IS THE STATE OF UK BROADBAND STUNTING SME GROWTH?
Do you often find business broadband stalling or transactions failing? Are you missing deadlines due to poor connectivity? Unfortunately, this is a common occurrence for many ambitious start-ups and growing SMEs in the UK.
James Barnett and Jonathan Masri, the co-founders of WorkPad, believe that when it comes to a businesses working environment, functionality and business continuity are two crucial factors. So, why are so many other UK offices failing to recognise this?
According to a recent study, only 68 per cent of small business properties had access to superfast broadband last year. The impact of this on business development and profitable growth is hugely significant. Basic aspects of a business, including client communication, CRM and financial transactions depend heavily on immediate and consistent internet connectivity.
The study confirms the importance of broadband connectivity with 13 per cent of businesses stating that they started losing money immediately in the event of an outage. Worryingly, the proportion of firms suffering a financial impact rises to 28 per cent after one hour without connectivity and escalates to 46 per cent after four hours.
Why is broadband so important?
In the modern day, fast internet is key to functionality. Anything that minimises resistance and amplifies productivity should be a top priority for growing businesses according to WorkPad’s co-founder’s James Barnett and Jonathan Masri.
“Time lost on maintenance of internal systems can result in delays when replying to customers or clients, perhaps even missed deadlines,” explains Masri. “Ensuring productivity in your staff can be as simple as making sure they have the necessary tools to carry out their roles. For example, having your wifi go down is extremely frustrating to staff and it can create unnecessary pressure in terms of reducing the timeframe available to complete tasks.”
With 72 per cent of businesses suffering up to eight internet outages and 43 hours of downtime each throughout 2015, businesses are losing productivity worth up to an estimated £12.3 billion every year.
Companies are better off investing more time and money in reducing frustrations in the workspace rather than spending company funds on perks like pool tables and beer fridges. James Barnett continues, “employees want reliable wifi to ensure productivity and instant access to a customer service support team. That’s why WorkPad provides high-speed broadband, customer support and a personalised service to all of our community.”
Is poor broadband impacting SME growth in the UK?
SMEs account for at least 99 per cent of UK businesses in every main industry sector, making the support and growth of these businesses key to the UK’s financial stability and economic growth.
However, the issue is that productivity of these promising SMEs is decreasing, nearly a third (32 per cent) of employers think that work rate is a problem for their business. Furthermore, the average UK worker is losing 38 hours and £494 worth of productivity every year, due to slow internet.
“If productivity of SMEs continues to decrease we are at risk of our most promising and innovative businesses getting pushed out of the market,” claims Masri.
How does WorkPad assist SME development?
“The broadband speed offered to central London leaves plenty to be desired,” continues Masri, “as fibre in central locations is rare due to the old infrastructure. Average speeds vary from a 5mbs to 15mbs contended connection and for most businesses in today’s market, this simply isn’t workable.”
WorkPad prides itself on the commitment that it has to small business support. With a great choice of bespoke office spaces in desirable locations such as Soho, Covent Garden and Marylebone, WorkPad allows SMEs the opportunity to experience central London locations without the price tag.
Due to the type of connections WorkPad has, it is able to equip buildings, depending on size, with a 100 megabit, or 1 gigabit leased fibre connection, which is completely un-contended – the speed isn’t an issue.
For standalone companies, operating from a traditional office space, the cost of purchasing a leased fibre connection could become an expensive burden, however if this is paramount to their operation, then they don’t have a choice.
The guaranteed 100 megabit, or 1 gigabit leased fibre connection for WorkPad customers is a huge benefit for a growing SMEs who would otherwise have to pay for expensive working conditions or make do with poor connectivity.