Site downtime is the online equivalent of having a store with boarded up windows and a “Sorry We Are Closed” sign. Not only does it halt your business revenue for as long as the site’s down, but it also gives the impression that your company is negligent in ensuring your website is built to withstand any malfunctions.
Looking at the statistics, site downtime consequences are even worse than you might think. We’ve collected data from a Forrester Research market study, an Information Week report, a Network Computing article, and select papers from the Aberdeen Group to demonstrate how harshly downtime can affect a business.
- On average, downtime costs an enterprise $686,000 per hour, which tallied up costs $60 million a year. Put it all together, and enterprises lose $26 billion in revenue every year from downtime alone, not including loss of employee productivity or the costs to fix the issues.
- SMBs aren’t immune either. Although their traffic levels aren’t nearly as high as enterprises, each mid-sized business still loses an average of $1 million per year.
- Only 2% of organizations recover from downtime within an hour. The majority have to wait longer – the average is 4.78 hours.
- What is the measure of success? Best-in-class firms by industry report 75% fewer downtime events, 90% less downtime per event, and 78% faster recovery times.
- Even digital behemoths like Amazon experience downtime. In a reported incident where the online retailer went down for approximately 30 minutes, losses were calculated to be $66,240 per minute.
- From a survey of 400 mid-to-large-sized companies, each had an average of 5 downtime events per month.
Most people link the losses of downtime to missed business, but one of the lesser-known assailants is how it affects employee productivity:
- Staff diverts attention with extra IT duties, some of which they may not be qualified for.
- Managers are similarly tied up with ancillary tasks.
- Field sales and remote workers are unable to access digital services.
- IT teams must forego day-to-day maintenance issues until downtime issues are resolved.
In truth, downtime is even more alarming than it first appears. But luckily, it’s easy to avoid. When it comes to fighting downtime, an ounce of prevention is worth a pound of cure… and that’s where choosing the right managed hosting company comes in.
Acclaimed managed hosting companies like ours make it our job to prevent downtime – we have security measures in place to ensure your company doesn’t lose a single penny to IT issues and server crashes. In fact, we offer a 100% uptime guarantee, so you don’t even have to consider your site going down.
If you want to eliminate the threat of downtime forever, sign up with Liquid Web today. Download our free buyer’s guide to find the package that’s perfect for you.