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Landmark research launched to measure impact of advisor engagement on growth, competitiveness and innovation
The Advisory Board Centre, the Brisbane-based national peak body representing the formal advisory sector in the Asia Pacific region, has launched a landmark study into the effectiveness of formal advisory boards on the business market.
The Advisory Board Centre, headed by internationally recognised business leader, Ms Louise Broekman, has opened the research to businesses outside their network in order to establish a definitive benchmark for Australian mid-sized business.
“Research is part of the Advisory Board Centre DNA,” she said, “we need more than an opinion on the advisory market. We need to have data, we need to know what the market is and where it will be in the future.”
At its core the Centre provides executive education on Advisory Boards and links a panel of independent board chairs and advisors with businesses through the complimentary Advisor Concierge service.
The Centre is growing rapidly and in the last 3 years has assembled some of Australia’s industry leaders and top executives on its panel of nearly 200 advisors in areas including: IT, security, HR, finance, business development and international business.
“We set up a research committee and it’s taken us 18 months to build our survey framework and five research instruments in collaboration with our advisor and business members,” said Ms Broekman, “These surveys will give us a lens into both the business and advisor side of the Australian market; critical data if we are to understand the different support options businesses need to engage effectively with advisors.”
Ms Broekman, who has a strong record of conducting research since 2002, explained that local research into the advisory sector was desperately needed now, to capture foundational data, while the sector is taking off.
“All businesses need advice but we don’t know how many Australian businesses have formal advisory boards or strategic advisory processes because this type of research hasn’t been done before.” Ms Broekman said that 6 percent of Canadian businesses have formal advisory boards according to a 2014 study by the Business Development Bank of Canada.
The Canadian study found that on all metrics businesses with advisory boards performed significantly better than those without formal advisory boards. Sales grew 67 percent in the three years after establishing an advisory board compared to 23 percent of the previous three years.
The Advisory Board Centre invites businesses and advisors across all industries to participate in the research project.
Advisory Board Centre Sector Research Longitudinal Study – Round 1
What’s the research for?
The objectives of this study are to map, monitor and understand the effectiveness of Business Advisory Engagement for small and medium sized businesses; and to understand how businesses can increase competitiveness, foster innovation and drive economic impact through effective engagement with Advisors.
Who should participate in this research?
The research is multi-dimensional to provide an accurate representation of the Australian advisory landscape.
One survey is studying advisors experiences and impact supporting businesses.
The other survey is for all Australian mid-sized ($1.5-$100 million) business including those with and without formal advisors.
Advisory board Chairs will also participate in a separate study that will benchmark and measure business growth through a longitudinal business growth score.
When will the results be published?
This research is ongoing and results will be published at regular intervals as the data is analysed.
We aim to publish quickly to provide the sector and business information in real time.
Research expertise: Louise Broekman
Louise has lead research projects into entrepreneurship and business growth since 2002 including:
- Business Growth Advisor Sentiment Research 2017
- International Coaching and Consulting Trends 2013
- The Business Case for Employee Retention 2012
- Human Resource Standards & Frameworks for Business 2008 – 2010
- National Internal Pressure Report – Employers and Employees Expectations 2009 – 2017
- Demographic Analysis – Impact of the Ageing Population 2010 – 2020
- Generations in Australian Workplaces – 2017
- Organisational Behaviour in the Business Sector 2003
- HR Quarterly Index Reports – 2005 to 2017
- Generation Y impact on Strategy – 2008
- Regional Labour Trends for the tourism industry – Queensland 2007
- International Flexibility Trends – 2007
- International Labour Trends – 2007
- Gap Analysis – Strategic Intent and Strategic Drift – 2004
- Workflow and Compliance in people management – 2003
The Advisory Board Centre Research Committee
The Advisory Board Centre Research committee is led by Louise Broekman, and includes representatives from business, industry and academia including Martie-Louise Veryanne, Professor of Innovation and Deputy Head of School at The University of Queensland.
Please direct an queries on the research project to firstname.lastname@example.org.