SMEs (Small and Medium Enterprises)

Small and Medium Enterprises (SMEs) are businesses that are smaller in size compared to large corporations, typically classified by the number of employees, revenue, or assets. They are vital for economic growth, innovation, and employment, often operating locally or regionally. SMEs can include shops, manufacturing units, tech startups, or service providers. They usually have fewer resources and less market reach than big companies but are crucial for diversifying economies and fostering competition. Despite their size, SMEs are essential contributors to job creation and community development, serving as the backbone of many economies worldwide.