In this day and age, everyone likes everything done quickly, so they don’t have to wait. This means that if your website takes a while to load, potential customers will hit the back button. This results in your bounce rating increasing, and eventually Google will penalize you by dropping your ranking. A lower ranking also means you get fewer visitors, hence less sales and less revenue.
The first step you should take is determining how slow your website is when it is loading. There are several tools to consider, two being Pingdom and PageSpeed. Some of the reasons why your site is slow to load can be that the web server is poorly configured, there are too many external scripts loaded, and unoptimized images on your site.
The first step to take in fixing this issue lies in understanding where your customer base is, or your readership is from. If I am a business I would prefer a web-hosting server to be located in Toronto. Another thing to keep in mind is how much you will be paying, since the amount you dole out reflects the quality of service you receive. If your business happens to grow large, switching over to a managed hosting provider who will ensure the speed of WordPress site.