As the economy continues to rebound, more small business owners are getting the confidence and resources to take their businesses to new heights. But with a limited budget, the risk of unexpected issues and the demands of day-to-day operations, the task of growing a small business can seem overwhelming at times.
This article addresses some of the key issues facing small businesses, including:
Small Business Definition
A small business is a privately owned company that is generally smaller in terms of revenue and employees than larger corporations. Small companies can be structured in a variety of ways, and the exact structure depends on the type of business. However, for tax and legal purposes, most small businesses are organized as either a partnership, corporation or sole proprietorship. Meeting the Small Business Administration’s (SBA) official size standards can make a small business eligible for government contracts and financial programs, but these size standards vary by industry.
While most small businesses are independent, some may choose to collaborate with other companies in order to maximize market reach or to gain expertise and efficiencies. These partnerships often involve small businesses of similar industries, but may also include firms from other sectors and nations.
Regardless of whether they are operating as a solo entrepreneur or with a team, most small businesses can benefit from the use of business management software to help them stay on top of their daily tasks. Additionally, all small businesses should consider purchasing general liability insurance (GL), which is typically included in a business owner’s policy. GL protects against claims made by customers or others for damage to property and injury.
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