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A well-written board report is powerful tool that boosts collaboration, promotes transparency and accountability, and facilitates strategic alignment. Many companies struggle to create board reports that are timely and accurate. If the issue is a lack of structure, insufficient information, or inadequate presentation, the result is detrimental to decision-making and company growth.
To maximize your board member’s time, concentrate on sharing only the information needed to get the needle moving forward. This will avoid information overload and the need for lengthy explanations.
Start with a summary or abstract that summarizes the key elements of the report. This allows board members to quickly scan and grasp the report’s most important points. Make sure to follow this up with your company’s key performance indicators (KPIs). Provide specific information within the context of goals and targets that were set last year, and show the progress made.
Include a section about industry trends and challenges. This is a great way to provide context for the financial data you are giving board members and help them understand the reasons why your market share increased or decreased, as an example. Include any significant regulatory hurdles in your report, so board members can understand the legal implications.
Then, discuss your next step plan with the board. It does not matter if the plan is an idea that is new and requires their approval or a revision of a current project.
