BDC study emphasizes value to SMEs of under-utilized advisory boards
A new study from the Business Development Bank of Canada (BDC) has found that advisory boards have a major impact on the financial performance of small and medium-sized enterprises (SMEs). For example, from 2001 to 2011, average annual sales of businesses with an advisory board were 24% higher than those of a control group of other businesses, while productivity was 18% higher. However, the study also found that only 6% of Canadian SMEs currently use an advisory board. When forming an advisory board, entrepreneurs were found to typically seek expertise in accounting and finance, sales and marketing, and human resources.
20 March 2014•3 mins read
