(Image Credit: iStockPhoto/Phili19)
Although the average employee is thought to spend only around 15 minutes each day waiting for web-based requests to complete, that time adds up. Across a team of eight staff, those delays can equate to a full working day lost each week.
New research commissioned by Virgin Media Business surveyed more than 1,100 senior decision-makers in small UK businesses about the effects of slow broadband. While 57% of respondents said the internet is critical to daily operations and that their business could not function without it, many reported that poor speeds were holding them back.
Peter Kelly, Managing Director of Virgin Media Business, commented: “Small businesses are the lifeblood of the UK’s economy but need the right tools and technology to thrive. Our ultrafast broadband speeds are setting a new benchmark for business broadband and enabling businesses to reach their full digital potential by doing more, faster.”
Virgin Media Business commissioned the study to illustrate the potential cost of slow broadband to SMEs, ahead of launching new ultrafast broadband packages. The new offerings range from 50Mbps to 300Mbps and are promoted as delivering some of the fastest widely available speeds for small businesses in the UK.
Beyond productivity gains, faster broadband can free up time for other priorities and help reduce work fatigue. When participants were asked how they would use the extra time if routine tasks completed more quickly, 40% said they would spend more time with family, 30% would have dinner with their partner, and 30% said they would go to the gym or play sport.
Other findings from the research include:
- Slow internet speeds tied with customer service queries as the biggest distractions from senior decision-makers’ main tasks at work (33%).
- Over one third of small and medium-sized businesses (34%) believe a faster internet connection would accelerate their overall growth.
- Online activities are high on the strategic agenda for 2016: 25% prioritised online advertising and 23% prioritised building their social media presence to support company growth over the next 12 months.
The research highlights the tangible cost that slow broadband imposes on small businesses and suggests that, for some, investing in a faster connection may be more efficient than hiring additional staff to cover the hours lost to poor speeds.
Peter Kelly added: “Every day businesses tell us that faster broadband speeds increase productivity and help deliver better services for customers. At Virgin Media Business we’re focused on enabling businesses to reach their potential by delivering better services and greater capacity. Our 300Mbps service will set a new benchmark for business broadband in the UK.”
Do you think fast broadband is becoming essential for businesses? Share your thoughts in the comments.
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