Why your business should have an advisory board

Jan 13, 2022

Often, business owners trust their instincts when making business decisions and sometimes they are right, other times, it lies with a vengeance.  Imagine having a circle of trusted professionals you can call on when you have a question or need advice for your business. That’s what an advisory board can do for you.

At its simplest, advisory boards are groups of subject matter experts. The role of an advisory board is to provide a company’s leadership team with guidance on those areas of the business that need an outside, unbiased perspective.  Members of an advisory board focus directly on certain aspects of the company and use their specific knowledge in areas where the company may have limitations, whether it is due to time, money, experience, etc. This advice provides a third-party perspective — an important point of view that combats emotional decision making. 

Research has shown that accessing an advisory board has paid off.  According to the BDC (Business Development Canada) and Stats Canada survey with small businesses*:

  • Sales growth was stronger after instituting an advisory board. In the first three years after an advisory board was set up, sales grew 66.8% compared with a growth of 22.9% in the three previous years.
  • Productivity growth also strengthened after the advisory board was introduced. In the three years after the advisory board was set up, productivity rose an average of 5.9% compared with 3.2% in the previous three-year period.
  • On average, annual sales of businesses with an advisory board were 24% higher than those of the control group during the period.

Advisory boards are a secret weapon in the growing small business’ arsenal. They help set a clear plan forward and help the small business owner focus on growth rather than getting distracted while putting out spot fires.

How can we help?

We want you to focus on the core of your business, the reason you started it, and have assembled network of of independent specialists to create an advisory board, customized for you.

The core areas that we can support you with are:

  • Retirement
  • Retirement & succession planning
  • Investments
  • Strategic philanthropy
  • Buy/Sell and key person insurance
  • Group benefits and health spending accounts
  • Group retirement Plans
  • Individual/personal benefit plans

The core areas the advisory consultants can support you with:

  • Accounting
  • Corporate legal council
  • Cyber security
  • Training
  • Business coaching
  • HR consulting
  • Marketing & social Media

No idea is too great. No passion is stifled. No desire to persevere is frowned upon. Those with the imagination to take an idea and make it into something special, we are here for you.


About the author

  • Pam is the founder and “boss lady” of Savanti Insurance Agency and Savanti Investment Team (attached to PEAK Securities Inc.). She has over 15 years where she specializes in planning, investments, risk management, and tax-effective strategies for clients’ personal and/or corporate financial needs.

If you would like more information on how we can assist you, we would love to hear from you.

Although this article was written with the utmost care and based on sources deemed reliable, there is no guarantee of its accuracy or applicability to all specific cases. This article is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All content and information are of a general nature and does not address the circumstances of any particular individual or entity. Many of the issues discussed will vary by province. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation. The opinions expressed in this article do not necessarily reflect those of Peak Securities inc.