Advisory boards: an untapped resource for businesses
Year: 2023
Content-Type: Report
Description: BDC undertook the first-ever Canadian study on the use of advisory boards by small and medium sized enterprises (SMEs). The study describes how advisory boards work in these businesses and quantitatively demonstrates that SMEs that use them have superior growth and better financial results. The main reasons that prompt SME leaders to set up advisory boards are the desire for complementary expertise, and the need for advice and support in decision making. In fact, 86% of leaders believe that having an advisory board has had a significant impact on the success of their business. Areas of impact most often cited are company vision, innovation, risk management and profitability. Some findings: 6% of Canadian SMEs have access to an advisory board that helps them manage their business. 86% of respondents who have benefited from the advice of their advisory board believe it has had a significant impact on their company. Canadian SMEs with advisory boards perform better financially than those without advisory boards.
Pages: 20 pages
Author: Development Bank of Canada (BDC)
Categories: Banks, Finance, Public banks, Publications, SMEs, Technologies & Innovations
Tags: Advisory boards, Banks, Finance, SMEs