They represent more than 99 percent of all employers, employ more than half the countrys private work force and provide 47 percent of all sales in the nation.
Small businesses, which number more than 23 million in the United States, stand honored this month during National Small Business Week May 21-27, sponsored by the U.S. Small Business Administration.
The celebration recognizes outstanding small business owners for their personal achievements and contributions to the nations economy. During that week, the national Small Business Person of the Year will be announced. The national winner and two runners-up are selected by U.S. SBA Administrator Aida Alvarez based on the recommendations of the National Advisory Council. Local winners will be honored at an Ohio Statehouse celebration May 17.
Selection criteria for Small Business Persons of the Year include:
- Staying power: a substantiated history as an established business.
- Growth in number of employees to judge the impact of the business on the job market.
- Increase in sales and/or unit volume to indicate continued growth.
- Current and past financial reports to substantiate the companys improved financial position.
- Innovative product or service to illustrate the creativity and imagination of the nominee.
- Examples of problems faced in the nominees business and the methods used to solve them.
- Contributions by the nominee to aid community-oriented projects.