small and medium-sized enterprises

Small and medium-sized enterprises (SMEs) are businesses that are smaller in size and scale compared to large corporations. They typically have a limited number of employees and a lower level of revenue. SMEs play a vital role in the economy by creating jobs, fostering innovation, and serving local communities. The exact definition of what constitutes a small or medium enterprise varies by country and industry, but generally they are characterized by their manageable size and local focus, making them flexible and essential drivers of economic growth.