BDC issues first–ever Canadian study on the impact of advisory boards
The Business Development Bank of Canada released an exciting new report this year on the effects of small and medium sized enterprises implementing advisory boards. Advisory boards typically consist of business professionals that meet regularly with a group of local business owners to provide experienced advice. Despite the demonstrated effectiveness of advisory boards on improving productivity and profitability many businesses still don't utilize this valuable resource. The BDC's new report presents some startling facts that vindicate the 6% of businesses that do utilize and benefit from advisory boards. For example, between 2001 and 2011, "average annual sales of business with an advisory board were 24% higher than those of a control group of other businesses, while productivity was 18% higher." That's a business strategy worth investing in! Contact Blackbird Business Owner Support Service to see if joining a Blackbird business advisory board in your community is a good fit for you.