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Over half (52%) believe AI could replace their jobs
37% say it introduces data and compliance risks
30% say their customers might not like AI-driven services
14% admit to not understanding it enough to use it safely
While Artificial Intelligence (AI) is rapidly transforming large enterprises, many small and medium-sized enterprise (SME) owners are approaching the technology with caution.
New research indicates that a significant portion of SME owners have never used AI and many have no plans to integrate it into their businesses.
Conducted by Uswitch business credit card experts, the research reveals a complex mix of factors influencing SME owners’ attitudes towards AI. Nearly a quarter (24%) of SME owners report never having used AI, and over half of those (53%) stated they have no plans to adopt it.
A notable concern is job security, with 29% of SME owners viewing AI as a potential threat to their business and nearly half of those expressing worry about AI’s impact on their own jobs.
A significant trust deficit exists, with 50% of small business leaders expressing a lack of confidence in AI’s ability to make sound financial decisions. This highlights a continued reliance on human judgement in critical business areas. Distrust extends to other key functions, with nearly half of SME owners reporting distrust of AI in hiring (49%) and legal decisions (47%).
Many SME owners also feel pressured to adopt AI due to competitive pressures (27%) and media influence (26%). However, a lack of understanding of the technology remains a barrier. 17% of SME owners believe their employees do not fully understand how AI works. This is compounded by concerns about data and compliance risks (37%) and customer acceptance of AI-driven services (30%).
Despite these reservations, there is also a strong current of curiosity among SME owners. A significant majority (76%) express a desire to learn more about AI’s capabilities, and 27% are genuinely excited about its potential, provided it can be implemented responsibly.
4 Ways you can use AI for your business responsibly
Despite entrepreneurs feeling hesitancy when it comes to using AI tools for their business, there are still many entrepreneurs who are excited about the possibilities. If you’re thinking about trying out new AI tools and models, here are some ways you could use AI (responsibly) to elevate your business:
Use generative AI to power content at scale: While 23% of entrepreneurs don’t trust AI to write content for them, that doesn’t mean it can’t play a valuable role in the process. You can still use AI to enhance your content without compromising your voice or authenticity. Research different AI tools that can help with research, surface insights or even personalise outreach, so you can boost your content efforts without taking over the narrative.
Custom AI models for industry-specific tasks: Businesses in legal, healthcare and logistics are training models with their own data to make AI more relevant and accurate. Thanks to platforms like Microsoft Copilot and Notion AI, you can harness AI without needing a dedicated data science team.
Use AI-driven routine support: Go beyond chatbots. Let AI handle routine tasks like data entry, scheduling and answering basic customer inquiries and use AI support for routine tasks which could free up human employees for more complex work and streamline processes.
Tighten trust and transparency: AI doesn’t need to be a black box. Build trust with customers and staff by setting clear policies around how you’re using AI, where human oversight still matters and how data is protected. This includes not sharing sensitive or company-specific information with open AI platforms and ensuring all usage complies with your organisation’s data and security standards.
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