In 2009, the federal government announced plans to build a national data network designed to give Australian consumers and businesses faster broadband internet access.

Termed the National Broadband Network (NBN) and managed by NBN Co, it is expected to be completed sometime past 2020. There's no doubt that over the years, the NBN has courted controversy- and even direct opposition- but at the end of the day, it's here to stay. And as a small business owner, there may be some benefits you can reap from this new development.

What is it?

The NBN is a fibre-based broadband network that gives Australians access to high speed internet services. One of the nation's biggest infrastructure projects, it's being touted as the 21st century equivalent to the modern road and power grid system - an enormous digital backbone that will support Australia's communications networks.

Being a wholesale-only network, much of the actual pricing and conditions of use will be dictated by retail service providers. At this time, the NBN is still being rolled out, and completion is not yet expected until 2021.

What can it do for SMEs?

The main benefit of the NBN is faster internet speeds. Every form of online services used by your business will improve - whether it be ecommerce, telecommuting, sending and receiving files, accessing online services, or communication with staff and customers.

Here's a few of the benefits your business might see with the implementation of the network:

Faster internet speeds

Faster connections will improve all aspects of online communication for businesses: email; VoIP applications; video-conferencing; and sending, receiving, downloading and accessing files online. In particular, the speed and efficiency of international communication will see a strong boost from the implementation of the NBN.

Cheaper for rural businesses

Businesses in rural or remote regions will benefit most from the NBN. Internet costs will be cheaper, access will be improved, while speeds will be much faster. Unlike the current system, NBN customers outside the major metropolitan areas will not be charged significantly more for internet access.

More efficient retail operations

For retailers, the NBN offers a chance to establish a faster, more efficient online storefront. With the growth of online shopping in Australia, this may be a good time for traditional brick-and-mortar retailers to consider adding an online component to their business. At the same time, the bandwidth boost from the NBN could offer online retailers the ability to develop more interactive online shopping experiences.

Increased competition

With many developed countries offering cheaper and faster internet access, the establishment of the NBN will put Australian companies in a stronger position when conducting overseas business. International customers can access your sites faster, files can be sent and received quicker, and the cost (in both price and time) of international communication will be reduced.

Other benefits

Faster speeds will improve access to cloud-based services, giving small businesses more cost-effective options for software needs.

Finally, NBN Co has also announced it will be releasing access packages designed specifically for small businesses. This means that SMEs will no longer need to pay for high-end business grade internet services if their needs extend beyond capabilities offered by lower-cost offerings.