Small to Medium-Sized Business

A small to medium-sized business (SMB) refers to an enterprise that operates with a workforce and revenue below specific limits, setting it apart from larger firms. Although the exact definitions differ by country and sector, SMBs are generally marked by their distinct operational challenges and limited resources compared to larger organizations.

SMBs form the foundation of the global economy, constituting the majority of businesses around the world. They represent over 90% of all enterprises and are responsible for more than half of total job opportunities, making them crucial contributors to job creation and economic activity.

In addition to their numerical significance, these businesses serve as essential centers for innovation and competition. They frequently bring forth new ideas and services, ensuring that larger markets remain vibrant and adaptable. Their prosperity directly supports local economies, playing a key role in regional development and stability.

Despite their critical economic role, SMBs face a landscape filled with considerable challenges. Nonetheless, their distinctive structure also offers unique avenues for growth and innovation, especially in harnessing emerging technologies.

Although the terms SMB and SME are often used interchangeably, they have different implications and are preferred in various contexts.