"New research from American Express shows that small and medium-sized enterprises (SMEs) led by owners with strong professional networks experience markedly higher growth and profitability - indicating a powerful competitive advantage that networking can provide. The Peer Power study, conducted in partnership with The Entrepreneurs Network, highlights a clear connection between the strength of professional networks and improved commercial performance; SME owners citing robust networks are almost twice as likely to report revenue growth in the past year compared to those with weaker networks."
"Likewise, 86% of respondents with strong networks said their businesses were profitable last year, compared to 66% among those who stated they had weaker networks. Moreover, business owners who turn a profit tend to rely on their networks more often (63%) than those merely breaking even or operating at a loss (50%), suggesting that staying connected with peers can contribute to success."
SMEs led by owners with strong professional networks experience higher growth and profitability. Owners citing robust networks are almost twice as likely to report revenue growth in the past year. Eighty-six percent of respondents with strong networks reported profitability last year, compared with 66% with weaker networks. Profitable owners rely on their networks more often (63%) than those breaking even or loss-making (50%). Among 500 UK SME founders and owners, 93% said networks led to new leads and 75% called networks essential to growth. Many owners report networking gaps: 58% want stronger networks, 41% say lacking the right network limits potential, and 32% feel they are not good at networking.
Read at London Business News | Londonlovesbusiness.com
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