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What’s the biggest time-waster in your small business? According to a new YouGov survey commissioned by Virgin Media Business, your answer is likely to be your slow internet speed.

SMEs Could Be Losing Hours Every Day

The study showed that senior figures in many small businesses believe that each of their employees loses around 15 minutes a day due to slow internet speeds. While this may not sound like a great deal of time, if you employ four people that’s an hour lost every day; with six employees, you’re losing 7.5 hours a week – a working day.

This dissatisfaction of SMEs with their internet service was also echoed in an Ofcom report that revealed a fifth of businesses don’t think they’re getting the internet speeds they’re paying for.

Internet Critical to Business

Answers from the 1,103 SME leaders surveyed indicated that internet speeds are a real issue and could hamper their plans for development and growth:

With plans to expand their use of the internet, these companies are likely to grow even more satisfied with slow service speeds. But Virgin, of course, believes it has the answer…

Virgin’s New Ultrafast Offering

The results of the survey commissioned by Virgin Media Business  have, unsurprisingly, been announced just as the company launches its new, ultrafast broadband packages, offering speeds of 50Mbps, 100Mbps, 200Mbps and 300Mbps – a speed nearly four times faster than any offered by competitors, Virgin claims.

‘The UK’s Digital Opportunity’, a report issued by Virgin Media Business last October claimed that digital technologies could provide a £56 billion boost to small businesses and create more than 920,000 new jobs.

Peter Kelly, Managing Director at Virgin Media Business, said: “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.”

Are you happy with the speed of your internet? Do you feel slow speeds hold your business back and waste employee time?

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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