Recent research conducted by American Express examines how UK small business owners obtain advice and insights. Traditionally reliant on peer networks, an increasing number are now turning to Artificial Intelligence (AI) as an alternative.
The Peer Power survey, targeting 500 founders and SME owners, indicates that over a quarter (26%) of these business leaders have begun using Generative AI platforms for guidance previously sourced from peers. These tools provide a convenient alternative, particularly as time constraints (33%) and the limited availability of local networking events (22%) restrict traditional networking opportunities.
Human interaction remains significant, with almost eight in ten (78%) small business owners reporting positive impacts from personal networking, and over four in five (83%) stating that peer discussions increase their confidence in decision-making. Additionally, 71% acknowledge that a strong network is important when navigating crises or challenges.
Despite AI adoption, three-quarters (74%) of respondents plan to expand their in-person networking over the next year, and 75% believe these connections will continue to be important for business growth.
Ruchi Sharma, Vice President, UK Commercial at American Express, noted: "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 identifies the emotional challenges of entrepreneurship. Nearly half (48%) of business owners reported having no one to discuss business issues with, and 38% indicated that fellow business owners understand their challenges better than friends or family.
American Express aims to provide support through its Small Business Cards and Corporate Solutions. The Flexible Payment Option on Business Platinum and Gold Cards allows cardholders to manage cash flow by paying part of their balance over time. Business owners also earn Membership Rewards points on routine purchases, which can be redeemed for travel, experiences, or other items that support both personal and professional activities.
