Gibson D. Lewis
Center for Business Research and Economic Development
AN EMPIRICAL INVESTIGATION OF THE UTILIZATION OF EXTERNAL AND INTERNAL BOARD OF DIRECTORS AND MANAGEMENT ADVISORY ASSISTANCE ON THE PERFORMANCE OF SMALL BUSINESS
Diane J. Garsombke University of Wisconsin Superior
Thomas W . Garsombke
University of Minnesota Crookston
Abstract
This article reports the usage and effectiveness of advisory bodies (i.e. advisory boards, boards of directors, management consultants, accountants, family, and friends) that exist in smaller businesses. The authors find that advisory boards have the most significant impact on various company performance criteria. This result implies that strategic marketing and planning is enhanced by the use of advisory boards. Additionally, the authors discover that the entrepreneur's attitude is even more important than previously researched inhibitors of lack of resources to greater use of advisors.
Gibson D. Lewis
Center For Business and
Economic Development
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