“Small Business.” Does that term apply to you?

Latest posts by Rich Sloan (see all)

We always like reading the work of Gwendolyn Bounds in the Wall Street Journal. This week she highlights an effort by the SBA to refine the federal agency’s definition of what a "small" business is.

And, boy, the SBA needs to!

For example, they have 37 different "size standards" to account for the full gamut of business types. One of those standards states that non-manufacturing companies with as many as 500 employees qualify as a "small business."

Doesn’t that sound awfully "large" to you? Or at least, "medium"?!

Who cares, you say?

Well, if you’re a company that’s seeking your little chunk of the BILLIONS the SBA provides in loan guarantees and contracts each year, you do! Your 3-person company will potentially be competing with a 473-person company for the same money.

Should the maximum size be reduced to 100 employees? What do you think? To voice your opinion, the SBA has set up a special site for your input. It’s live through Sunday, March 27.

Now, on a related note, what do you think of the term "Small Business" generally? Does it describe you? Do you see your business as "small" or "BIGTIME!!!"? When you wrote your business plan, did you say, "I want to create a small business that does XYZ…"?

Doubt it.

Total
0
Shares
Previous Article

Putting Purpose into Your Business

Next Article

Burs in a dog's coat led to what invention?

Related Posts
home-based businesses
Read More

The Value of Home-Based Businesses to Economic Recovery

The challenge of America’s economic recovery, in the wake of the COVID-19 pandemic, is to spread it to every community – and especially those that have been historically excluded. The key to meeting that challenge is to appreciate the civic and economic value of an overlooked resource: home-based businesses. There are about 16 million home-based...
Read More

WJR Business Beat: Job Switchers Rewarded with Higher Pay (Episode 406)

On today's Business Beat, Jeff Sloan talks about how it's going to be more difficult and costly for small businesses to hire the best talent because job switchers during the pandemic have seen significant salary hikes. Tune in to today's Business Beat for more:   Tune in to News/Talk 760 AM WJR weekday mornings at...
startup team
Read More

5 Strategies for Building a Great Startup Team

The way you treat your employees, their time, skills and abilities in the early phases of your union as a team influences the rest of your company's course of action. Mark Zuckerberg once said, "The most important thing for you as an entrepreneur trying to build something is, you need to build a really good...
pitch videos
Read More

How Pitch Videos Can Help Your Startup Get Funding

When you’re about to launch a startup, gaining the interest and support of startup investors is an important element in becoming a successful brand. These days, videos are a great way of communicating information and landing you anything from seed funding to crowdfunding. After all, a great pitch video can grab your investors’ and consumers’...