What exactly is a small enterprise?

You may have heard of the term SME, Small to Medium Enterprise. According to the Gov.uk website, a SME is a small to medium enterprise that consist of no more than 250 staff and has an annual turnover of less than £50 million. It goes on to break down SMEs into three categories, Micro, Small and Medium enterprises. Micro obviously being the smallest with under 10 staff and an annual turnover of no more than £2 million.

Enterprises can also be divided into categories, a Business Enterprise where goods or services are sold for profit which is then shared between stakeholders, and a Social Enterprise where goods or services are sold that benefit the community and the majority of profits are invested back into the organisation. This is also known as a not-for-profit organisation.