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 survey1 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.”
Refer a Business and earn points
The research comes as American Express launches a new offer that gives American Express® Business Platinum and Gold Cardmembers the chance to earn additional Membership Rewards® points for referring fellow small business owners.
Until 8 April 2025, Business Platinum Cardmembers will receive 35,000 bonus Membership Rewards points for every successfully approved referral (up to a maximum of 90,000 points per calendar year). Business Gold Cardmembers will receive 25,000 bonus Membership Rewards points for every successfully approved referral (up to a maximum of 90,000 points per calendar year).
With American Express Cards accepted at more places than ever before, it is easier than ever to earn Membership Rewards points for every eligible £1 spent, making business spending more rewarding.
Individuals being referred who successfully apply for a Business Platinum Card can earn 85,000 bonus Membership Rewards points when they spend £12,000 in the first three months, and 40,000 bonus points for spending anything between months 14-17.
Those being referred who successfully apply for a Business Gold Card can earn 45,000 bonus points when they spend £6,000 in the first three months, and 20,000 bonus Membership Rewards points for spending anything between months 14-17.
The Business Platinum and Gold Cards feature a wide range of benefits, including:
Cashflow Management, with up to 54 days to clear your balance 2, cash can stay in your account for longer, making money management more flexible.
Earn rewards on business spending, with the ability to redeem Membership Rewards® points for travel or gift cards, to pay your bill, or reinvest in your business.
The American Express® Business Platinum Card offers complimentary access to 1,400 airport lounges across 140 countries, along with £200 Annual Travel Credit at American Express Travel Online.
For more information visit the American Express Refer a Business page. Terms and conditions apply. 18+ subject to status. American Express® Business Gold Card Annual Fee: £195 (£0 in the first year). American Express® Business Platinum Card Annual Fee: £650.
