UK SME owners want more tools and support to help their firms navigate trouble and grow due to lack of prior business knowledge, according to new research.
The Santander study reveals that small-to-medium sized firms want human and tech support to help them navigate choppy waters and grow, with meeting other businesses, general growth plans and cash-flow support featuring heavily.
A high number (71%) wanted more tools and support to aid business growth. This included networking with other businesses, cash flow help, and long-term growth plans. (31%).
A further 83% valued human over digital tools while 81% liked having someone to talk to while handling complex business situations.
SMEs need this support because many fell into entrepreneurship by accident and lack formal business knowledge; 62% of respondents didn’t have business experience when they started their ventures and 35% claimed they “accidentally” fell into entrepreneurship.
Lifestyle factors, over business ownership, were the main drivers for these entrepreneurs including a desire for more flexibility in their lives (34%), financial independence (25%) while others were out of work or had been made redundant (21%).
Respondents’ lack of prior business knowledge meant that 79% learned nearly everything on the job while 39% didn’t understand the basics when they started out.
A further 60% have admitted the realities of business ownership were harder than they thought with daily tasks more complex as their business grows.
Santander’s study was collated in June 2026 and released today, it polled 1,000 businesses.
