A well-written report from the board is an effective tool for fostering collaboration, transparency and accountability and aiding in strategic alignment. Many organizations struggle with producing board reports that are punctual and accurate. The issue could be a lack of structure, inadequate information, or poor presentation, the result is negative to decision-making and growth.
To make the most of your board member’s time, focus on sharing only the information that is needed to get the needle moving forward. This will reduce excessive information and the need for lengthy explanations.
Begin with an executive summary, or abstract, which provides an overview of the report’s key points. This allows board members to quickly comprehend and understand the report’s key points. Use this method to determine the KPIs of your business. Give specific information in the context of goals and targets that were set last year, and emphasize the achievements made.
Include a section on the latest trends in the industry and challenges. This is a fantastic opportunity to provide context to the financial information you provide and help your board members understand, for instance the reasons your market shares have increased or decreased. Include any major regulatory obstacles in your report, so that board members can evaluate the legal implications.
Last but not least, share your next step plan with the board. It doesn’t matter if this is an entirely new plan that requires their approval or a review of an existing project.
