From the President
By Sandra Norby, PT, DPT
Greetings and Happy New Year
I am writing this letter to you on Small Business Saturday, November 30. Did you know that there are 28 million small businesses in the United States, making up 99.7 percent of all firms? A small business is defined by the Small Business Administration this way: “Depending on your industry, a small business could be defined as business with a maximum of 250 employees or a maximum of 1,500 employees. They’re privately owned corporations, partnerships, or sole proprietorships that have less revenue than larger businesses.”
The North American Industry Classification System (NAICS) Codes for Offices of Physical, Occupational, and Speech Therapists and Audiologists, code 621340, sets the threshold at $7.5 million of annual receipts to be considered a small business. We assume that the majority of PPS members fit into this classification of small business and with a new membership database system, we hope to be able to gather that information.
Strategic planning is vital to a business of any size. Whether you are a solopreneur or CEO of a large physical therapy company, annual planning is critical. I relate strategic planning to a roadmap, or better a MapQuest. By laying out our vision and steps to attain our goals, we have a pathway. If circumstances change or an unexpected roadblock presents itself, we are able to reroute because we have the pathway identified.
I am looking forward to reading this issue and am confident that I will take away a nugget of brilliant information, as I do with each issue of IMPACT. Thank you to all of our authors for their contributions and to the IMPACT Editorial team for their vision.