Small and medium sized businesses are crucial to London’s economic growth, yet all too often their needs are overlooked and deprioritised, leaving them behind.
I know first-hand that for an SME to thrive in London, there are several conditions that must be just right. Connectivity is one of those conditions – fast, affordable and reliable full fibre broadband allows SMEs to remain at the heart of London’s digital economy.
As the leader of an SME in London, I’m aware that this is especially the case in a hybrid working world. Whether it is convening remote employees, responding to customers on time, or leveraging emerging technologies, connectivity is the basis of productivity.
I appreciate that while London offers abundant fast broadband options, SMEs often struggle to find full fibre services tailored to their needs. Unlike larger corporates with dedicated technology officers to manage broadband deals, SMEs typically lack the time to thoroughly research and select the best options.
This creates a worrying two-tier system, where SMEs often settle for broadband options which are just ‘good enough’. However, to remain ambitious and competitive, SMEs should push for better services rather than compromise on quality.
At G.Network, we understand the frustration of being on the wrong side of the digital divide. Our recent research with Development Economics highlights this, revealing that SMEs are missing out on an estimated £28 billion in annual revenue due to slow and unreliable workplace broadband.
What struck me most was the effect on London’s appeal, with 52% of senior leaders and business owners of London SMEs considering relocating their offices to secure faster, more reliable internet.
Building awareness among SMEs about this two-tier system is essential for improving their connectivity options. It’s crucial to help SMEs understand the level of connectivity they truly deserve and the full fibre broadband quality they should be getting.
Incumbent providers often rely on the “don’t wake the customer” mentality, leaving SMEs unaware of better options. If this goes unchallenged, the productivity gap will widen, and SMEs risk settling for broadband solutions that don’t prioritise their needs.
I am committed to breaking down the barriers of awareness, cost, and complexity in the broadband market to deliver full fibre speeds that empower businesses and communities to achieve their full potential. We are spreading the word to raise awareness, driving down costs to make affordable, reliable, and gigafast speeds accessible, and reducing the complexity so businesses get the connectivity they need, exactly when they need it most.
This boost in connectivity not only enhances productivity but also accelerates London’s transformation into a global smart city. By improving broadband options for SMEs, we can drive growth and ensure that the capital remains competitive on the world stage.
Supporting organisations like the Greater London Authority, which shares our vision, is essential too. Together, we can make London a more connected, innovative city, ensuring a collaborative effort towards its digital future.
‘Good enough’ broadband simply isn’t enough. We must accelerate efforts to ensure that SMEs have access to improved broadband options. While London will undoubtedly find a way forward, SMEs can’t afford to wait. The time to close the productivity gap is now—businesses must not be left behind as technology evolves. Reliable and fast broadband is critical tostaying competitive, and we are here to make that a reality for SMEs.
Kevin Murphy is CEO of G.Network
