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Recent research by American Express highlights a notable shift among UK small business owners, with 26% now turning to generative AI platforms for guidance that they previously sought from fellow entrepreneurs.
The Peer Power study, which surveyed 500 small and medium-sized enterprise (SME) founders across the UK, indicates that time constraints (33%) and limited local networking opportunities (22%) are driving the trend toward AI, which provides quick, convenient support.
Nonetheless, human connections remain essential. The study found that 78% of business owners believe networking positively impacts their businesses. Additionally, 83% report feeling more confident after discussions with peers, and 71% emphasize that strong networks are critical during challenges or crises.
Despite the growing reliance on AI, 74% of respondents plan to expand their in-person networks in the upcoming year, and 75% believe networking will become even more important as they pursue business growth.
Ruchi Sharma, Vice President, UK Commercial at American Express, said: “Connectivity and networking have always been a powerful growth driver for small businesses.
“While Generative AI is an invaluable tool for sourcing information and driving efficiency, it can’t replace the depth of insight and lived experiences that comes from strong peer relationships. For small business owners, building their professional networks should remain a top priority.”
The research also highlights the often-overlooked emotional toll of entrepreneurship, with nearly half (48%) of small business owners admitting they don’t have anyone to talk to about business issues. Peer networks play a vital role in addressing this gap, with 38% saying fellow small business owners understand their challenges better than friends or family.
Through its Small Business Cards and Corporate Solutions, American Express provides tools that help business owners drive efficiencies and support growth. The new Flexible Payment Option on Business Platinum & Gold Cards allows Cardmembers to manage their cashflow by paying part of their balance over time. Business owners also earn Membership Rewards® points on everyday business spend, which can be redeemed on travel, experiences or purchases – that may help support their life outside, as well as inside, work.
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