Peter Williams, Australia’s #1 Authority On Leveraging Growth Through Business Advisory Boards, is interviewed by television news presenter and reporter Amber Sherlock of TV’s Nine News.
In this segment, Amber asks Peter: “What is the evidence that advisory boards can supercharge your business?”
Amber Sherlock: What is the evidence that advisory boards can supercharge your business?
Peter Williams: The evidence, having chaired 17 boards, I’ve seen the results first hand from my clients about what an advisory board can do. There is real evidence that also come out of Canada, from the Business Development Bank of Canada. They have to do a study of 4,000 private and family businesses in Canada. And the results were quite staggering, quite eye-opening. So those companies that actually had an advisory board, their sales growth increased by 66.8% in three years after an advisory board. Productivity rose 5.9% and quite tellingly, those companies with advisory boards had a 25% higher sales revenue than those companies without it.
So the results are quite staggering and that really just comes down to focus, clarity and accountability. And that’s what an advisory board provides. It’s there to support and also to challenge.