small and medium enterprises

Small and medium enterprises (SMEs) are businesses that are larger than individual or sole proprietorship ventures but smaller than large corporations. They typically have a limited number of employees, a specific range of annual revenue or assets, and operate within a local or regional market. SMEs play a crucial role in economies by creating jobs, fostering innovation, and contributing to economic growth. They often have more flexibility and personalized customer service compared to larger companies, making them vital to diverse sectors and communities. Definitions of SME size can vary by country and industry.