What is the North American Industry Classification System (NAICS)?
NAICS is the North American Industry Classification System. It replaced the Standard Industrial Classification (SIC) system, which had been the classification standard for the various American industries for decades. Regardless of what you do, there is an NAICS number for your business.
Federal Government agencies that collect establishment-based statistics are now required to use NAICS instead of SIC.
One of the useful ways a small business can use this system is to compare its financial performance against other businesses within the same NAICS category and size. Such financial examples are available from the publishers of financial information, like Commerce Clearing House and Robert Morris Associates.
Related Categories: Accounting, Finance, Taxes, Business Planning, Business Structure, Government Support, Management
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