Small Business Hiring and Outsourcing Trends in 2014
All
eyes
are
on
small
businesses.
According
to
a
recent
report
in
BloombergBusinessweek, small businesses are likely to add more jobs this year than they did in 2013. A New York Times article talks about how small businesses are also joining the outsourcing bandwagon this year. These trends indicate the increasingly important role that small businesses are playing in the economic scene.
What is a Small Business?
The Bureau of Labor Statistics (BLS) reported that the
U.S. economy added 113,000
payroll jobs in January. That brings us to the question of what exactly is ‘small’? How is a small business defined? The Small Business Administration (SBA) recently redefined the concept and announced an increase in the size standards for 70 industries, for instance, cotton ginning from $7 million to $10 million in annual revenue; commercial banking from $175 million to $500 million in total assets; and racetracks from $7 million to $35.5 million in annual revenue. According to the SBA’s
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