- SMB leaders are worried they don’t have enough time to focus on growth
- AI could hold the key, but skills shortages are still blocking progress
- Many are preparing to invest more if the economy allows
We already know how important SMBs are to the global economy – in the UK, for example, these firms make up 99% of the business population – but many risk falling behind if they don’t make use of AI, new reports have claimed.
Research from Amex says over a quarter (28%) of SME leaders struggle to step away from day-to-day tasks, and 24% agree there aren’t enough hours in the day to grow their business.
To tackle this, nearly half (43%) of small businesses and 53% of medium-sized businesses plan to adopt AI in the next 12 months, and 60% of SMEs expect stronger performance in the final three months of 2025 compared with the past two years.
Is AI enough to save our SMBs?
Separate Barclays research revealed nine in 10 (89%) UK businesses plan to use AI within two years to help with data analysis, forecasting, customer experience and cost reduction.
However, nearly three years after the public preview launch of ChatGPT (credited with popularizing AI tools), companies are still facing the same AI and digital skills shortages – a concern that’s even more pronounced among financial services, IT/telecoms and the tech sector itself.
“AI is becoming a key tool to drive innovation, encourage investment and upskilling to lift productivity,” Barclays UK Corporate Banking CEO Matt Hammerstein noted.
Barclays found UK businesses are planning to invest in training (42%), digital products (37%) and R&D (37%) to support long-term growth, but the impending and delayed Autumn Budget is holding many back in the short-term.
Inflation (33%) and rising utility costs (22%) are seen as major barriers to business growth, with 39% having to adjust budgets as a result of energy costs and many others investing in efficiency or renewables. A further one in four (26%) have passed costs on to customers.
Barclays Business Banking MD Abdul Qureshi noted optimism: “Despite economic and energy challenges, UK businesses are pushing ahead with AI and skills investment to unlock productivity and growth.”
You might also like
https://cdn.mos.cms.futurecdn.net/2JgNUX47gkeXD388d3EfbC.jpg
Source link
