SIC Codes

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WHAT IS SIC?
The Standard Industrial Classification (SIC) system is a series of number codes that attempts to classify all business establishments by the types of products or services they make available. Establishments engaged in the same activity, whatever their size or type of ownership, are assigned the same SIC code.

The SIC codes were developed in the 1930's to facilitate the analysis of data describing various facets of the U.S. economy. Most business directories and directory databases use the SIC codes to classify companies. Over the years, SIC was revised periodically to reflect the economy's changing industry composition and organization. The Office of Management and Budget (OMB) last updated the SIC in 1987.

This system can be implemented in any business to classify customers and enable users to gain a clear perspective on target markets. This is one of the most common uses of the SIC in the general market.

For example, if your business sold equipment specific to dry cleaners it would be valuable to have a list of all the dry cleaners locally or nationally. To do this, look up the SIC code specific to dry cleaners. Then, using a business database - such as Prospect Lead Source's - a list of all companies based on that code could be provided.

Whether it's statistical analysis, market research, or sales leads, SIC codes provide a valuable tool to get the information needed to succeed.