**London**: New research reveals 94% of small business owners emphasise peer support as essential for success. With networks unlocking opportunities, recommendations, and emotional backing, American Express highlights collaborative efforts as key to growth and introduces a referral initiative for its Cardmembers.
New research conducted by American Express highlights the significant role that peer support and professional networks play for small business owners. An impressive 94% of respondents assert that supporting fellow entrepreneurs is essential, while more than half, specifically 54%, indicate that their networks have played a crucial role in unlocking new business opportunities.
According to the findings, small business owners depend on their networks for a wide range of support beyond merely gaining insights into the industry. When asked to identify the most valuable types of assistance they receive, product and service recommendations emerged as the most sought-after support, with 40% of participants citing it as a top priority. This was closely followed by emotional support at 33% and business or financial advice at 32%.
The reliance on trusted peers seems to be rooted in both efficiency and assurance of quality. Nearly three-quarters of small business leaders, 71%, find peer referrals to be reliable, while 48% reported that these recommendations significantly reduce the time and effort needed to identify appropriate products and services.
The research underscores the enduring power of word-of-mouth recommendations in driving business success. Many small business leaders are inclined to recommend products or services based solely on their positive personal experiences, thus making peer referrals an invaluable asset for those looking to make well-informed decisions.
Lee Sullivan, Vice President at American Express, emphasised the importance of these networks by stating, “Strong business networks drive growth—whether that’s through trusted referrals, recommendations, or everyday advice.”
In an effort to bolster small business networking further, American Express has introduced a new referral initiative. Business Platinum and Gold Cardmembers will now have the opportunity to earn Membership Rewards® points by referring fellow small business owners. This move not only acknowledges the importance of collaboration but also reinforces the notion that collective success is achievable.
This research from American Express paints a picture of a business landscape where collaboration, trust, and shared knowledge are pivotal to growth, contrasting with the more common perception of fierce competition. For small business leaders, leveraging their networks appears to be a fundamental element for enduring success in today’s economy.
Source: Noah Wire Services
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