By Dick Wooden on February 21, 2012 at 8:30 AM
Success Attributed to an Advisory Board
As an entrepreneur myself and also a TAB Certified Facilitator and Strategic Business Leadership Coach - it was good to hear the results of a recent survey by TAB- The Alternative Board on the importance of a business owner having an advisory board.
Seventy one percent of small business owners, specifically those polled who are part of an advisory board, are predicting an increase of up to 10 percent in profits over the next 12 months. The Alternative Board® (TAB), an organization that provides advisory boards and coaching services for business owners, CEOs and presidents worldwide, released today the results of a national survey conducted in December 2011 by a research firm that partners with Fortune 500 companies.
According to the TAB 2011 Small Business Owners survey, 60 percent of small business owners who were part of TAB, reported an increase in profits in 2011. Of those surveyed, 55 percent of owners who are members of advisory boards feel that the most valuable resource to their business for overcoming challenges is their board of business experts.
“Small business owners face many difficult decisions during these turbulent economic times and they’re seeing the value in discussing these challenges with other CEOs who have been through this before,” stated Jason Zickerman, President and CEO of The Alternative Board. “Let’s face it, owning a business is tough enough and by providing entrepreneurs an advisory board such as TAB, the research shows that we’re giving them a strategic advantage for success.”
Survey results overall support the benefits of belonging to an alternative board of directors by strengthening confidence in community, making smart business decisions and growing profits. Specifically:
67 percent of TAB members trust their advisory board most to provide overall business advice.
92 percent of current board members support the argument that they can learn from decisions in different industries, through their advisory board, in order to make better business decisions.
Among those surveyed, 60 percent who reported an increase in profits during 2011 belonged to an alternative board of directors.
Survey results also show that when it comes to an advisory board, owners find honest feedback, actionable ideas, and a fresh perspective to be the most valuable assets.