Are you thinking about starting a Small Business? If so, you’re not alone. According to the SBA, ninety percent of New York State businesses are small, and 98 percent of all private-sector jobs are employed by small businesses. Empire State Development’s SmallBusiness Division supports the development of companies with less than 100 employees through an array of programs. These programs are designed to give entrepreneurs the best opportunities to succeed. To get started, check out these custom business checklists.
First, you must match employees’ talents with your business needs. That means defining the job position clearly and actively participating in the recruitment process. However, your HRM responsibilities don’t end here. As a small business owner, your HRM tasks don’t stop with the creation of a detailed job description and selection of a suitable candidate. Your work doesn’t end with the hiring process. For this reason, it is critical to understand the human resources issues that affect your small business.
The SBA has guidelines for what constitutes a small business. They have a comprehensive table that breaks down acceptable company sizes for each industry sector. For example, agriculture, mining, and utilities have maximum thresholds of $750,000 and two hundred and fifty employees, respectively. Manufacturing and service businesses, on the other hand, must have a maximum revenue of Rs. 50 crore. This means that they must have a minimum of two million dollars on hand to cover the initial costs of starting a new company.