A well-written report from the board is a powerful instrument for encouraging collaboration, transparency and accountability and aiding in strategic alignment. However, many companies struggle with making reports for boards that are punctual and accurate. The consequences of poor presentation or insufficient information can be detrimental to the decision-making process as well as the growth of the company.
To maximize your board member’s time, focus on sharing only the information that is essential to move the needle forward. This will prevent information overload and the need for lengthy explanations.
Begin with a summary or abstract that outlines the main elements of the report. This lets board members quickly read the report and get to important points. Keep this in mind when you’re preparing your company’s key performance indicators (KPIs). Provide specific information within the context of goals and objectives that were set last year and discuss the progress you have made.
Include a section on industry trends and challenges. This is an excellent opportunity to explain the financial data you share and assist your board members understand, for instance the reasons why your market share were either increased or decreased. Also, if you’re confronting any significant regulatory hurdles make sure to mention this in the report to help your board members to consider the potential legal risks and consequences.
Discuss your next step strategy with the board. It does not matter if it’s an idea that is new and requires approval from them or a reevaluation of a current project.
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