According to financial services company American Express, 94% of small business owners believe that it is important to support their peers.
500 UK small business owners and senior decision makers were surveyed as part of the recent American Express study, which also found that 54% of respondents found their peer networks were a factor in opening up new business opportunities.
In terms of what support is most useful for peers, product and service recommendations (40%), emotional support (33%), and business or financial advice (32%) rank top. These findings align with the benefits that the Help to Grow: Management’s peer networking groups provide. The evaluation of the course completed by Ipsos, also found that new peer relationships facilitated through the course were often used for informal support and advice.
The value that decision makers in small businesses get from peer support varies, but the study by American Express highlighted referrals as important. 71% believe that referrals from other small business owners are trustworthy. This is good with reason, 48% have saved time and effort through referrals and 46% say referrals help them source high-quality products and services.
Lee Sullivan, Vice President of 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.”
This has been the case for many of the Help to Grow: Management Course alumni, who have benefitted from sharing their experiences with a group of peers who were also developing their business. This opportunity to share insights is facilitated through peer network sessions that take part with every module delivered on the course. Ipsos found that 57% of attendees participating in the course had expanded their network of peers who they could discuss their business with.
Paalan Sood, Founder of Liverpool based marketing company, Sood Agency, enjoyed the opportunity to talk openly about his experiences with a group of like-minded business leaders: “I can't talk to my staff about a lot of elements of the business because they may not understand, and I don’t want to worry them. Speaking to other business owners who have perhaps run into similar issues before and have solutions has been a huge positive for me.
“Unlike most networking opportunities, people aren’t trying to sell you things. These are genuinely good people who want to grow their business, and you can create a real relationship with them. Ultimately that means you're not lonely and you're not going through these things on your own. That’s something I loved about Help to Grow: Management.”
Find out more about the Help to Grow: Management Course here.
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