A well-crafted board report is a powerful tool that strengthens collaboration, promotes transparency and accountability, and aids in strategic alignment. However, many companies struggle with making reports for boards that are both current and accurate. If the issue is a lack of structure, inadequate data, or a lack of presentation, the result is detrimental to the decision-making process and company growth.
To make the most of your board member’s time, concentrate on sharing only the information necessary to move the needle forward. This will help avoid excessive information and the need for lengthy explanations.
Begin with a summary, or abstract that summarizes the key points of the report. This will allow board members to quickly read the report and comprehend its important points. Then, you can use this method to determine your company’s KPIs. Include specific data in the context of goals and objectives that were set last year and show the progress made.
Include a section on trends and challenges in the industry. This is a great way to give context to the financial information you share and assist your board members understand, for instance the reasons why your market share have increased or decreased. Include any major regulatory obstacles in your report so that board members can assess the potential legal risks.
Last but not least, share your next step plan with the board. It does not matter if it’s an idea that is new and requires approval from them or a reevaluation of a current project.