How Does It Feel Being An SME?

Here in the UK, we use a definition for businesses defined as either small or medium, and it’s SME. My business is just entering its fifth trading year, and commencing from a standing start, it will come as no suprise that we are certainly ‘small’ with aspirations of being ‘medium’, and it feels fine. The business is doing well, all the more so when taken in the context of these interesting times we live in….. but…. I’ve always found the tag ‘SME’ a tad condescending. So, it was with just a little glee that I discovered the following facts about SME’s in the UK:

  • There are 4.7m SME’s in the UK.
  • They employ 13.5m people.
  • They contribute more than 50% of the UK turnover.
  • They generate 64% of commercial innovations
  • They account for 59% of the UK’s private sector workforce.

All of a sudden being small feels OK.

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2 Responses to “How Does It Feel Being An SME?”

  1. Being termed an SME is less derogatory than being deemed a ‘life style’ business!

    There is a huge proportion of Dorset based business people who own or are a life style business. And good on them!

    Whilst they may not have huge ambitions for growth, lifestyle business people often bring money into the county from outside. These people are not sponging off the state but contributing to the county’s GDP if not the GVA.

    Let’s not forget that, of the 99.4% of the country’s SMEs 79% are one man bands. Hurrah for those!

  2. Thank you ‘Hidden Edge’.
    I agree…. and would add, maybe businesses need to decide if they are just a ‘job’ pretending to be a business?

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