WHAT DEFINES AN SME?
Finweek’s definition of SMEs is based upon the National Small Business Act 1996, as amended in 2004, which gives various definitions for each industry sector. Where the definitions are consistent across sectors, however, is with regard to the number of employees. A “small” enterprise is defined as having up to 50 employees, and a “medium” enterprise from 51 to 200. Companies with up to 20 employees are defined as “very small” enterprises. IT consultancy World Wide Worx estimated that there are around 650 000 active SMEs in South Africa in its 2012 SME Survey.