A well-written report from the board can be an effective tool to encourage transparency, accountability, and collaboration and aiding in strategic alignment. Many organizations struggle to craft board reports that are accurate and timely. If the issue is a lack of structure, inadequate information, or inadequate presentation, the result is detrimental to decision-making and company growth.
Focus on only sharing the information you need to help move your board forward. This will help avoid information overload and the need for lengthy explanations.
Begin with an executive summary or abstract, that gives high-level takeaways from the report. This allows board members to quickly read and comprehend the report’s major points. Then, you can use this method to identify your company’s KPIs. Share specific data in the context of goals and targets you set for last year and show how they have been accomplished or are improving.
Include a section about trends and challenges in the industry. This is a great way to provide context to the financial data you provide and help your board members understand, for instance the reasons your market shares were either increased or decreased. Also, if your company is facing any major regulatory hurdles Be sure to include this information in the report to enable your board members to assess potential legal risks and implications.
Share your next-step plan with the board. If it’s a new project that needs their approval, or a revision of an existing plan.