A well-written report on the board is an effective tool that improves collaboration, fosters transparency and accountability, and helps to facilitate strategic alignment. Many organizations struggle to produce board reports which are timely and accurate. If the issue is a lack of structure, inadequate information, or inadequate presentation, the consequences are negative to decision-making and growth.
Concentrate on sharing only the information that is necessary to make your board move forward. This will reduce excessive information and the need for lengthy explanations.
Begin with a summary, or abstract that summarizes the main elements of the report. This will allow board members to quickly review the report and understand its important points. This should be followed by your company’s key performance indicators (KPIs). Include specific data in relation to the goals and targets you set for the last year and show how they have been accomplished or are progressing.
Include a section about industry trends and challenges. This is a great way to provide context for the financial information you are providing and help board members be aware of the reasons the reasons why your market share increased or decreased, for example. Include any major regulatory obstacles in your report, so that board members can evaluate the potential legal risks.
Share your next-step plan with the board. It doesn’t matter if it is an idea that is new and requires their approval or a revision of an existing project.