If you ask most people whether they would prefer working 9 to 5 or starting a business, they would say they want to start their own business; 62% of adults in the United States have expressed interest in doing so. This may be the passion that fuels the growth of small businesses across the nation.
Starting and running a business requires an unmatched level of struggle, dedication, and effort, which small businesses across the United States continue to display.
Resilient in the face of economic challenges, such as rising interest rates and inflation, small businesses continue to grow and support the US economy, with more than 33 million small businesses currently operating and making up 99.9% of all businesses in the United States.
In the current era, where digital experiences can make or break your reputation, a poor internet connection can cause small businesses to lose out on multiple growth opportunities. According to a report by Quick Sprout, even a one-second delay can result in a 7% conversion loss. This makes fast internet speeds for small businesses all the more important.
To keep business operations efficient and streamlined, ensure high levels of customer satisfaction, and seize potential business opportunities. In other words, to scale your small business, a high-speed internet connection is essential.
Why Internet Speed Matters for Small Businesses?
Internet speed is the rate at which data is transmitted between the internet and your devices. Commonly measured in megabytes per second or gigabytes per second, the higher it is, the better, as this will allow a seamless flow of information across all business functions. Internet speed comprises three core components:
- Download Speed: measures the rate at which data can be transmitted from the internet to your device. This is crucial to access relevant documents instantly, and the higher it is, the better.
- Upload Speed: measures the rate at which you can send data from your device to the internet. This is vital when sharing information on online platforms. The higher it is the better.
- Latency: measures the delay in data transmission between your device and servers. This is highly crucial when you need to respond in real-time, such as customer service. The lower the better.
As part of a highly competitive space, internet speed for small businesses is one of the key factors that can provide you an edge over your competitors, with its ability to streamline operations, including customer service, data management, operations, and marketing.
Additionally, a high internet speed for small businesses allows access to a broad range of productivity tools and platforms, such as remote working tools and cloud-based platforms.
Let’s explore the impacts of slow internet speed for small businesses, followed by how high-speed internet benefits small businesses in further detail.
Impacts of Slow Internet Speed for Small Businesses
A slow internet connection can significantly harm business functions. This section explores a few major business functions and how a poor internet connection directly impacts them.
Poor Customer Experience
Customer service is one of those business functions where you’re interacting with customers in real time, and their experience can either help turn them into a lifelong customer or a disgruntled one.
Let’s suppose a customer arrives on your website looking for an exchange. If your agent or chatbot fails to deliver prompt responses to their queries due to a slow internet connection, you may soon see a negative review or a lost potential lifelong customer.
Limited Opportunities
A slow internet connection can hinder the growth of small businesses by preventing access to opportunities and platforms that can help the business scale or save costs.
For example, a poor internet connection makes it difficult to work remotely, plan and execute digital marketing campaigns, and use cloud-based platforms.
Lost Sales
Internet speeds can greatly influence conversions, especially for e-commerce businesses. Customers nowadays expect rapid loading times, as quick as 3 seconds.
Now, suppose a customer arrives sees your advertisement, likes the item, and clicks; however, it takes up to 30 seconds to load your product page!
You can be sure they’re at a competing website and may have probably completed purchasing by the time your page is finished loading.
Interrupted Operations
Small businesses rely on the Internet to undertake business processes, such as ordering raw materials, or processing and dispatching orders. A slow internet can cause significant delays in these functions.
For example, if you’re a drop shipping business, you need to source your stock in time to ensure round-the-clock availability to customers.
If you are unable to do so, customers may visit, even find what they are looking for, but leave upon seeing the out-of-stock label.
Reduced Productivity
There can be situations when time-sensitive tasks must be undertaken, and a slow internet connection can make it difficult for employees to do so, reducing both their productivity and their morale.
For example, if your business can grow significantly through blogging, your writers are going to need to conduct research to deliver timely.
A slow internet connection will make it difficult for them to efficiently do so, causing frustration, low motivation, and reduced productivity.
That’s enough negativity for one day. Let’s add a little positivity to the mix.
High-Speed Internet Benefits for Small Businesses
The drastic impacts of poor internet speed for small businesses are a testament to why investing in high-speed internet services like Xfinity Internet, which offers faster speeds, can be a promising investment. Let’s explore some ways a high-speed internet connection opens new doors for small businesses.
Improved Customer Service and Experiences
Customer experience is one of the most crucial considerations for small businesses looking to develop and maintain long-term relationships with their customers. A high-speed internet connection helps bridge the gap between both parties by providing smooth and rapid communication across a wide range of platforms, including websites, social media, or chat support agents.
