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Classifying Your Business
Is your business large or small? How does the NAICS classify your company's operations? These are two very important questions that you will need to answer before the government can award you a contract. Here you will be able to get a grasp on how the government is likely to classify your business.
What is a Small Business?
According to the SBA, a small business is any business that is independently owned and operated which is not dominant in its field of operation. This definition will vary from industry to industry as each is different. Generally, small businesses also have fewer than 500 employees at any given time. This quota also varies by industry standards.
NAICS Classification
Every business in North America has a specific industry code or NAICS code. This code helps the government to determine what kind of businesses it contracts with. For example, if the nature of your business is manufacturing, it is coded as "31-33". If your company manufactures footwear is further coded "31621" and so on. It will be very important for you to classify your business with the NAICS especially if you want a government contract. To find what your small business NAICS
classification is click here .
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