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Small Business

Published on March 2017 | Categories: Documents | Downloads: 13 | Comments: 0



Small Business
A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. The legal definition of "small" varies historically, by country and by industry, but generally has fewer than 100 employees in the United States and under 50 employees in the European Union. However, in Australia, a small business is defined by the Fair Work Act 2009 as one with fewer than 15 employees. By comparison, a medium sized business or mid-sized business has under 500 employees in the US, 250 in the European Union and fewer than 200 in Australia. In addition to number of employees, other methods used to classify small companies include annual sales (turnover), value of assets and net profit (balance sheet), alone or in a mixed definition. These criteria are followed by the European Union, for instance (headcount, turnover and balance sheet totals). Small businesses are usually not dominant in their field of operation. Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing etc. The smallest businesses, often located in private homes, are called microbusinesses (term used by international organizations such as the World Bank and the International Finance Corporation) or SoHos. The term "mom and pop business" is a common colloquial expression for a single-family operated business with few (or no) employees other than the owners. When judged by the number of employees, the American and the European definitions are the same: under 10 employees.

Company Description:
PSTek is a software-development firm that designs software for human-resource management, mostly in the public sector. The company was established in 1982 and has offices in Rochester, N.Y. and Los Angeles, California. It develops software solutions for municipal government that involve tasks like Personnel management and workforce management. At PSTek, goal is simple-to make personnel department more productive. Software addresses the myriad details of civil service and human resources tracking, monitoring and reporting. PSTek offeres quick, convenient on-site training that reflects your everyday procedures. And our commitment to you continues after the sale with customer service and support, including toll-free telephone assistance.

Legal requirements, regulatory changes, restructuring… today's public sector organizations face new challenges every day.

Products and Services Offered:
PSTek develops software applications for personnel management in the public sectors. Products include solutions that have system modules and involve features like applicant tracking, position tracking, education and training management, benefits administration, scanning, tracking of employees, leave management, personnel management , and payroll processes.

Financial Information:
Number of employees: 4

In this particular company common mistakes can be: 1. Trying to make the business appeal to everyone. Tipically, the small-business owner belives that appealing to te widest possible range of consumers is a sure-fire prescription for success. Instead, this broad-brush approach creates a company that is likely to be weak in several areas rather than strong in one. A wiser approach is to narrow the company's focus, identifying a specific market segment and marshaling the necessary resources. Some people doesn't understand this tipe of help, because especially in small busineses owners think that they can do everything. At PSTek, philosophy is to listen carefully to customers and continually upgrade personnel management software to meet their constantly evolving needs. 2. Failing to detect bad credit risks early. Implement an early-warning detection plan to credit problems before they appear. 3. Setting the wrong price.The right price tag can make the diference between a robust bottom line and one written in red ink. Strike a delicate balance between the company's need to make a profit and the consumer's search for value. In this case setting the price can be dificult, because this software can be very helpful in every company, so the price must be clear and not too big. But in small buseness often mistake is that owners desides for price that is too big, because they think that in that way they can earn more, and in that case company go bankrupt.

Maric Sanja 40/08

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