Creating a board of advisors could give new small businesses an advantage, a leadership expert claimed today.

Such advisors could give valuable perspectives about company formation to entrepreneurs who are starting out, according to Dan Bobinski, president and chief executive officer of Leadership Development.

He writes in online leadership resource Management-Issues that "when someone starts a business, more often than not their initial goal is not running a business, but providing a specific service or product".

For that reason, market research, fiscal planning and regular analysis may not come naturally, Mr Bobinski asserts.

Bringing together a trusted group of people who are willing to give advice and opinions could help a small businessowner create and grow their company, he adds.

Preparing a business plan that lays out a new company's objectives, strategies, market and future financial forecast is "essential" for any entrepreneur, according to Business Link.