WHAT IS A SMALL BUSINESS?

We define a small business as a company with an annual turnover ranging between ZAR 1m ($50,000 US) and ZAR 30m ($2,000,000 US), and staff members ranging from 1 to 30. These parameters provide an indication, but they are not definitive. Any business smaller than this will be classified as a micro business, while anything larger will be classified as a medium-sized business. At JB Consultants, we focus on helping small business owners overcome the challenges they face in order to make their businesses successful. Small businesses, although small in size, are big in numbers. They are the backbone of most countries' economies. Forbes Advisor published some very interesting statistics in their article "Small Business Statistics 2024," which pertains to the US economy. While these figures may differ from country to country, there is no doubt in my mind that small businesses play a major role in most countries' economies.

1. Almost all businesses across the U.S. are small businesses. ( not sure what their definition is of a small business.) but the fact remains a very interesting one.
2. Nearly half of all U.S. employees are employed by a small business.
3. Over eight out of 10 small businesses have no employees.
4. Just 16% of small businesses have one to 19 employees.
5. Small businesses have added over 12.9 million jobs in the last 25 years.

You can read the full article here https://www.forbes.com/advisor/business/small-business-statistics/

Contact Us if you would like to talk to us about your challenges with your small business.