What comes to mind when you think of a small business? Many people think of mom-and-pop storefronts. Others may define a small business according to size.
So just what is a small business?
The one definition that matters most is the one provided by the Small Business Administration, which defines it as one that is independently owned and operated, is organized for profit, and is not dominant in its field. The small business industry and size (in terms of employee head count or annual receipts) also factors into the definition and can vary widely. Generally speaking, we can think of a small business as one with 500 employees or less.
The latest small …