For purposes of applying for government contracts, it’s important to know whether your business actually meets the government’s standards for defining what is, in fact, a small business. The size standards differ by industry. In some cases, the basis is annual revenue. In others, it is determined by the number of employees. For instance, food service contractors with less than $35.5 million in annual revenue are considered small businesses. Meanwhile, soybean farmers with more than $750,000 in annual revenue do not fall under the government’s small business size standards. Similarly, book printing companies with fewer than 500 employees are small businesses, while the threshold is 1,000 employees for synthetic rubber manufacturers.

Regardless of your industry, a Tampa CPA from Reliance Consulting, LLC, can help you determine whether you qualify to apply for government contracts as a small business. In addition to revenue and employees, factors that help determine whether a company is a small business (according to the government) include:

• Whether the business is organized for profit
• Whether it is located and does business in the United States
• Whether it is independently owned and operated
• Whether it is considered nationally dominant in its field

Since 1984, Reliance Consulting has helped hundreds of Florida small businesses find the path to prosperity – and stay there. We are a full-service business consultancy, able to provide tax planning services, payroll services, and more. Contact us today for a complimentary financial health checkup.