This paper studies the accuracy of small‐ to medium‐sized (SME) managers' perceptions of their information exchanges with important market actors such as customers, competitors and suppliers. In this way, examines an important dimension of managers' network perceptions, which are assumed to be necessary for optimal utilisation of their networks. By comparing managers' perceived frequency of information exchanges with external actors with an “objective” tracking of their actual behaviour, reveals substantial perceptual errors. Findings are discussed and implications highlighted.