Retail 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.
Besties shape the direction of businesses with support and advice
In a challenging business climate, small and growing businesses can face uncertainty, and the support of trusted ‘business besties’ – be it friends, family, or technology, in helping run and grow their business can be transformative.
Worldpay’s research has revealed that business owners’ personal support systems are emerging as a key driver of guidance, with nearly half (49%) of retail entrepreneurs saying that this backing from loved ones has been instrumental in navigating the challenges. In addition:
- Over a third (38%) of respondents reported that support positively impacted their business strategy and revenue.
- 33% of retail SMB owners felt growing their business would have been isolating without support from loved ones.
- 31% would not have started their business without emotional support; 40% rely on family , 39% on partners and friends, and 31% seek professional support.
The digital era is redefining where entrepreneurs seek advice
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’:
- 52% of business owners now rely on technology for business advice, with 31% finding it invaluable for management.
- 24% of retail business owners use virtual tools, like AI chats, for emotional support in managing their business.
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. At the same time, this trust must go beyond personal relationships. Having a dependable technology partner is vital in keeping everything running smoothly behind the scenes.”
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.”
