A well-written report on the board is powerful tool that boosts collaboration, promotes transparency and accountability, as well as facilitating strategic alignment. Many companies struggle to create board reports that are accurate and timely. The issue could be a lack of structure, insufficient information, or a poor presentation, the results are detrimental to decision-making and company growth.
Be sure to only share the information you need to help move your board forward. This will reduce information overload and the need for long explanations.
Begin with a summary or abstract that outlines the main aspects of the report. This will allow board members to quickly review the report and grasp its most important elements. Follow this with your company’s key performance indicators (KPIs). Share specific data in the context of the goals and objectives set for the last year and show how they have been achieved or are moving forward.
Include a section about the latest trends in the industry and challenges. This is an excellent method to explain the context of the financial data you are sharing and help board members comprehend the reasons why your market share increased or decreased, for instance. Also, if your company is facing significant regulatory hurdles make sure to mention this information in the report to enable your board members to evaluate possible legal risks and their implications.
Discuss your next step strategy with the board. This could be a new project that needs their approval, or a re-evaluation of an existing one.