Free Report Example: Small Business Administration

The article was published by the Small Business Administration Group (SBA). With the help of several sub-articles, the writer presents a general knowledge of how small businesses can be helped, in a dynamic world, where competition for advantages in the industry has tremendously increased.

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According to the SBA source, small-scale enterprises, are defined and marked by a limited number of employees and finances flow. There is a crucial body for small enterprises' support in the United States and is called the United States Small Business Administration. The primary goals are to assist creative Americans in initiating, building, and developing businesses by offering financial help, giving opportunities to companies, and startups, their growth, and, most importantly, advocating for effective policies to help them grow. To assist small business enterprises, it is essential that free business counseling helps them grasp the necessary contexts and management mechanisms. The knowledge can be useful because they can apply the same in solving primary emerging challenges or barriers to success. The provision of loans is another excellent method of assisting small businesses to grow. With the funds, small entrepreneurs can usually make SMART goals and objectives specific, measurable, attainable, realistic, and timely. Most probably, the concepts from free counseling can be integrated and implemented if there are funding sources. Therefore, it is imperative to provide investment loans to SBAs to leverage their standards of operation, profitability expectations, and resilience to environmental constraints.

Aside from the guaranteed loans, the article by the Small Business Administration posits that home and disaster loans are also useful because they similarly support small businesses to resist particular shortcomings. Notwithstanding, the composition further suggests that the federal government must offer contracts to small businesses with absolute qualifications to manage their operations. Besides, the efficiency of managing a small business depends on the usefulness of its marketing plan.

Market research must be done first and foremost since it usually helps small entrepreneurs find esteemed customers for their businesses. A competitive business analysis makes the identified company unique and combines them to establish a competitive advantage for the small enterprise. The demographic factors determine demand, market size, economic indicators, ideal business location, market saturation, and, most importantly, pricing decisions. Writing a good business plan gives guidelines through every stage of commencing and managing the business.

A clear business structure must be chosen because it influences every day-to-day operation, determines taxes, and defines how much personal asset is exposed to risks. For small businesses, specific steps and activities must be done to help them realize their projected profitability goals. For instance, a business structure that gives the right balance should be chosen. An ideal business name should be established based on creativity and market research. The registration of the business should follow suit. Secure a federal tax ID number to prove that the business is small; hence pay little and no federal taxes. Apply for permits and get a license from the federal government and other state agencies. Open a business bank account, which will help to stay legally compliant and protected. Obtain business insurance that covers the business and the owner from unexpected costs of day-to-day running.

Conclusion

Conclusively, more funding should be secured that make the business grow. It slightly requires an ideal preparation. It is expanding to newly identified locations by updating the business plan and confirming its financial preparedness. Then buy out businesses, but extra steps should be taken to protect the company in the process. Then decide to become a federal contractor since the federal government always encourages small businesses to take contracting opportunities.

Work Cited

Small Business Administration, www.sba.gov/.