Small and medium enterprises (SMEs) are businesses that maintain revenues, assets or a number of employees between certain thresholds. Each country has its own definition of what constitutes a small and medium-sized enterprise (SME). Certain size criteria must be met and occasionally the industry in which the company operates in is taken into account as well. Small and medium-size enterprises play a hugely important role in the economy. They outnumber large firms considerably, employ vast numbers of people and are entrepreneurial in nature, helping to shape innovation and support local communities.
SMEs in Europe are defined as having a Staff head-count of between 10 and 250 employees, or a sales turnover (revenue) of between €2 m EUR and €50 m EUR, or a Balance sheet total of between €2 m EUR and €43 m EUR (assets).
Small and medium-sized enterprises (SMEs) are the backbone of Europe's economy. They represent 99% of all businesses in the EU. They employ around 100 million people, account for more than half of Europe’s GDP and play a key role in adding value in every sector of the economy. SMEs bring innovative solutions to challenges like climate change, resource efficiency and social cohesion and help spread this innovation throughout Europe’s regions. They are therefore central to the EU’s twin transitions to a sustainable and digital economy. They are essential to Europe’s competitiveness and prosperity, industrial ecosystems, economic and technological sovereignty, and resilience to external shocks.
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The SME market in Europe has huge potential for growth. Enterprises employing fewer than 250 persons represent 99 % of all enterprises in the EU. The European Commission considers SMEs and entrepreneurship as key to ensuring economic growth, innovation, job creation, and social integration.
There are estimated to be over approximately 25.1 million small and medium-sized enterprises (SMEs) in the European Union alone, with the vast majority of these enterprises micro-sized firms which employ fewer than nine people. Over 1.47 million enterprises are small firms with between 10 and 49 employees and over 236,000 are medium-sized firms that have between 50 to 249 employees.
Europe has a population of over 747,356,557 people.
Europe has recently had a GDP of over $18.292 trillion.
Help for small and medium enterprises (SMEs) includes virtual peer-to-peer advisory boards. With our blended model utilising Zoom and supplemented by in person meetings we are able to support and grow businesses anywhere in the world. Our growing network of Regional Directors ensure that we have suitable people to help you whatever your language or time zone.
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