How small business leaders drive growth through collaboration
Success in business isn’t just about competition—it’s about collaboration. For many small business leaders, professional networks are more than just connections; they are essential resources for growth, advice, and new opportunities.
New research from American Express highlights just how much small business owners value peer support. A staggering 94% agree that supporting fellow entrepreneurs is crucial, while more than half (54%) say their networks have directly helped them unlock new business opportunities.
Why Peer Support Matters
The research found that small business owners rely on their networks for more than just industry insights. When asked about the most valuable support they receive, product and service recommendations topped the list (40%), followed by emotional support (33%) and business or financial advice (32%).
This reliance on trusted peers is grounded in efficiency and quality assurance. Almost three-quarters (71%) of small business leaders find peer referrals trustworthy, while nearly half (48%) say these recommendations save them significant time and effort in sourcing the right products and services.
The Role of Trusted Referrals
Word-of-mouth has long been a powerful driver of business success, but this research underscores its ongoing relevance. Many small business leaders will only recommend products or services they have had a positive experience with, making peer referrals a valuable tool for business owners looking to make informed decisions.
Lee Sullivan, Vice President at American Express, reinforces this point: “Strong business networks drive growth—whether that’s through trusted referrals, recommendations, or everyday advice.”
Encouraging Collaboration Through Rewards
To further support small business networking, American Express has launched a new referral offer. Business Platinum and Gold Cardmembers can now earn Membership Rewards® points by referring fellow small business owners, reinforcing the idea that success is best achieved together.
In a business world often painted as fiercely competitive, these findings reveal a different reality—one where collaboration, trust, and shared knowledge pave the way for growth. For small business leaders, the power of networks isn’t just a nice-to-have; it’s a critical factor for long-term success.
