Small businesses are the driving force of our national and local economies. Through small businesses, game-changing ideas and concepts are brought to life. Even the big businesses started off as small businesses. If you’re a small business owner, you should take great pride in knowing you are a key player in your local and national economy.
What’s the definition of a small business in 2018?
The definition of a small business varies from industry to industry. With the manufacturing industry, for example, a small business is considered 500 employees or less. For most industries, a small business is considered as less than $7.5 million in revenue a year. For more specifics on business size standards, go to sba.gov.
The Small Business Infographic (click to enlarge)
The team at MBS Accountancy decided to put together an easy to digest infographic on some interesting statistics about small businesses that you may not be aware of. Hopefully, the infographic we created gives you a better idea of the big role small businesses play in our economy in 2018.