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 & succession planning
- 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:
- Corporate legal council
- Cyber security
- 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.