What does it mean to be an SME? There really isn’t a definitive definition for what an SME is.
The general definition on what is an SME is vague at best and usually states that an SME is an independent business with a varying number of employees.
The country in which an SME business operates in is indicative of whether the company qualifies as an SME.
In the UAE for instance a medium sized enterprise needs to have 5-9 employees to qualify as a medium sized enterprise, in contrast in India it is required to have 250 employees to be considered a medium enterprise.
There are other deciding factors to what makes a business an SME, but this is where it gets complicated in countries like the US a company’s SME designation is determined by the sector it operated in so for example a company that deals with farming has a different employee count for its requirements, this is not to mention that in some sectors it depends on the yearly revenue of a company.
But do you ever have one of those days as an SME, when you wonder how you fit in? SMEs, regarding of size, industry, or how much revenue you generate you as an SME are responsible for 42% jobs in the UAE, you as an SME are also contributing to 53% of UAE’s GDP.
SMEs matter, even if you have 5 employees or have 250 you make a difference, you have impact because you as an SME hire people with job and serve your countries economy.
A lot of sectors are solely dominated by SMEs, a few examples are dental clinics, and law firms among others they are mostly owned by SMEs. SMEs are the life blood of any economy and play an imperative part.
So, it is one of the vital sectors in most of the countries but is abstracted most of the time. We at SMEtalks support this sector in all ways and help them grow their business.
Join our SMEtalks webinar and messaging group if you are an SME and looking for a roadmap to get connectivity and market access. https://www.smetalks.ae/