A well-crafted board report is a powerful tool that strengthens collaboration, promotes transparency and accountability, and facilitates strategic alignment. Many organizations struggle with producing board reports that are precise and timely. The consequences of poor presentation or lack of information is detrimental to the process of making decisions and the growth of the company.
Concentrate on sharing only the details you need to get your board moving forward. This will help avoid excessive information and the need for long explanations.
Start by preparing an executive summary or abstract, that provides an overview of the report’s key points. This will allow board members to quickly read the report and understand its most important elements. Make sure to follow this up with your company’s key performance indicators (KPIs). Share specific data within the context of goals and objectives that were set last year and emphasize the achievements made.
Include a section on the latest trends in the industry and challenges. This is an excellent way to provide context for the financial data you are sharing and help board members to understand the reasons behind why your market share grew or decreased, for instance. If you’re facing any major regulatory hurdles Be sure to include this information in the report to help your board members to assess potential legal risks and implications.
Tell your next-step strategy to the board. It’s up to them if this is a brand new initiative that requires their approval, or a re-evaluation of an existing one.