A well-written report from the board is an effective instrument for encouraging collaboration, transparency and accountability and aiding in strategic alignment. Many organizations struggle to produce board reports that are accurate and timely. The consequences of a poor presentation or insufficient data is detrimental to the decision-making process and the growth of the business.
To make the most of your board member’s time, concentrate on sharing only the information that is essential to move the needle forward. This will help avoid information overload and the need for lengthy explanations.
Begin with a summary, or abstract that summarizes the main points of the report. This will allow board members to quickly read the report and get to major points. Utilize this method to determine your company’s KPIs. Give specific data within the context of the goals and targets you set for the last year and show how they have been achieved or are moving forward.
Include a section about industry trends and challenges. This is a great way to provide context for the financial information that you are providing and help board members to understand why your market share increased or decreased, for example. Also, if you’re facing significant regulatory hurdles be sure to mention this information in https://justmatlab.com/create-professional-board-resolutions-in-minutes-with-our-template/ the report to allow the board members to understand potential legal risks and implications.
Last but not least, share your next step plan with the board. If it’s a new initiative that requires their approval, or a revision of an existing one.
