Study: Advisory board members profit in 2011, are hopeful for 2012

According to a recent study by The Alternative Board, six out of 10 surveyed small business owners who are part of an advisory board saw increased profits in 2011, and 71 percent expect their profits to rise by up to 10 percent this year.

Advisory boards are membership-based organizations that facilitate knowledge-sharing and help entrepreneurs make their companies as profitable as possible. They are particularly popular among small businesses because they offer more fluidity than setting up a formal board of directors.

"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," said The Alternative Board's president and CEO, Jason Zickerman.

The survey also offered insight into what small business owners see as the main barriers to success this year - sluggish demand, government regulations and availability of capital. Nearly 60 percent said they believed having a solid business marketing strategy in place would be the most beneficial to their company.

To maximize the success of business advertising, consider employing multi-channel strategies ranging from traditional direct mail to online outreach through avenues such as Facebook and other social networking websites.