A recent survey by payment processing company WorldPay shows that over half of UK small business owners are now turning to AI tools for business guidance.
Access to professional advice can be limited or expensive. WorldPay has replaced accountants, mentors and late-night Google searches with digital assistants like CHATGPT, allowing you to generate answers, ideas, and even strategies in seconds at any time.
But the old method hasn't disappeared yet 93% of employers They also rely on trustworthy technical partners, friends and family. However, AI adoption has steadily risen, especially among young entrepreneurs.
Separation may be another factor. The only trader Independent workers often lack coworkers and mentors, making it easier for them to fire chatbots for simple advice rather than building a “real world” advisory network.
How SMEs use AI for advice
WorldPay research found it 53% of UK SME owners now rely on AI tools regularly for business advice.
This trend is the strongest among younger founders. 60% of employers aged 25-34 said they use AI tools like ChatGpt for support.
Other digital platforms continue to be popular. YouTube follows LinkedIn (41%) and Facebook or Instagram (37%) as 51% of respondents seek advice there.
Using Tiktok Overall low, 31% of small business owners use it for business advice. But for “digital native” entrepreneurs aged 18-24, that figure is almost 60%.
AI chatbots can be a valuable tool for small business owners. They provide quick answers, support in content creation, help brainstorming new ideas, and enable scenario planning when considering important decisions.
But it's not perfect. AI is fast and easy to access, but it's not always accurate. Bosses should treat AI as their starting point everytime Just as Jeremy Clarkson found the hard way, cross-check advice on reliable sources and professional guidance.
Isolation of running a business alone
Running a business alone always comes with challenges, but as remote working and digital reliance increases, that sense of isolation can become even more profound.
For many only traders, isolation is one of the biggest struggles. Decision making can sometimes feel lonely and overwhelming, without your colleagues or managers bounce back on ideas. The appeal of AI is clear. It's kind Virtual Assistant This provides instant feedback at all times, helping business owners think through their ideas.
AI offers quick, low-cost input that feels like you have a permanent “sounding board” on hand. And there is a rise in employment costs that will cause many small businesses It will slow employmentit is understandable that you rely on digital tools for support.
That said, 93% of business owners are trusted technology partners, mentors and network For advice. Coaches, accountants and peers play an important role in guiding small businesses, demonstrating that technology has not yet replaced human experience and judgment.
Where can business owners seek advice?
Often, the best approach is to build a combination of business style and support that suits your growth stage. Friends, family and peers' communities are always a valuable source of wisdom, especially in the early days of running businesses.
Accountants, software providers, and other trusted service partners can also bring expertise and actionable insights to help you avoid costly mistakes.
Online platforms are also popular and cost-effective. YouTube tutorials, LinkedIn, and Facebook groups can provide a wealth of advice, often tailored to the challenges of your niche or industry.
Finally, local business hubs, government-backed initiatives, and online resources like ours at startups here provide professional and up-to-date guidance Business setup.
