Whether you’re starting a new business or you’ve been running for a while, a good internet connection is essential. A poor internet connection isn’t just a niggling annoyance. It could actually be costing your business money.
That could be money you can save for payments or investments. Money that you could use to help your business to grow.
In this article we take a look at internet speeds. And examine where your company could be making losses due to a poor internet connection.
How Fast Do You Need Your Business Internet to Be?
First things first, you should test your internet speed. This will give you an idea of where you’re at.
Internet speed – also called “bandwidth” – is measured in megabits per second (Mbps). This number tells you how much data can be uploaded or downloaded in a single second.
This figure covers your whole internet network. So you can divide your Mbps between everyone using the internet at any given time.
So how fast should your business internet speed be? This will depend on the number of employees you have and the types of online tasks they do. Downloading a file can take up to 10 Mbps but browsing your email will take up a lot less bandwidth.
Smaller businesses with just a few employees might get away with just 25Mbps. But larger organisations with tens of employees performing complex online tasks could require closer to 1Gbps (1,000 Mbps).
So what happens if your internet isn’t fast enough?
5 Ways a Poor Internet Connection is Costing Your Business Money
- Poor Customer Service
We’re living in a time where everyone – including your customers – expects things to happen immediately. They email a query or post on your social media or want to chat online through your website. And they expect a speedy response.
You need to respond quickly to customer enquiries. You also need to resolve any customer complaints before someone wants to share their unhappiness on Twitter. Good customer service increases conversions and protects your company brand image.
To provide your customers with the service they expect, you need a reliable internet connection. Without one, your customers will find a business that offers something better.
- Lack of Cloud Access
We all know the benefits of cloud computing. It offers businesses security, flexibility and scalability in their operations. But without a good internet connection, you risk losing access to the cloud.
If, as is often the case these days, much of your business is stored there, operations will grind to a halt until connection is restored. Your business’ time and money will be lost in the process.
- Difficulties for Remote Workers
Do you allow your employees to work from home from time to time? Or do you ever contract freelancers to work for you remotely?
When you have a poor internet connection, you lose connection with these members of staff. Video conferencing becomes impossible. And it’s more difficult for you to keep up-to-date with their progress.
Remote workers themselves also face difficulties. They can’t access the files and programs they need to work effectively and their output is greatly reduced.
- Reduced Productivity
How much time do you and your employees spend waiting for webpages to open? Or for attachments to upload? Or for files to transfer?
Whilst it may just be seconds, you need to consider this time per employee and per month. Those seconds add up and reduce the productivity of your workforce.
By improving your internet connection and speed, you add those seconds back into the working day and your staff get more done.
- Employee Frustration
Working with faulty tools would get to anyone after a while. In fact, a study by Deloitte shows that slow internet is the number one source of frustration for employees in the workplace.
A poor internet connection risks damaging the motivation of your workforce. No one wants to spend their days staring at a screen as it buffers. And if your staff suffer from low morale, productivity will take an even further dive.
There are other potential costs to your business. Not only are you paying employees to do work they can’t actually do. You also risk losing employees who get frustrated at not being able to do their job properly.
So when you’re calculating the cost of your poor internet connection, you also need to factor in your recruitment costs if slow online speeds have led to a poor employee retention rate.
Internet requirements vary from business to business. But getting the right internet connection for your company is essential.
It makes operations easier. It supports you in providing good customer service. And it helps your workforce to be productive. Above all, it will help you to make rather than lose money for your business.
With her interest in self-improvement and earning additional money, Ariana Williams might often be found online, discussing new ideas for side hustles and sharing her tips with others. Feel free to find her @AriWilliamsAri and say ‘hi’ to her.