It is estimated that downtime costs businesses in the UK around £2 billion each year, and with more and more business expanding online, that figure looks set to rise. So when it comes to your business, do your really know how much downtime is not only costing you, but also the extent to which it’s negatively impacting your growth?
After surveying over 1,800 companies throughout Europe, CA Technologies found that the average amount of downtime per year stands at fourteen hours, although in the UK it’s much worse at around the twenty-seven-hour mark. Unsurprisingly, the same survey found that the downtime meant the companies were less able to generate revenue.
With the amount that downtime costs per hour rising year on year, it means that computer support is more valuable than ever. Despite the fact that technology companies are working hard to reduce the amount of downtime that we experience, at the same time the amount that businesses rely on their internet connection is also rising. So even if the downtime comes down, every second of downtime is costing more, particularly when you consider the service expectations that today’s consumers have.
A report from the Aberdeen Group found that the average hourly cost of downtime per hour was almost £140,000 for UK SMEs, so it goes to show just how vital every single minute is. It’s worth bearing in mind however that the report found huge variations depending on what industry it surveyed. The cost to a media company was relatively low at £55,000 when compared to online brokerages which reported staggering losses of almost £4 million per hour of downtime. Ultimately, it doesn’t matter what industry you’re in, the last thing you’re going to want to do is lose money through connectivity issues that are out of your control, especially if the downtime means you lose important information that could end up being unrecoverable.
As a smaller business, it’s vital that you’re in a position to deliver excellent customer service to help you stand out from your competitors. That’s why downtime can prove so costly to an SME – there’s nothing worse than failing to follow up with a customer or missing out on an order because of downtime. It can also negatively affect the quality that your staff are able to deliver.
With that in mind, if you’re a small or mid-sized business that has been affected by downtime in the past, you may want to give serious consideration to how hosted servers can reduce your exposure to downtime and how offsite backup can protect you against any potential losses of data. Contact us today to find out more.