A well-written report on the board is a powerful tool that strengthens collaboration, promotes transparency and accountability, and helps to facilitate strategic alignment. Many organizations struggle with creating reports for their boards that are punctual and accurate. Whether the problem is a lack of structure, inadequate information, or poor presentation, the impact is negative to decision-making and growth.
To make the most of your board member’s time, you should focus on sharing only the information necessary to move the needle forward. This will avoid information overload and the need for lengthy explanations.
Begin with a summary, or abstract that summarizes the key aspects of the report. This lets board members quickly read the report and comprehend its important points. Make sure to follow this up with your company’s key performance indicators (KPIs). Provide specific information in the context of the goals and objectives set for the year before and show how they have been achieved or are progressing.
Include a section on industry trends and challenges. This is a fantastic opportunity to provide context to the financial information you share and help your board members understand, for instance the reasons your market shares increased or decreased. Also, if you are confronting any significant regulatory hurdles make sure to mention this information in the report to allow your board members to consider the potential legal implications and risks.
Share your next-step strategy with the board. It’s up to them if this is a brand new project that needs their approval, or a revision of an existing plan.