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Poor internet service costs SME’s over £3K in lost business

Helen Larkin News, Broadband, Onecom

We’ve just conducted some new research which reveals small and medium-sized businesses (SME’s) have lost over £3,000 in business each due to poor internet services over the past three years.

Over 75% of those surveyed believed they had lost business due to poor internet. Worryingly, some 22% of SMEs estimate their losses were over £5,000 each!

Over the past three years, what do you think the value of business lost by your firm is as a result of poor internet service e.g. speed and reliability? Under £1,000 12%
Between £1,000 and £3,000 22%
Between £3,001 and £5,000 21%
Between £5,001 and £7,500 14%
Between £7,501 and £10,000 6%
Over £10,000 2%
Nothing 13%
Don’t know 11%
Average £3,351
Total 100%

It’s not surprising that 37% of SMEs rate the internet service they receive as average or poor, which helps explain why 39% are looking to switch providers over the next 12 months.

In terms of why SMEs think their Internet service is poor, 32% put this down to being based in rural areas where the connection is weak. However, 23% blame the telecommunications provider, and 22% say it’s the fault of the service company that selected them.

Ben Dowd, Onecom CEO said: “SMEs are the lifeblood of the UK economy, and, as a medium-sized business ourselves we clearly understand the landscape that sees them being held back by a lack of digital infrastructure. Our research shows that a dropped or disrupted internet signal can clearly have a significant and lasting impact for an SME and as more business is carried out online, strong connectivity is essential.”

As the current government puts support behind further investment in superfast fibre connections and key networks roll out 5G at a gathering pace, we are committing to taking a leading role in providing reliable and scalable solutions to transform the way SMEs work in terms of connectivity and telephony.