Small-and medium-sized business (SMB) owners are turning to family and friends for an average of 18 hours of free advice a month – the equivalent of over two working days, according to new research from Worldpay. These UK-based entrepreneurs are also turning to technology for support with business owners spending an additional 17 hours a month using AI based tools for business advice.
Worldpay’s research has revealed that business owners’ personal support systems are emerging as a key driver of guidance, with nearly half (48%) of entrepreneurs saying that this backing from loved ones has been instrumental in navigating the challenges.
In addition:
- Forty-five percent of respondents reported that support positively impacted their business strategy and revenue
- Thirty-six percent of SMB owners felt growing their business would have been isolating without support from loved ones
- Thirty-four percent would not have started their business without emotional support; 45% rely on partners or family, 39% on friends and 34% seek professional support
As the demands of running a business become more complex, a growing number of entrepreneurs are turning to technology in search of a ‘Business Bestie’.
Tom Kitchin, Scottish Chef and Business Owner, reflects on the findings and his journey of setting up The Kitchin Group alongside his wife: “I opened my first restaurant, alongside my wife Michaela, nearly two decades ago. It has by no means been smooth sailing and as we’ve built our business, we have faced many ups and downs. Working alongside someone you trust – family, close friends, or anyone with your best interests at heart – is a key ingredient for success.”
