UK SMEs: Stuck in the Slow‑Speed Era
Picture this: three out of every five small businesses in the UK are still juggling a business without a hic‑hic‑handfast internet connection. 57 % of SMEs have no high‑speed internet, and only 9 % are planning to upgrade in the near future.
Why This Matters for the Bottom Line
- Without reliable broadband, they can’t hit e‑commerce or pull up a slick online storefront. Only 20 % of UK SMEs are currently selling online.
- Even worse, just 4 % are looking to dip their toes into digital sales soon.
- Only one in five even owns a mobile card reader. With 1.5 bn contactless card transactions rolled out across the UK in August 2019, a 9.3 % YoY surge, this is a missed opportunity.
- Cash still rules the roost: 20 % of UK spend is cash‑based, but almost 4.5 m of the 5.8 m SMEs can’t process contactless or digital cards.
Telecoms: The Silent Roadblock
- 61 % of SMEs haven’t even taken a look at their telecom contracts in the past year.
- More than a third (38 %) have skipped the review entirely for the past three years.
- Because of this, they’re missing out on faster connections, newer products, and potential cost savings.
What the Experts (and the Critics) Are Saying
“Across the country, most SMEs have never really taken advantage of tech to supercharge their business,” says Paul Galligan, CEO of Bionic. “We’re living in an Internet age, yet the backbone of the UK economy still leans on copper cables and cash wallets instead of fibre and contactless payments.”
• The upside? UK SMEs still have a road to go, and by making small digital changes you could unlock a massive dividend.
• “When SMEs get small tech tweaks—like a card reader or a Facebook page—that’s where big results come from,” Galligan adds.
Takeaway
For shop owners, barbers, or freelance designers: If you’re still tapping the phone with a wobbly connection or taking cash, you’re leaving money on the table—and the future’s calling. The time to digitise your business is now, and the rewards will be enough to make even the shyest merchant grin.
