Hang up on your telecoms provider

If your business is spending more than ever on phone and broadband, now is the time to look around for a better deal.

1950s Businessman talking on four phones at once © Alamy

If your business is spending more than ever on phone and broadband, now is the time to look around for a better deal. The average small and medium-sized enterprise (SME) will spend around £2,050 on telecoms services this year, according to a recent Consumer Intelligence report, up almost 33% on the £1,400 that regulator Ofcom said SMEs typically spent in 2016.

For businesses increasingly dependent on technologies such as high-speed broadband, it's also worrying that more than a third of SMEs describe their telecoms provider's service as average or poor.

For now, Ofcom's data suggests that as few as one in ten SMEs change their telecoms provider each year. But the regulator has sought to encourage switching in recent years for example, by banning providers imposing penalty charges on customers who want to take their business elsewhere. While switching may still be complicated by issues such as fixed-term contracts, it's high time more small businesses looked around for a better deal.

Recommended

Recovery Loan Scheme: the latest government aid package for small businesses
Small business

Recovery Loan Scheme: the latest government aid package for small businesses

The Recovery Loan Scheme will help companies weather the pandemic
16 Apr 2021
The end-of-tax-year to-do list for small businesses
Small business

The end-of-tax-year to-do list for small businesses

If you run a business, get on top of your paperwork before 2020-2021 draws to a close.
1 Apr 2021
Sunak sticks with SEISS support scheme for the self-employed
Small business

Sunak sticks with SEISS support scheme for the self-employed

The chancellor has extended the SEISS scheme to help the self-employed through pandemic-induced difficulties.
19 Mar 2021
What's behind the collapse of Greensill Capital, and why does it matter?
UK stockmarkets

What's behind the collapse of Greensill Capital, and why does it matter?

A financial company involved in opaque products that repackaged loans has gone into administration. Is there a bigger systemic risk here?
13 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
China owns a lot more gold than it’s letting on – and here’s why
Gold

China owns a lot more gold than it’s letting on – and here’s why

In a world awash with money-printing, a currency backed by gold would have great credibility. And China – with designs on the yuan becoming the world’…
21 Apr 2021
Why investment advice could be about to get a lot cheaper
Investment strategy

Why investment advice could be about to get a lot cheaper

Vanguard, the world’s second-biggest asset manager, is launching its own cut-price financial advice service. It’s something the industry badly needs, …
20 Apr 2021