What is an SME?
There's a wealth of help – practical and financial – available to small and medium businesses, particularly those involved in manufacturing. The help comes mainly from government backed bodies or the European Union.
Is your company an SME?
In the UK, for a company to be defined as an SME it needs to meet two out of the three criteria listed below:
- a turnover of less than £25million
- fewer than 250 employees
- gross assets of less than £12.5million
The European Union’s definition differs slightly:
- employs fewer than 250 persons
- annual turnover of less than 50 million euro and/or an annual balance sheet total of less than 43 million euro