Nearly a third of London SMEs estimate they could have lost more than £10,000 per year due to connectivity issues, according to M24Seven's latest research – a huge blow to the local and national economy. Poor broadband connectivity is frustrating SMEs, with 31% complaining monthly to their service provider; almost a fifth (19%) make weekly complaints.
Using his experience of championing SMEs at Sage UK, M24Seven CEO Lee Perkins is taking on the capital’s service provider big boys, and he’s confident about getting customers the connectivity they need to thrive: “Business innovation is held back in the capital as over half of small businesses have had connectivity frustrations over the past month. That is simply not good enough.
“SMEs are the lifeblood of our economy and an engine to drive innovation and growth in London. Innovation, performance and growth is 100% dependent on flawless connectivity. Eighty-two per cent of SMEs believe their business performance would increase as a direct result of improved connectivity – we’ve launched in London to ensure connectivity is never compromised.”
M24Seven found that the capital is calling out for change and SMEs want to be more informed on the services they’re receiving. As part of the same research, it found that 1 in 10 small businesses don’t have the level of connectivity required to run their business as productively as they’d like and nearly a third of London SMEs wish they knew more about the specifics of their business connectivity solutions.
“London’s alarming lack of digital connectivity is a threat to its status as a European top tech hub and business capital”, says Neil Rampe, London MD at M24Seven. “City entrepreneurs are in a serious disadvantage when trying to compete on a global level as they are held back by London’s black spots and digital deserts. That’s why initiatives such Connect Westminster, a scheme run by Westminster City Council we’re part of, are crucial to the city’s economic productivity as well as investment attractiveness.”