I want good sounding audio, but the files have to be small.
Is this possible?
Yes. There are a few rules, however. A large part of maintaining file size vs. audio quality is the length of the clip. Keep your scripts short, sweet and to the point.
Another critical and often-overlooked issue is the quality of the audio source. If you've got to compress the audio down to a really small file - then your original audio file needs to be very clean - completely free of noise. Here's a streaming Flash example of my audio squashed to 48 kbps mp3. While it's not the greatest sound in the world, it could have been a lot worse if I had a noisy studio and crappy gear.
Your voice-over person should deliver the audio in mono, not stereo. Mono sounds just as good for voice (and yes, the voice comes out of both speakers!). Encoding is important too - you should keep your voice imaging person well informed as to your file size requirements.
Finally, after you've got all your audio in place, have your web designer check your loadtime. Remember, no one waits longer than 30 seconds, so you'd better be loading twice as fast as that!
Many sites give visitors the choice to view the site with a fast or slow connection and/or audio or no audio - an option to consider if you are going to use audio on your site.