A well-written report from the board can be an effective instrument for encouraging transparency, collaboration and accountability and aiding in strategic alignment. However, many companies struggle with producing board reports that are both punctual and accurate. The negative impact of a poorly presented or insufficient information can be detrimental to ideals the process of making decisions and the growth of the company.
To make the most of your board member’s time, focus on sharing only the information that is essential to move the needle forward. This will avoid information overload and the need for lengthy explanations.
Begin with an executive summary or abstract, which provides an overview of the report’s key points. This lets board members quickly read the report and get to key points. Follow this with your company’s key performance indicators (KPIs). Provide specific information in the context of goals and objectives set for the previous year and then highlight how they have been achieved or are in progress.
Include a section about the latest trends in the industry and challenges. This is a great method to explain the context of the financial information you’re sharing with board members and help them comprehend how your market share has increased or decreased, for instance. If you’re facing significant regulatory hurdles be sure to mention the information in your report to enable your board members to consider the potential legal risks and consequences.
Next, you should share your next-step plan with the board. It doesn’t matter if this is an idea that is new and requires approval from them or a reevaluation of an existing project.
