A well-written report on the board is an effective tool that enhances collaboration, improves transparency and accountability, as well as facilitating strategic alignment. Many organizations struggle to produce board reports that are timely and precise. It doesn’t matter if the issue is lack of structure, insufficient information, or inadequate presentation, the result is negative to decision-making and growth.
Be sure to Boardable only share the details that are necessary to move your board forward. This will reduce information overload and the need for long explanations.
Begin with an executive overview, or abstract, which provides some of the key takeaways from the report. This can help board members quickly read and comprehend the report’s most important points. Then, you can use this method to determine your company’s KPIs. Provide specific information within the context of the goals and targets set for last year, and highlight how these have been accomplished or are in progress.
Include a section on industry trends and challenges. This is a fantastic opportunity to explain the financial information you share and help your board members understand, for instance, why your market shares increased or decreased. Include any significant regulatory hurdles in your report, so that board members are aware of the legal implications.
Then, discuss your next step plan with the board. This could be a new initiative that requires their approval, or a revision of an existing one.