Smaller and medium-sized businesses across the UK and US have remained remarkably resilient through another year of economic and geopolitical uncertainty – and many are pinning their growth ambitions on business travel and face-to-face connections in 2026, according to new research from American Express Global Business Travel (Amex GBT) and Ipsos.
The study, conducted with leaders of UK businesses employing between 10 and 250 staff and US firms with 20 to 500 employees, shows that optimism levels have held steady throughout 2025, despite months of fiscal speculation, political turbulence and volatile markets.
In the UK, 78% of SME leaders say they feel “very or fairly optimistic” about the next 12 months — identical to sentiment recorded at the start of 2025. In the US, optimism dipped slightly from 86% to 81%, but remains robust considering the challenging backdrop.
Businesses on both sides of the Atlantic are now more confident in their ability to grow revenues in 2026. In January, almost one in four SMEs said increasing turnover would be “very challenging”. By October, that figure had fallen to 15% in the UK and 14% in the US.
The research highlights a decisive trend: SMEs increasingly view business travel as essential to winning work, deepening relationships and unlocking new opportunities.
UK firms sending staff on work trips rose from 93% to 94% between January and October, while in the US the figure jumped from 91% to an overwhelming 98%.
More than eight in ten SMEs in both countries say access to in-person interactions with clients and prospects will be crucial in the year ahead — a strong indication that hybrid working has not diminished the perceived value of face-to-face contact.
Despite optimism, smaller businesses are united by one major worry: missing out on the benefits of artificial intelligence.
AI “FOMO” is now the top concern among SMEs in both markets. More than a third (35%) of US business leaders fear they won’t capitalise on AI effectively, compared with 27% in the UK. Other anxieties include access to funding, the ability to attract talent, and fears that competitors are innovating faster.
Nearly nine in ten SMEs introduced new products or services in the past year — a sign that innovation remains a key priority even in uncertain conditions. But business leaders acknowledge they must move quickly to adopt AI tools and processes or risk falling behind.
Becky Power, Vice-President of SME Client Management at Amex GBT, said smaller firms had shown “grit and self-belief” throughout a turbulent year.
“As they look to 2026, SMEs remain optimistic — not because conditions were easy, but because they recognise the opportunities ahead,” she said. “Their awareness of the growth unlocked by business travel, the possibilities posed by AI, and their appetite for innovation will be key to seizing those opportunities.”
On its Q3 earnings call, Amex GBT noted that SMEs spent an estimated $800bn on business travel in 2024 — and around $625bn of that was “unmanaged”, meaning businesses are not using a travel management company to oversee and optimise travel and expense processes.
This, the company said, represents a significant growth opportunity heading into 2026.