Workday Podcast: Go for Growth - Can AI Help UK SMBs Take on the Big Boys

You can also listen to this episode in audio format on Apple Podcasts and Spotify.

The landscape for small and medium businesses (SMBs) in the UK is rapidly changing thanks to emerging technologies like Artificial Intelligence (AI). Where once businesses were constrained by their size, now AI is helping many fast-growing businesses to do a lot with just a little.

In this episode of the Go for Growth podcast, I sat down with Andrew Sandiford, Managing Partner, and Richard Harborne, Chief Operating Officer, of Bishop Fleming, an award-winning accountancy firm based in the South West of England and an adviser to SMBs as well as being one themselves. I wanted to find out if AI is levelling the paying field between smaller businesses and their larger competitors.

The episode was packed full of insights as well as practical tips for business leaders looking to use AI to boost productivity and growth. Here are five key things we learned:

1. AI is already delivering tangible productivity gains for SMBs

Forget the futuristic hype – AI is a present-day reality for many SMBs, and it's making a significant impact on their bottom line. Workday's own research SMB Productivity in the Age of AI found that nearly two-thirds of leaders are already integrating AI, and they're reaping the rewards in the form of over 850 additional hours per year. This isn't just about saving time; it's about freeing up valuable resources that can be redirected towards innovation, strategic planning, or customer engagement. This productivity boost is allowing smaller businesses to operate with a level of efficiency previously reserved for larger enterprises, truly helping them punch above their weight.

2. AI can be the Great Equaliser for small businesses

Andrew and Richard, with their deep understanding of the UK business scene, shared how AI can empower SMBs to go "toe-to-toe with the big guys." Their "dream scenario" for AI involves a future where a company's size no longer dictates its competitive advantage. By leveraging AI for enhanced agility, improved efficiency, and innovative problem-solving, SMBs can overcome traditional barriers to growth and compete more effectively with larger corporations. This isn't about becoming mini-versions of big businesses, but about using AI to amplify the inherent strengths of smaller, more nimble organisations.

3. The UK Government is setting the stage for AI adoption

Recent governmental initiatives like the AI Opportunities Action Plan are creating a supportive environment for SMBs to explore and implement AI. As advisors to businesses across the UK, Andrew and Richard believe this indicates a growing recognition at the national level of AI's critical role in driving economic growth and ensuring the competitiveness of UK businesses, particularly within the SMB sector. Understanding these initiatives can help SMBs identify potential resources and support as they embark on their AI journey.

4. Human-AI collaboration is the "Dream Team" for the future

While AI offers immense capabilities, its true power lies in its synergy with human skills. Discussing the "ultimate human-AI dream team" Andrew and Richard highlighted the importance of integrating human creativity, critical thinking, and emotional intelligence with AI's analytical prowess and efficiency. This isn't a scenario of AI replacing human jobs, but rather augmenting human capabilities. By intelligently designing processes where AI handles repetitive or data-intensive tasks, humans are freed up to focus on higher-value activities that require uniquely human attributes like strategic foresight, empathetic customer interaction, and complex problem-solving.

5. Bishop Fleming is a great example of an SMB benefitting from AI today 

As a fast-growing business itself, Bishop Fleming offers a practical case study in AI adoption. Andrew and Richard shared their own journey with AI, demonstrating how, as a professional services firm, they're leveraging this technology to enhance operations and better serve their clients. Their experience and insights point the way for other SMBs considering or already on their own AI journey.

If you're the leader of a small or medium-sized business just starting to explore AI, this episode of the Workday podcast is a must-listen. Tune in to the full episode on Soundcloud, Apple Podcasts, and Spotify.  

More UK SMB leaders are investing in AI to boost productivity, eliminate inefficiencies and drive growth. Read our whitepaper, UK and Ireland SMB Productivity in the Age of AI, to learn how AI can help you focus on what matters most within your business, so you can move forward.