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This question is about careers.
What does SMB stand for in business?
SMB in business stands for Small and Medium-sized Business. SMBs can also be referred to as SMEs, or Small and Medium-sized Enterprises. These are businesses that fall within a certain class of revenue, assets, and employee populations. The limitations in determining SMBs are decided by governments in each country or region.
The United States Small Business Administration (SBA) is the agency that determines the parameters for SMBs. The SBA looks at the following factors when determining if a business is an SMB:
Type of business the company is involved in
The industry the business or company operates in
The number of employees the business has
The total amount of annual revenue the business earns
The SBA has stated that there are currently over 31.7 million SMBs in the United States. Here are the top five industries in which SMBs currently operate in the United States:
Foodservice and hospitality
Retail businesses
Healthcare businesses and social assistance enterprises
Construction businesses or companies
Professional, scientific, and/or technical services industry
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