The Secret Ingredients to Business Success: Tech and Trusted Advice
By Edd Johnson, VP Partnerships, SMB International at Worldpay (www.worldpay.com)
The role of friends and family providing the financial support required to kick start businesses is well documented. Famously, Steve Jobs founded Apple with a $1,300 loan from his childhood friend Bill Fernandez, while Nike co-founder Phil Knight borrowed $1,000 to launch Blue Ribbon Sports (which later became one of the world’s most recognised sports brands).
However, what about the support friends and family provide beyond the company’s inception? Do entrepreneurs get left to navigate the day-to-day operations alone?
For hospitality small and medium-sized business owners, the opposite is true. In fact, Worldpay has found that they receive an average of 19 hours of free advice a month from friends and family while tapping into technology for a further 17 hours of support. UK hospitality entrepreneurs are increasingly leaning on a combination of personal networks and tech insights for vital business support.
The rise of the digital business bestie
As business owners navigate the myriad of industry-wide challenges such as rising costs, adapting consumer expectations and staffing shortages, it’s important they have access to the right resources. Blending human and digital advice can help in navigating the complexities of business ownership. In an era defined by rapid digital advancement, the symbiotic relationship between human advice and technological assistance is proving to be a winning formula.
Indeed, Worldpay’s research revealed that over half of hospitality entrepreneurs credit this blend of support with helping them overcome business challenges. Whether it’s a family member offering strategic insights or an AI tool providing management best practice, the role of a ‘business bestie’ is more crucial than ever.
The traditional notion of business advice is evolving too. While emotional support from loved ones remains a cornerstone, with 52% of entrepreneurs relying on family for this, technology is increasingly stepping into the role of a trusted confidant. Over half (52%) of business owners now count on technology for business advice, with 34% finding it indispensable for management tasks.
Interestingly, in keeping with the wider trend of people turning to ChatGPT for advice about relationships and grief, a notable 30% of hospitality business owners use virtual tools like AI chats for emotional support. Technological solutions are no longer just about sourcing analysis or running numbers, they are now more akin to how entrepreneurs would seek advice from a best friend or partner.
Cooking up success with Tom Kitchin
Michelin star chef Tom Kitchin, who co-founded The Kitchin Group with his wife Michaela, has demonstrated the success this dual support system can bring. Their journey from a single restaurant to a multi-award-winning restaurant and cookbook business could not have been achieved without trusting relationships, both human and technological. As businesses grow more complex, the need for reliable partners – whether they are human or digital – becomes paramount.
While there is no replacement for the crucial advice and emotional backing personal networks offer, embracing the right technological tools can supercharge this support in ways humans cannot. Integrated tech solutions can enhance business operations, unlock growth insights and elevate customer experiences to become the very best ‘business bestie’.