Small business is the backbone of the economy, creating jobs and fostering self-sufficiency. As such, it’s vital that small businesses have access to the tools and resources they need to succeed. This page features a variety of articles that can help them do just that. From important definitions to expert growth tips and more, we’re here to help you make sense of all things small business.
Generally speaking, a small business is an independently owned company that is less regulated than larger businesses. The precise size standards that qualify a business as a small business vary significantly across industries. In the United States, for example, a small business can be defined by number of employees or revenue. Those metrics determine whether or not the business is eligible for certain government contracting programs.
A key advantage of being a small business is the level of personal contact and service that a small business owner can offer his or her customers. This type of customer interaction can foster deeper loyalty and a stronger brand reputation. The relative flexibility and agility of small businesses also allow them to respond faster to changing market conditions than larger companies.
Finding new markets and gaining a strong foothold in foreign markets is a key challenge for many small businesses. The Small Business, Market Access & Industrial Competitiveness Office works to facilitate these international opportunities by connecting U.S. small businesses with foreign small business leaders and participating in trade policy discussions with international partners.
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