I laugh sometimes at the different definitions of “small business”.
The Australian Taxation Office tells you that you can get small business entity concessions when you are a small business – the definition? If your turnover is less than $10 million.
The Australian Bureau of Statistics defines a small business as one that employs 20 people or less.
Many of my clients and members of Teik Oh Dot Com training would love to turn over sales of $10 million and employ 20 staff! To many of us, that describes a medium-sized business because small business is you and me, making sales of several hundred thousand to a couple of million at the upper end and maybe working alone or employing up to 10 staff.
So, when people like us see advice for “small businesses” we tend to switch off.
But that would be a mistake because we all want to grow, don’t we? And one thing I can tell you after 40 years of working with small businesses all over the world in my career, the simple things you need to do is the same in every sized business – except for scale. Read More