"SME" stands for small and medium-sized enterprises – as defined in EU law: The main factors determining whether a company is an SME are: 1. Number of employees, and
2. Either turnover or balance sheet total
| |Employees |Turnover |or |Balance sheet total | |Company category | | | | | |Medium-sized |< 250 |≤ € 50 m |≤ € 43 m | |Small |< 50 |≤ € 10 m |≤ € 10 m | |Micro |< 10 |≤ € 2 m |≤ € 2 m |
These ceilings apply to the figures for individual firms only. A firm which is part of larger grouping may need to include employee/turnover/balance sheet data from that grouping too. The definition of micro, small and medium-sized enterprises is updated to take account of economic developments. The definition of enterprises according to staff headcount and turnover or balance-sheet total is essential for identifying businesses able to benefit from European Union (EU) programs or policies specifically designed for small and medium-sized enterprises (SMEs)
Challenges Facing SMEs in Kenya
It is generally recognized that SMEs (Small and Medium Enterprises) face unique challenges, which affect their growth and profitability and hence, diminish their ability to contribute effectively to sustainable development. In this article, the following challenges are briefly discussed: Lack of Managerial Training and Experience, Inadequate Education and Skills, Lack of Credit, National Policy and Regulatory Environment, Technological Change, Poor Infrastructure and Scanty Markets information, lack of Managerial Training and Experience. Many SMEs owners or managers lack managerial training and...