The benefits are not limited to online platforms, and even brick-and-mortar stores can use the Internet to deliver unmatched experiences. For example, restaurants and motels can provide WIFI access to allow visitors to upload pictures or stream, both acting as great forms of user-generated content.
Opportunity to Implement Remote Work Model
Being widely adopted during the COVID-19 pandemic, the remote work model continues to grow due to its mutually beneficial nature for employers and employees. The remote work model allows businesses to continue their operations wherever team members are, in addition to saving on multiple costs, such as electricity and transport.
The model is contingent on reliable connectivity for small businesses. The right internet service will allow small businesses to prevent communication issues, ensure team collaboration using cloud workspaces, track productivity using software, manage data, and streamline business processes digitally.
Seamless Internal and External Communication
A solid framework for internal and external communication is one of the core foundations to ensure business success. All businesses should continuous improvement in these aspects. Unfortunately, most businesses neglect this, reserving only 10% on internal communication, possibly due to limited budgets.
However, combining a remote work model with a minor investment in high-speed internet service can allow businesses to allocate and save major costs and use them as funds where it is needed, such as on video conferencing software like Zoom or instant messaging platforms like Slack. A high-speed internet service will ensure the platforms are seamlessly integrated and used to their full potential.
Access to Small Business Productivity Tools
In addition to providing your employees with the resources to enhance their productivity, the internet allows small businesses to leverage a range of productivity tracking tools and software, like Hubstaff or Time Doctor, for example.
These tools allow you to keep track of individual employee productivity, identify areas of improvement, and measure the collective team’s progress toward business goals.
Access to Cloud Based Services
Data is king, and with access to cloud-based services, small businesses can save on the high expenses involved in procuring data storage hardware. With multiple cloud-based services available to small businesses, small businesses can benefit from centralized data storage, backup, and recovery solutions.
Additionally, through allowing remote access, cloud-based platforms play a great role in supporting remote work. Your team can access data with an active high-speed internet connection, make changes on the same project simultaneously, and leave comments, fostering enhanced collaboration and flexibility.
The benefits mentioned above just touch the tip of the iceberg on how high-speed internet can help small businesses scale. While choosing a high-speed internet service is a sound investment, certain considerations will be explored next to help you make the right choice.
3 Tips for Small Businesses to Choose the Right Internet Plan
There are multiple types of options available to small businesses when choosing an internet service, notably:
- Fiber Powered Internet: highest speeds and reliability.
- Cable: wired and less prone to data loss.
- Wireless Network: convenient and flexible.
- Satellite: best for remote and rural areas.
- Digital Subscriber Line (DSL): consistent speed, unaffected by third-party usage.
Choosing the right type of internet depends on certain factors. We’ve shared some key considerations to help you make the right choice.
Assess Your Business Requirements
When assessing your business needs, the factors below are ones you want to focus on into play:
- Business Nature: whether you follow a remote or traditional work model.
- Business Industry: different industries will have different requirements for their internet services.
- Business Operations: the daily tasks and processes may require specific speed and bandwidth needs.
- Budget: as a small business, you don’t want to spend excessively.
Pro tip:Â you might want to focus more on speed instead of bandwidth and try to find the perfect balance of cost and value.
Review Providers for Minimal Downtime Issues
Each time your business faces internet issues, it translates to:
- Negative Customer Experiences
- Lost Sales Opportunities
- Reduced Productivity
This makes it all the more necessary to thoroughly review internet providers to ensure you shortlist reliable ones that guarantee minimal downtime.
Review Providers for Reliable Customer Service
There will be times when you face certain issues. In those times, you want customer service that acts fast. Search for providers well known for:
- Providing Fast Response Times
- Providing 24/7 Customer Service
- Providing Multiple Support Channels
You might want to browse through reviews or ask around when it comes to customer service.
Empowering Small Businesses with High-Speed Internet
The role of the Internet in accelerating the growth of small businesses cannot be ignored. Through enhancing customer experiences and preventing lost sales and opportunities, the Internet plays a huge role in streamlining business operations.
Additionally, allowing businesses to adopt the remote work model and access a wide range of third-party tools or cloud platforms helps small businesses save on excess costs and embrace a new age.
The rise of technological advancements like the 5G internet paved the way for small businesses to innovate further and revolutionize industries.
Investing in a high-speed internet connection is no longer the norm, but the mantra to succeed in a hyper-competitive environment. Don’t let slow internet speeds hold you back. Assess your business needs, research your options, and make the necessary upgrades today.
