STANDARD DEFINITION FOR SMALL BUSINESSES
Was involved in a conversation today where there appeared to be some confusion on how best to categorise sole trader vs. micro-business vs. small business vs. a medium sized business, as these business types are typically wrapped up with either the #SME or #SmallBusiness tag which to be honest isn't that helpful considering they represent 99.9% of businesses nationwide.
This is how I and some others see it;
- a medium-sized business (#SME) has < 250 > 50 employees and either a turnover of up to £50 million or a balance sheet total of up to £43 million.
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