Definition of Small Business
When it comes to the online reputation services team, they are considered to be a small business because they don’t have a massive working space, franchise or several employees working for them. A small business is defined as independently owned and operated, exerts little influence in its industry, and normally has fewer than 500 employees. These are all the characteristics of the online reputation services team, they don’t have a lot of employees in order to get the job done right since not every consumer or business is even aware of this type of service they provide. The type of service they provide is strictly in the Internet marketing field and only for online businesses that have a reputation problem online. There are nearly twenty-seven million small businesses in the United States that generate only 50 percent of the GDP. These small companies do contribute to growth and vitality in several important areas of economic and socioeconomic development. Small businesses create jobs, spark innovation and provide opportunities for women and minorities to achieve financial success and independence.
When it comes to a small business like ORM, they tend to foster environments that appeal to individuals with the talent to invent new products or improve the way things are done. Small businesses don’t have a chain of people they need to go through in order to make certain decisions therefore are able to make faster decisions and their research programs are usually focused and therefore not complex, their compensation structures frequently reward top performers. Small companies are also the ones who normally provide services to the big companies such as legal, insurance, accounting and some also provide outsourcing services to large companies. They are able to provide outsourcing services because they can hire themselves out to help with specific projects on a contract basis. Small companies such as a car dealership for instance are usually the sales agents for the products of large companies such as carmakers for example. Even though it doesn’t seem like it, small companies are practically the reason why big businesses are able to survive and get everything done on time because they always have a smaller company working for them, partnered up with them or temporarily helping them on a contract.