A well-written report from the board is an effective instrument for encouraging transparency, accountability, and collaboration and aiding in strategic alignment. Many organizations struggle with making reports for boards that are precise and timely. It doesn’t matter if the issue is lack of structure, insufficient information, or inadequate presentation, the result is detrimental to the decision-making process and company growth.
Focus on only sharing the details you need to move your board forward. This will reduce the amount of 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 will help board members quickly scan and grasp the report’s key points. Then, you can use this method to determine the KPIs of your business. Share specific data within the context of the goals and targets that were set last year, and highlight the progress made.
Include a section on the latest trends in the industry and challenges. This is an excellent way to provide context for the financial information that you are giving board members and help them to understand the reasons behind why your market share grew or decreased, as an example. Also, if your company is facing any major regulatory hurdles make sure to mention this information in the report to allow your board members to evaluate potential legal risks and implications.
Share your next-step strategy with the board. It’s up to them if this is a brand new project that requires their approval, or a revision of an existing one.