SME
An SME is a small to medium sized enterprise. In the EU, an SME is defined as a company with fewer than 250 employees. The term ‘SME’ covers a wide range of businesses, from micro-businesses with just a handful of employees, to large companies with up to 250 employees.
The definition of an SME varies from country to country. In the United States, for example, an SME is defined as a company with fewer than 500 employees. In China, an SME is defined as a company with fewer than 300 employees.
There are many benefits to being an SME. Small and medium sized enterprises are the backbone of the European economy, accounting for 99% of all businesses in the EU and employing around two thirds of the EU’s workforce.
SMEs are also more nimble and adaptable than large corporations, meaning they can respond quickly to changes in the market or economy. And because they are often family owned businesses, SMEs tend to have a strong commitment to their local communities.