DENVER--(BUSINESS WIRE)--Seventy one percent of small business owners, specifically those polled who are part of an advisory board, are predicting an increase of up to 10 percent in profits over the next 12 months. The Alternative Board® (TAB), an organization that provides advisory boards and coaching services for business owners, CEOs and presidents worldwide, released today the results of a national survey conducted in December 2011 by a research firm that partners with Fortune 500 companies.
According to the TAB 2011 Small Business Owners survey, 60 percent of small business owners who were part of TAB, reported an increase in profits in 2011. Of those surveyed, 55 percent of owners who are members of advisory boards feel that the most valuable resource to their business for overcoming challenges is their board of business experts.
“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:
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When it comes to the threat of small businesses in the U.S., the three
major factors felt by owners are:
- Sluggish Demand
- Government Regulations
- Availability of Capital
- Over half of small business owners report that their business improved from 2010 to 2011.
- More than 70 percent of non-TAB members believe they would increase profits up to 10 percent if they joined an advisory board.
- Nearly 60 percent of U.S. business owners believe a sales and marketing strategy would help them most as business owners in 2012.
Survey results overall support the benefits of belonging to an alternative board of directors by strengthening confidence in community, making smart business decisions and growing profits. Specifically:
- 67 percent of TAB members trust their advisory board most to provide overall business advice.
- 92 percent of current board members support the argument that they can learn from decisions in different industries, through their advisory board, in order to make better business decisions.
- Among those surveyed, 60 percent who reported an increase in profits during 2011 belonged to an alternative board of directors.
Survey results also show that when it comes to an advisory board, owners find honest feedback, actionable ideas, and a fresh perspective to be the most valuable assets.
TAB conducted this survey with hundreds of small-to-medium-sized business owners (including 50 percent of those who are TAB members and 50 percent of those who are not members) to seek insight into the outlook of 2012’s small business predictions and trends.
About The Alternative Board
The Alternative Board (TAB) is an exclusive, membership-based organization that helps business owners achieve profitability, productivity, and personal fulfillment through the use of peer advisory boards and private business coaching. Through a platform of knowledge and guidance, The Alternative Board delivers real world advice that provides a result driven advantage to help business owners stay focused on what matters most. Headquartered in Denver, CO, The Alternative Board has been helping business owners succeed for over 20 years. For more information, visit www.TheAlternativeBoard.com and www.facebook.com/TheAlternativeBoard.
SymAction Communications, a national research firm serving Fortune 500's and mid-size companies, as well as various nonprofits and trade associations, conducted the research.