Forming an advisory board could be one of the best business decisions you will make. According to a recent BDC study, an advisory board can boost your company’s performance in a whole range of areas, including innovation, risk management, sales and productivity. Yet just 6% of Canadian entrepreneurs have formed an advisory board.
In this video, Rhonda Barnet, who manages Steelworks Design with husband Donald, explains how their advisory board has empowered them to make better decisions and grow internationally. Based in Peterborough, Ontario, Steelworks Design makes custom machinery for manufacturers and employs 27 people. Its advisory board gives it access to essential knowledge and experience it wouldn’t otherwise have.
Barnet says she sees her advisory board as a source of independent business expertise and mentorship. The board’s advice helped the Barnets survive a difficult period in 2008, and then steer their business to new growth and profitability. She says the board encourages accountability and provides you with a sounding board on strategic decisions. Yet, it has no decision-making power as is the case with a formal board of directors.
Find out how an advisory board can help you make better decisions and build a company that’s more productive, profitable and growth-oriented.