In today's cut-throat economic climate, companies have to look more than ever for new ways of operating efficiently. When a company looks for ways of reducing its fixed expenditure it is inevitable that long-term investments, such as the budget allocated for training, will come under scrutiny first. As companies become leaner, and budgets become tighter, the money allocated for training becomes tighter. At the same time there is pressure to maintain a well trained workforce and good ongoing training programs are essential to the recruitment of well qualified staff. As a consequence, trainers and managers of companies are looking increasingly towards employing e-learning to fulfill the need for alternatives to more traditional methods of instruction. However, despite the unprecedented success of e-learning technology within big business, the take-up within small to medium sized enterprises (SMEs) has been somewhat less meteoric. This paper explores the factors inhibiting the utilization of e-learning technology by SMEs, and the innovations the e-learning industry has implemented to overcome them. Particular focus is given to the issues surrounding payment for online learning content. Conclusions include recommendations for future e-learning developments aimed at SMEs. (Contains 17 references.) (Author)