Small business leaders eager to help peers succeed – Amex study
LONDON, UNITED KINGDOM — A recent study by American Express highlights the strong sense of community among small and medium-sized enterprises (SMEs) in the United Kingdom (UK).
The survey of 500 senior leaders across industries found 84% actively recommend products or services to help fellow small business owners succeed.
The results demonstrate a robust network where SMEs support each other’s growth. Eighty-two percent believe recommending services strengthens professional connections. Seventy-seven percent share recommendations so peers can focus on business development.
Referrals from this tight-knit group significantly influence purchasing decisions, with 78% ranking them above all other channels except their own research.
Support goes beyond recommendations. Thirty-nine percent actively refer customers to other small businesses, 38% buy directly from SMEs in their network while 20% mentor new entrepreneurs.
“Our research shows business leaders are passionate about supporting each other through recommendations, insight sharing and direct purchases. This illustrates the power and impact of this community,” said Amanda Salt, American Express’ Vice President of SMEs in the UK.
American Express, a global services firm operating in over 130 countries, with $43.6 billion in 2020 revenue and 63,700 employees, aims to assist small businesses.
