Speaking at a Global Thought Leadership Summit in Melbourne in 2019, The Family Enterprise Ombudsman, Kate Carnell said 75% of business' that use advisory boards want assistance with their growth strategy.
She also said advisory boards are increasingly playing a key role in Australia's small business' success stories.
"While the 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 and not in it" Ms Carnell said.
"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.”
Bill Winter is a renowned family and small business advisor and facilitator of the hard to have family succession conversations.