Winnipeg Free Press - ONLINE EDITION

Study bolsters case for firms to set up advisory boards

  • Print

A study by the Business Development Bank of Canada (BDC) released today in Winnipeg shows small and medium sized businesses that implement advisory boards benefit from a significant impact on the business’s financial performance.

The survey — the first of its kind qualifying and quantifying the use of advisory boards — showed only six per cent of Canadian small and medium-sized businesses use an advisory board.

But the study showed for those that do, there is good results for the companies.

For instance, sales grew 67 per cent on average in the three years after companies created an advisory board, almost triple the 23 per cent rate of the previous three years; productivity rose six per cent in the three years after, double the three per cent rate in the previous three years; and from 2001-2011, average annual sales of businesses with an advisory board were 24 per cent higher than those of a control group of other businesses, while productivity was 18 per cent higher.

"The benefits of having good-quality, independent advice from well-respected, experienced individuals is clear, and we now have research to support it," says Jean-René Halde, BDC’s President and Chief Executive Officer. "We have to encourage more entrepreneurs to use an advisory board so that we can grow the numbers that have one."

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Raw: Video shows destroyed West Hawk Inn

View more like this

Photo Store Gallery

  • Marc Gallant/Winnipeg Free Press. Gardening Column- Assiniboine Park English Garden. July 19, 2002.
  • A goose comes in for a landing Thursday morning through heavy fog on near Hyw 59 just north of Winnipeg - Day 17 Of Joe Bryksa’s 30 day goose challenge - May 24, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Should panhandling at intersections be banned?

View Results

View Related Story

Ads by Google