Small-to-Medium Business (SMB) is a term used to describe businesses that typically have fewer than 500 employees and annual revenues of less than $50 million. SMBs are typically privately owned and operated, and are often family-run. They are typically small enough to be managed by a single owner or a small group of owners, and are often focused on a specific industry or niche.
SMBs are important because they are the backbone of the economy. SMBs account for the majority of businesses in the United States and employ more than half of the private sector workforce. They are also responsible for creating two out of every three new jobs in the U.S. and contribute significantly to the nation’s GDP. SMBs are also important because they are often the first to adopt new technologies and business models, which can help drive innovation.
To use SMBs, you may consider starting or owning a small business, offering products or services to SMBs, investing in SMBs, or working for an SMB. Additionally, you can take advantage of the opportunities and resources available to SMBs, such as access to funding, partnerships, and support from government and industry organizations.