Business Classification Systems

Learn about business classification systems and industry codes
By S. Ledrew Business classification systems are pertinent for specific sectors of business such as marketing and development teams and certain public relations endeavors. Finding the right business classification is also a necessary part of forming a business and fitting it into current industry classification systems.

There are various services that promise to demystify classification codes and claim to provide an adequate and thorough listing of the most current and updated NAICS classification system standards. It is important to access the proper classification information that fits well into your business sector and that will best suit your business needs. Whether you're a startup business or an established corporation doing market research, getting the right industry codes is vitally important. When learning about business classification systems and industry codes, you should:

1. Access standard NAICS and SIC industry classification codes through government documents.

2. Get the right business code manual for your specific business needs.

3. Stay updated on business code regulation changes and keep your industry classification current.

Gain access to NAICS codes for further research or industry classification

NAICS (North American Industry Classification System) codes are a great resource for business owners who are actively seeking solicitation to other businesses for funding or other support. Narrow market research to those businesses which will provide the highest possibility to meet your businesses needs.
Try:  The Census Bureau has the nuts and bolts of the NAICS system and will yield bare bones results for narrowing down business sector focus. If you are trying to focus on small businesses, or you are a small business searching for your business code, the Small Business Administration is the place to go for definition on what constitutes a small business, and offers great information on classifying a business according to size.

Secure the right industry code information for your business

Finding the right code booklet or manual for your business needs really depends upon the status of your business. New businesses will need to not only register their business in order to obtain the right coding but also to be claimed under U.S. census laws. Established businesses will often find business code booklets to be instrumental in market research. Some independent firms will even help to research specific business codes for a small fee.
Try:  Standard and Poor's does independent research for business searching for business code information for market research purposes. For those business deep in market data or financial forecasting in need of business code information they are the place to go. In addition, Hoover's offers a quick look up option for easy access as well as full service databases for more in depth research. The OSHA website offers quick reference for SIC (Standard Industrial Classification) codes.

Keep up-to-date with current industry classification lists

Every so often, NAICS codes shift to reflect changing markets. It is crucial for businesses to stay updated on the changing NAICS codes. This can be achieved best through staying connected directly to the NAIC and Census bureau either through direct contact or through the monitoring of an outside firm to help you keep your NAIC and SIC codes up to date.
Try:  The NAICS website offers the best information for NAICS code changes. There are various products for purchase such as code change reference guides as well as the full NAICS manual in both electronic and hardcopy form. NPD is a reputable and forthright market research firm that understands that the classification of business isn't as easy as it seems and offers services that cater to the changing SIC and NAICS codes.