Resources for Investment Success Free 30-Day Trial Membership.
www.BetterInvesting.org
The NAICS has replaced the US Standard Industrial Classification (SIC) system and was developed jointly by Canada, the US, and Mexico.
www.census.gov
Provides a complete index of SIC/NAICS business codes organized by aphebetically by industry.
listsareus.com
Provides concise definitions of SIC and NAICS codes, including why we have them and where you can find them.
www.mlb.ilstu.edu
Official page of the NAICS Association provides a complete list of SIC and NAICS codes, manuals, reference files, and reference software.
www.naics.com
Provides an industry-specific table of Small Business Size standards according to the NAICS system of classification.
www.sba.gov
Resources for Investment Success Free 30-Day Trial Membership.
www.BetterInvesting.org
Guide to NAICS
Find your place among North American industries.
By Toni Klym McLellan, Freelance Writer & Editor, Toni Writes
But it plays a role in your business too. If you apply for loans, sign up for government programs or do business overseas, for example, you may be asked to provide your business NAICS industry classification.
NAICS simplifies the tracking of economic and industrial information by:
- Using a numeric classification of industries for easier categorization.
- Allowing room for new and emerging industries.
- Providing updates every five years.
Action Steps
The best contacts and resources to help you get it done
Why it's important to know your company's NAICS code
Studying economic forecast data for your industry or sector is crucial to sound business planning. Knowing your company's code allows you to search statistics collected on other companies in the same industry. The Small Business Administration (SBA) also established size standards for defining small businesses, which can impact whether or not a company can obtain an SBA loan.
I recommend: The SBA has a table of small business size standards based on NAICS codes.
Find a complete listing of NAICS codes
The U.S. Census Bureau and the NAICS Association both provide listings of NAICS codes.
I recommend: The U.S. Census Bureau lists current NAICS codes, searchable by keyword. The NAICS lists the codes, and also sells both print and electronic manuals.
Find the NAICS code on a specific company
Federal law forbids the Census Bureau from disclosing a specific company's NAICS code. But private research firms gather statistical data on a variety of factors — including financial data, credit ratings and histories — for every industry. For a fee, you can access this information, including the NAICS codes of companies from these firms.
I recommend: Private research firms such as Standard and Poor's, Hoover's and Dun & Bradstreet collect and analyze statistical data and offer it for a subscription fee.
Tips & Tactics
Helpful advice for making the most of this Guide
- • The NAICS codes are due for an update in 2007; check the U.S. Census Bureau website for details and revisions.
- • Service-oriented businesses have their own classification system, the NACPS, with progress reports available at the U.S. Census Bureau website.
- • NAICS codes are based on the primary activity of your business; therefore, no more than one code per company is designated.
- • The Bureau of Labor Statistics also uses NAICS codes to track employment and wage information.
