Peer Engagement Boosts Confidence And Optimism Of SMB Owners, According To Recent Survey
Written by Ken Gaebler
Survey conducted by The Alternative Board reveals that vast majority of business owners believe that advisory board participation could increase their profits by 10% or more.
In a recent survey by The Alternative Board (TAB), an organization that provides advisory boards and coaching for business owners, more than 70% of non-TAB members believe they could increase profitability by 10% or more through peer engagement and advisory board participation.
Additionally, 55% of business owners who participate in advisory boards feel that board engagement is their company's most valuable resource for addressing current business challenges.
The survey results appear to confirm a growing need for SMB owners to consult with other business leaders when navigating the complexities of today's turbulent marketplace.
"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."
Other survey findings include:
- The business owners surveyed indicated that the three most critical threats faced by today's SMBs are sluggish demand, government regulations and availability of capital.
- More than 50% of small business owners reported business growth in 2011.
- Approximately two-thirds of business owners believe a better sales and marketing strategy would deliver the most outcomes in 2012.
- More than nine in ten business owners receive value from learning about the challenges business owners face in other industries.
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