The Importance of a Business Advisory Board for Small Businesses

Author: Summit Strategies Chartered Professional Accountants | | Categories: Accounting Professionals , Accounting Services , Accounting Technicians

Blogs by Summit Strategies Chartered Professional Accountants


Starting a small business can be both an exciting and daunting experience. While you may be an expert in your field, managing a business requires a different set of skills and knowledge. That's where a business advisory board comes in. In this blog, we'll discuss the importance of having a business advisory board for small businesses.


What is a Business Advisory Board?

A business advisory board is a group of experts who provide guidance and advice to the business owner. These experts can come from various industries and backgrounds, including accounting, finance, legal, marketing, and operations. The purpose of the board is to provide strategic advice and support to the business owner, helping them make informed decisions and grow their business.

Why Do Small Businesses Need a Business Advisory Board?

Small business owners often wear many hats and have limited resources. They may not have the time or expertise to handle all aspects of their business effectively. A business advisory board can help fill those gaps. Here are some reasons why small businesses need a business advisory board:

1. Expertise: Each member of the board brings a unique set of skills and expertise to the table. They can provide valuable insights and advice on various aspects of the business, including financial management, marketing, legal compliance, and more.

2. Perspective: Business owners can benefit from an outside perspective on their business. The advisory board can offer a fresh set of eyes and provide objective feedback on the business's operations, strategy, and goals.

3. Accountability: A business advisory board can help keep the business owner accountable. They can provide guidance and support, but also hold the owner accountable for achieving their goals and objectives.

4. Networking: Board members can also provide valuable networking opportunities for the business owner. They can introduce the owner to potential clients, partners, and investors, helping to grow the business.

How to Set Up a Business Advisory Board?

Setting up a business advisory board can be a daunting task, but it doesn't have to be. Here are some steps to follow:

1. Identify your needs: Determine what areas of your business you need help with and what expertise you require.

2. Find the right people: Look for individuals who have the skills and experience you need. Consider reaching out to professional organizations, networking events, or asking for referrals.

3. Define roles and responsibilities: Clarify the roles and responsibilities of each board member and establish expectations for their participation.

4. Schedule meetings: Set a regular schedule for board meetings and establish a clear agenda for each meeting.

5. Evaluate performance: Regularly evaluate the performance of the advisory board and make adjustments as needed.


A business advisory board can provide significant benefits to small businesses. They can provide expertise, perspective, accountability, and networking opportunities. If you're a small business owner in Red Deer, Alberta, Summit Strategies Chartered Professional Accountants can help you set up and manage your business advisory board. 

Contact us today to learn more about our integrated accounting and financial services.