One third of SMBs are oblivious to how fast their internet connection is, with more than half admitting they've had problems such as slow connectivity with their current provider.
Just over one third (37 per cent) of research respondents claimed they are unaware of what their connection speed is, and almost three-quarters (72 per cent) said they don't know how much data they use each month, the survey carried out Virgin Media Business.
"Reliable, high-speed internet can make the difference between thriving and merely surviving for the UK's five million small and medium sized businesses," said Peter Kelly, managing director of Virgin Media Business.
"As more and more daily life shifts online, their need for fast connections will grow but those frustrated with their current provider need not suffer in silence."
These figures come despite many businesses moving more towards digital technologies, with 65 per cent of respondents expecting to become more connected by 2020. That said, more than half (53 per cent) of decision makers admitted they've experience slow broadband speeds that negatively impact their business.
"High speed internet is the lifeblood of my business I literally couldn't do my job without it and would lose customers if it let me down," said Hassan Iqbal, the 17-year-old entrepreneur and CEO of CreativePixels.
"There's clearly a huge digital opportunity for business across all sectors, so I'd expect even more businesses to be as obsessed with the speed of their connection as I am."
Ofcom recently released a report on broadband services for SMBs, highlighting the need for better broadband availability and quality of service for businesses across the UK. Last month, Which? called for Ofcom to do more to crack down on broadband providers not keeping promises to customers.
Virgin Media is currently rolling out Project Lightning', a 3 billion broadband network expansion that claims to offer twice the speed of competitors.
John Allan, national chairman for the Federation of Small Businesses, added: "Too often superfast broadband speeds are not available to the small businesses that need them. Clearly small businesses are facing challenges in their bid to understand and embrace digital opportunities.
"We therefore welcome Virgin Media's new investment into the UK's broadband infrastructure which will empower small businesses to realise their ambitions and increase their productivity."
