So let us make progress in the series Tech Strategies for Small Businesses (TSSB).
If You remember vividly, in the intro, we said we will not be disturbing ourselves with strategies for “big businesses”, those ones can afford to hire an army of Tech Ninjas.
However, I know that in this society of ours, nobody likes to be associated with anything SMALL.
Afterall, We serve a very BIG God na, why should our businesses be small?…LOL.
Also, our dear motivational speakers have over-beaten the “start small, dont remain small” cliche.
You see ehn, it is okay to start small and remain small, as long as you are making BIG Money.
The reasons above (and many others lowkey psychological higi hagas) is the reason why I have decide to devote an entire post to burst the small business myth.
So without further ado, what is a small business?
As usual, we will take one or two definitions from the library of the internet, then we will arrive at our own definition.
Chron defines a Small Business as
“a business that employs a small number of workers and does not have a high volume of sales. Such enterprises are generally privately owned and operated sole proprietorships, corporations or partnerships. The legal definition of a small-scale enterprise varies by industry and country”
FitSmallBusiness gave their own definition as stated below:
A small business is a privately owned company in the legal form of a corporation, partnership, or sole proprietorship. The SBA defines a small business as one that typically makes a maximum of $750,000 – $38.5 million in annual revenue and has less than 100 – 1,500 employees, depending on industry.
If You notice in the two definitions (and majority of all the definitions online), what really determines a small business is usually the employee size and revenue. And this varies from country to country.
The U.S. Small Business Administration states that small-scale enterprises generally have fewer than 500 employees within a 12-month period in non-manufacturing industries. A company must consider any individual on its payroll as an employee.
In Australia, however, a small-scale enterprise is one that has fewer than 15 employees on payroll, as defined by the Fair Work Act. The Small Business Act for Europe states that small enterprises are those that have 250 employees or less. Small-scale enterprises in Asian countries generally have 100 or fewer employees, while small-scale African enterprises hire 50 or fewer workers.
So let us bring it all together.
In the US, a business is categorized as small if it has fewer than 500 employees within a 12-month period or makes between 750,000 – 38.5 Million dollars in Annual revenue.
If You read the previous sentences closely, You will discover that this “small business” table that we are shaking, we are all on it.
Or does your business have more than 500 employees?
Do You make above 38.5 million dollos in annual revenue?
What I am trying to say is that majority of all the businesses around are small businesses.
It is okay to be a small business owner, but make sure You are solving an important problem for your customers and you are making BIG Money.
So finally my brethren,
let no man despise they small business!!!
Solve important problems, make good Money, pay your tithe to your Pastor (if You want) and let the Devil be put to shame
I will see You in the next post.
I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
I also write on diverse subject areas including Finance, Business, Productivity and Governance.