More than half of UK SME owners are now turning to AI tools for business guidance, according to a recent study from the payment processing company Worldpay.
Access to professional advice can be limited or expensive. Worldpay finds that accountants, mentors, and late-night Google searches are being replaced by digital assistants like ChatGPT, which can generate answers, ideas, and even strategies in seconds, at any time.
The old ways have not yet disappeared, however, with 93% of business owners still also relying on trusted tech partners, friends, and family. But AI adoption is steadily rising, especially among younger entrepreneurs.
Isolation may be another factor. Sole traders who work independently often lack colleagues or mentors to lean on, making it easier to fire up a chatbot for quick advice rather than building ‘real-world’ advisory networks.
How SMEs are using AI for advice
The study from Worldpay found that 53% of UK SME owners now regularly turn to AI tools for business advice.
The trend is strongest among young founders; 60% of business owners aged 25–34 said they use AI tools, like ChatGPT, for support.
Other digital platforms remain popular. YouTube leads the way with 51% of respondents seeking advice there, followed by LinkedIn (41%), and Facebook or Instagram (37%).
TikTok use is lower overall, with 31% of SME owners using it for business advice. But, among ‘digital native’ entrepreneurs aged 18–24, that figure almost doubles to 60%.
AI chatbots can be a valuable tool for small business owners. They offer quick answers, support with content creation, help with brainstorming new ideas, and even allow for scenario planning when weighing up important decisions.
But it’s not perfect. While AI is fast and accessible, it’s not always accurate. Bosses should treat AI as a starting point and always cross-check advice against trusted sources or professional guidance – as Jeremy Clarkson found out the hard way.
The isolation of running a business alone
Running a business alone has always come with its challenges, but as remote working and digital reliance increase, that sense of isolation can be even more acute.
For many sole traders, isolation is one of the biggest struggles. Without colleagues or managers to bounce ideas off, decision-making can feel lonely and overwhelming. The appeal of AI is clear. It’s a kind of virtual assistant that provides instant feedback at all hours and helps business owners think through ideas.
AI offers quick, low-cost input that feels like having a permanent “sounding board” on hand. And with rising employment costs causing many SMEs to slow down on hiring, leaning on digital tools for support is understandable.
That said, 93% of business owners still rely on their trusted tech partners, mentors, and networks for advice. Coaches, accountants, and peers play a vital role in guiding SMEs, proving that technology hasn’t replaced human experience and judgment just yet.
Where can business owners go for advice?
Often, the best approach is to build a mix of support that suits your business style and growth stage. Friends, family, and peer communities are always a valuable source of wisdom, particularly in the early days of running a business.
Accountants, software providers, and other trusted service partners can also bring expertise and practical insights that can 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.
Lastly, local business hubs, government-backed initiatives, and online resources such as us here at Startups offer professional, up-to-date guidance on setting up a business.
