What is sme meaning?

SME stands for Small and Medium-sized Enterprises, which are businesses that have a smaller number of employees, assets, and revenues compared to larger corporations. SMEs are important to the global economy as they contribute to job creation, innovation, and economic growth. The definition of an SME varies by country, but typically a business with less than 500 employees is considered an SME. They may be involved in various industries such as manufacturing, technology, retail, and services. SMEs face unique challenges such as limited access to capital, market competition, and regulatory compliance but they also have the advantage of being agile and able to react quickly to changing market conditions.