World Micro, Small and Medium-Sized Enterprises Day
In Spain, more than 99.80% of companies are made up of micro, small and medium-sized enterprises and employ more than 10 million people, covering all productive sectors in our country.
SMEs are small or medium-sized enterprises that have a relatively low number of workers, limited business activities and an economic income no higher than that of large enterprises.
They are identified in 3 ways:
- Micro enterprise: Company with less than 10 employees and revenues not exceeding 2 million euros.
- Small company: Company with between 10 - 50 employees and revenues of no more than 10 million euros.
- Medium-sized company: Company with less than 50- 250 employees and revenues not exceeding 50 million euros.
According to the latest data from the Ministry of Industry, Trade and Tourism, Spanish SMEs are the main engine of the country´s economy, creating two out of every three jobs.
The main objective of these companies is to dedicate themselves to the production, transformation and/or provision of services to satisfy certain needs and desires existing in society.
Why are SMEs important?
Because SMEs account for more than 90% of all businesses, generate 60%-70% of jobs and are responsible for 50% of the Gross Domestic Product, they help reduce poverty and promote development in the world.
In addition, SMEs have many advantages that large companies do not have:
- They can adapt more easily due to their small and simple structure.
- Production and adaptation to market changes is faster.
- More flexible products.
- Specialisation in different markets.