American Express research: Peer power helps drive small business success
New research from American Express highlights a strong sense of camaraderie among small business leaders, with an overwhelming majority (94%) agreeing it is important to support their peers.
The survey of 500 UK small business owners and senior decision makers found that peer support plays a critical role in business success by driving tangible commercial benefits; over half (54%) say their professional networks have been valuable in opening up new business opportunities.
When asked about which types of support business leaders find most valuable from within their professional networks, product or service recommendations top the list (40%), followed by emotional support (33%), and business or financial advice (32%).
Demonstrating why referrals of products and services from their network are so valuable, almost three quarters (71%) of respondents say they find these referrals from fellow small business owners trustworthy. Almost half (48%) say referrals save them significant time and effort, and a similar proportion (46%) say they rely on peer referrals to ensure they opt for high-quality products and services.
Lee Sullivan, vice president at American Express, said: “Our research shows that business leaders are deeply committed to supporting each other and recognise the positive impact it has on future success. Strong business networks drive growth—whether that’s through trusted referrals and recommendations or everyday advice. At American Express, we’re dedicated to empowering small business owners, rewarding their hard work, and providing the tools and incentives they need to thrive.”