The first thing to say is that medium and small businesses are not very different, so you might say they are the same, but that’s not entirely true. Such firms differ in the area of staff coverage.
They usually include an entire network that is capable of serving a large clientele. Strictly speaking, they don’t even have to operate in one city. The network can affect an entire region, but without entering the market of a neighboring area. Distinctive features can also be called:
- Slow adaptation in changing market conditions.
- Orientation to improve the quality of goods or service to consumers of services.
- Staff of 101 to 250 employees simultaneously serving the enterprise.
- The annual turnover is much higher compared to a small business, but also less than a large one.
As for spheres of activity, this form of business is typical for network trading companies, construction firms, large medical centers. In the global economy, it is medium-sized organizations play the largest role, bringing the state about a third of all revenues. At the same time, there are no tax breaks or other supportive measures in relation to them.
Medium business is the most important subject of the market economy, as it largely determines the rate of economic growth and the structure of GDP. It is medium and small businesses that are technological leaders in emerging industries, opening up new market segments and developing new industries. So if you want to create your own business, but do not know what kind, then look at these options, as it is quite profitable, and even without capital, the government of Great Britain contributes to the success of your business.