No one achieves success working on their own.
I have found in my work advising business owners that many are reluctant to embrace implementing an advisory panel yet those who do get better results . It takes the isolation out of running a business.
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell says advisory boards are increasingly playing a key role in Australia’s small business’ success stories.
Speaking at the Global Thought Leadership Summit in Melbourne today, Ms Carnell said 74% of businesses that use advisory boards want assistance with their growth strategy.
“Advisory boards are a secret weapon in the growing small business’ arsenal,” Ms Carnell said.
“While the small family business owners are often flat-out with the day-to-day running of the business, advisory boards are able to realise their potential by working on the business, not in it.
“They help set a clear plan forward and help business owners focus on growth rather than getting distracted while putting out spot fires.
“Advisory boards have seen considerable growth in Australia in the past couple of years, but many family business continue to consider themselves too small or not successful enough to engage an advisory board.
“The benefits of advisory boards have been measured in other parts of the world.
“The Business Development Bank of Canada (BDC) surveyed over 4,000 businesses across the country and found sales grew by 66% on average in the first three years after setting up an advisory board.
“The BDC survey found annual sales for businesses with an advisory board were 24% higher than those without one.
“Advisory boards can also be particularly useful in succession planning, which we know is a significant issue for Australian family businesses.
“Importantly advisory boards don’t need to be a huge cost or time consuming for the business owners. You can arrange to pay a meeting attendance fee and meet every two-to-three months.”
A business specialist working with and advising families and SMEs in business. As a past business owner and corporate CEO I establish and Chair family business advisory panels. Experienced facilitator of inter-generational family meetings and succession planning workshops. All recent research highlights that succession is now the number one issue facing families in business as the owners / founders are ready to exit. I am a safe pair of hands when it comes to taking the emotion out of the relationships between family members. In addition I have acted as an interim CEO as the growing family business begins the process of employing external senior staff to take on key management positions.Bill Winter Advisory - Families in Business and SMEs