- 52 per cent of SMBs using tech for business advice.
- Family and friends remain key support.
- 24 per cent using AI tools for emotional backing.
Retail small and medium-sized business (SMB) owners who were mostly used to turning to family and friends for advice are now also turning to technology for support.
According to new research from Worldpay, business owners are spending an additional 17 hours a month using AI based tools for business advice.
Small retail business owners’ personal support systems was always worked as a key driver of business, with nearly half (49 per cent) of retail entrepreneurs saying that this backing from loved ones has been instrumental in navigating the challenges.
In addition, over a third (38 per cent) of respondents reported that support positively impacted their business strategy and revenue.
While 33 per cent of retail SMB owners felt growing their business would have been isolating without support from loved ones, 31 per cent would not have started their business without emotional support.
The report adds that 40 per cent rely on family , 39 per cent on partners and friends, and 31 per cent seek professional support.
As the demands of running a business become more complex, a growing number of entrepreneurs are now turning to technology in search of a ‘Business Bestie’.
- 52 per cent of business owners now rely on technology for business advice, with 31 per cent finding it invaluable for management.
- 24 per cent of retail business owners use virtual tools, like AI chats, for emotional support in managing their business.
Chris Wood, general manager, SMB International at Worldpay, adds, “Worldpay’s research underscores the vital role of ‘business besties’ – trusted friends, family, and increasingly, technology – in driving business success.
"While personal networks offer invaluable advice and emotional support, harnessing the right business tools and technology is equally essential. This can empower time-strapped SMBs to optimise operations, unlock growth insights, and meet customer expectations effectively.”
