Small and Medium Enterprises

SMALL AND MEDIUM ENTERPRISES REPORT: OSCAR TECHNOLOGY
Student’s Name
Course
Professor’s Name
Institution
Location
Date
Small and Medium Enterprises Report: Oscar Technology
Often, large companies are usually the focus of research when it comes to internationalisation. However, in recent years, small and medium enterprises (SMEs) have also received attention for their internationalisation since several of them have successfully penetrated international markets. Traditionally, SMEs are known to be local; only serving a limited market within their home country. But, as revealed by Dabic et al. (2019, p.2), globalisation and technological advancement have allowed SMEs to expand beyond their local operations and into international markets. The world has become more competitive, necessitating the internationalisation of SMEs. Also, technological advancements have reduced physical barriers such as distance which had, in the past, prevented small businesses from pursuing international markets. The focus of this report is to analyse the internationalization of an SME. Specifically, the report will analyse the internationalisation of Oscar Technology, a United Kingdom (UK) based SME. The report will provide a brief overview of the SME, its international business, and other relevant concepts of its internationalisation.
Definition of SMEs
SMEs refer to small and medium enterprises, which are businesses whose number of employees and revenues fall below a specific threshold. The definition of an SME varies from one country to another. In the UK, SMEs fall into three categories namely; micro-, small-, and medium-sized firms. Micro-sized firms employ less than 10 employees and have a less than €2 million annual turnover. Small-sized firms employ less than 50 employees and have a less than €10 million annual turnover. Medium-sized firms employ less than 250 employees and have an annual turnover that is below €50 million (UK Department of International Trade, 2020). Oscar was selected as an SME for this report based on the UK definition since Oscar is a UK-based firm.
Oscar technology: Brief Overview
Oscar Technology is an award-winning recruitment firm headquartered in the UK. It was founded in 2008 in Manchester city but has since expanded to other regions in the United States (US) and the Netherlands (Oscar Technology, n.d.). The main offerings include recruitment services for permanent and contract employment, statement of work, payroll services, and recruitment process outsourcing.
Oscar Technology is a privately-owned firm that employs between 80 -110 employees. It was ranked as one of the best companies to work for in the UK in 2021 because of how it treats its employees (Best Companies, 2021). Currently, its estimated revenues are approximately $13.2 million (€11.2 million) (Growjo, 2021). Based on the number of employees and annual revenues, Oscar is considered an SME in the UK, specifically a medium-sized business. Oscar’s main competitors are Sellick Partnership, which has an annual revenue of $ 14 million, BCL legal, which has an annual revenue of $12 million, Finlay James with annual revenue of $11.2 million, and Kintec recruitment with annual revenue of $10.3 mi...