Small businesses make up a majority of business enterprises in most countries. They are also the foundation of local economies and contribute significantly to national GDP.
The size of your business impacts a variety of aspects of your operation, including how you operate, whether you qualify for government programs and loans, and how much money you earn. It also affects how you market your business, as well.
There are many ways to market a small business, and each type of marketing has its own advantages and disadvantages. Some common methods include direct mail, advertising, networking, customer referrals and Yellow Pages listings.
In some cases, a business can even use social media to promote their services. These online platforms allow businesses to reach a wider audience and advertise discounts or specials.
One of the best ways to market a small business is to develop relationships with existing customers and build trust by providing excellent service. Another is to offer new, innovative products or services.
Aside from these traditional strategies, a small business can also take advantage of new technology. For example, a new website can provide customers with up-to-date information about your business and services.
It’s important to understand the size standards for your industry and to determine if you’re eligible for federal contracting programs or loans from the Small Business Administration (SBA).
The SBA sets numerical definitions, or “size standards,” for every small business industry in the United States–based on the businesses’ number of employees and average annual receipts.
These size standards are reviewed every five years, and they affect your ability to compete for government contracting programs and loans. The SBA recommends that you check their website regularly for updates to size standards, so you’re aware of what the minimum and maximum business sizes are in your industry.
Other factors that determine if your business is small are the number of employees, revenue, and assets on your balance sheet. These criteria can differ from nation to nation, but generally, they are based on three basic measures: the number of employees, the value of your assets, and your net profit.