The UK small and medium-sized business owners are increasingly optimistic, with new research from American Express, finding almost seven in ten (69%) are confident about their company’s future, up from 67% in 2023 and 65% in 2022.
Ruchi Sharma, VP of UK Commercial at American Express explains that this rise in optimism suggests a promising period ahead for business owners. However, while running a business and pursuing your ambitions can be rewarding, small business owners will likely face significant challenges along the way.
Two-fifths (40%) of survey respondents noted that managing a business has become more challenging in recent years. As a result, over half (54%) expressed a desire for more time away from the workplace.
The same proportion (54%) wished they had more time to explore hobbies, and interests outside of work. A strong majority – over four-fifths (82%) – agreed that activities outside of work are crucial for helping them relax and disconnect outside of the pressures of running a business.
Rewards and referrals can ease day-to-day burdens
The benefits of downtime are plentiful – it can provide business owners with renewed energy, fresh perspectives and ideas, increased productivity, and heightened motivation, all of which contribute to the overall success of their business.
Membership Rewards® points earned through eligible business spending on an American Express Business Card® never expire and can be used towards taking a break or upgrading travel plans, enabling small business leaders to enjoy a rejuvenating break.
These points can also be redeemed for a range of treats to support downtime or used to purchase office supplies and technology upgrades, helping to alleviate some of the stresses and strains faced by small business owners.
One of the simplest ways to support downtime is to refer a business owner or friend to take out an Amex Card
At American Express, we know that there is a strong sense of camaraderie and community spirit among small business owners and entrepreneurs, who support each other in their ventures and provide support where needed. This is something we not only truly value, but want to encourage in our Cardmember base, in order to do our part in helping small businesses thrive.
To do this, we continually reward small business owners for their dedication and give them the opportunity to share rewards with their network. Currently, American Express is running a limited time offer on its American Express® Business Platinum and Business Gold Cards. Until 22 October 2024, Cardmembers who successfully refer other small business owners for an Amex Card will earn additional benefits.
On the Business Platinum Card, Cardmembers can earn up to 80,000 points for successfully referring or joining. Subject to approval, whether you refer a Cardmember or are accepted as a Cardmember, you will boost your usual earn rate to receive 8 points for every eligible £1 spend (for the first 3 months of membership, up to £10,000 or 80,000 Membership Rewards).
On the Business Gold Card, Cardmembers can earn up to 40,000 points for successfully referring or joining. Subject to approval, whether you refer a Cardmember or are accepted as a Cardmember, you will boost your usual earn rate to receive 4 points for every eligible £1 spend (for the first 3 months of membership, up to £10,000 or 40,000 Membership Rewards).
There is no minimum spend – business owners can start earning points at a boosted rate from the moment they join. Existing Cardmembers will unlock the boosted earn rate from just one single successful referral.
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. American Express® Business Basic Card with no annual fee also available.
American Express Services Europe Limited has its registered office at Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom. It is registered in England and Wales with Company Number 1833139 and authorised and regulated by the Financial Conduct Authority.
American Express commissioned Opinium Research to survey 1,000 UK SME decision makers at small and medium sized businesses. Fieldwork was undertaken between 5-15 July 2024.
Read more:
Recharging SMEs with rewards to fuel business growth