New research spotlights the fraternity and strong bonds underpinning the SME community, with more than 84% of small business leaders recommending specific products or services in a desire to help their fellow SMEs succeed.
The survey of senior decision makers from SMEs explores how this group supports fellow businesses and those that run them. Over 80% think offering recommendations to peers strengthens their professional network; and over three quarters do so as a way of giving fellow small businesses more time to focus on driving growth.
Recommendations and referrals from their small business network are also highly important to product purchasing decisions; over three quarters of business leaders rank them as more influential than all other channels, except for spending their own time on research.
In terms of other ways they support their peers, recommending small businesses to prospective customers featured highly among respondents, followed by buying products and services from fellow SMEs.
Amanda Salt, Vice President, Small & Medium Enterprises, UK Card Services at American Express, who commissioned the research, said: “Our research reveals business leaders are passionate about supporting each other, whether that’s through product recommendations, sharing insight or buying directly from them. It shows the power and impact this community can have. American Express is committed to backing small business owners and rewarding them for their hard work, along with providing incentives they can use to drive business growth.”