A well-written report from the board is a powerful instrument for encouraging cooperation, transparency and accountability and facilitating strategic alignment. Many companies struggle to create board reports which are timely and accurate. The impact of poor presentation or insufficient information is detrimental to the process of making decisions and the growth of the company.
Make sure you only share the details you need to make your board move forward. This will avoid information overload and the need for lengthy explanations.
Start with a summary or abstract that outlines the main points of the report. This allows board members to quickly scan and grasp the report’s key points. Keep this in mind when you’re preparing your company’s key performance indicators (KPIs). Give specific information in the context of goals and targets that were set last year, and emphasize the achievements made.
Include a section on industry trends and challenges. This is a great way to explain the financial information you share and help your board members understand, for example, why your market shares were either increased or decreased. Also, if you’re experiencing any significant regulatory obstacles be sure to mention this in the report to allow your board members to evaluate potential legal risks and implications.
Next, you should share your next-step plan with the board. If it’s a new project that requires their approval, or a revision of an existing one.
