendors must adhere to size standards set by the Small Business Administration (SBA) to qualify as a small business when contracting with government agencies. This requires registering in the System for Award Management (SAM) and self-certifying annually.
Successful small businesses are built on a foundation of hard work and determination. These inspiring quotes offer a source of motivation to keep pushing forward, even when the going gets tough. Learn to embrace adversity from Oprah Winfrey or the power of teamwork from Steve Wozniak and Steve Jobs to build a strong base for your business.
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