A recent survey reveals that over two-thirds (68 percent) of small and medium-sized enterprise (SME) leaders express confidence in their company’s resilience after navigating recent challenges posed by external circumstances.

The annual Business Barometer conducted by American Express indicates that this resilience is coupled with a growing sense of optimism. Nearly three-quarters (73 percent) of SME executives are optimistic about their business’s future, reflecting a four-point increase from the previous year. This positive outlook is supported by revenue expectations, as 71 percent anticipate growth within the next year.

The study found that 71 percent of participants believe in their resilience as business leaders, equipping them to tackle various challenges that arise in managing a business. Additionally, 74 percent attributed their resilience to seeking feedback and learning from past experiences.

Ruchi Sharma, Vice President of UK Commercial at American Express, stated: “Business owners and leaders have had to demonstrate greater agility and determination than ever. It is encouraging to see from our latest Business Barometer that the SME community feels this translates into more resilient businesses and stronger leadership.”

Conducted in collaboration with Small Business Saturday UK, the research surveyed 1,000 senior decision-makers from micro, small, and medium businesses.

The data also highlights a growing willingness to invest in technology for “future-proofing” business operations. Almost a quarter (23 percent) of SMEs plan to invest in technologies that enhance process efficiency and automation. The same percentage aims to implement new payment methods, such as mobile or QR codes, to better serve their clientele.

Artificial Intelligence is emerging as a significant strategic priority for smaller companies. Almost half (49 percent) reported they have already implemented or plan to expand their utilization of generative AI—focused on creating innovative content—or machine learning for data analysis and predictive insights. Primary applications of this technology include improving customer service and enhancing marketing efforts.

Michelle Ovens, Director of Small Business Saturday UK, commented: “Building resilience and exploring how new technologies can aid this development is crucial for the long-term success of small businesses. It is essential that we support the UK’s 5.45 million small businesses in any way we can.”