A well-crafted report from the board can be an effective instrument to foster transparency, accountability, and collaboration and facilitating strategic alignment. However, many companies struggle with creating reports for their boards that are both current and accurate. If the issue is a lack of structure, inadequate information, or a poor presentation, the impact is detrimental to the decision-making process and company growth.
To make the most of your board member’s time on sharing only the information that is necessary to get the needle moving forward. This will prevent information overload and the need for long explanations.
Begin with a summary or abstract that summarizes the key points of the report. This can help board members quickly read and comprehend the report’s key points. Utilize this method to determine the KPIs of your business. Include specific data in the context of goals and targets that were set last year and emphasize the achievements made.
Include a section about issues and trends in the industry. This is a great opportunity to explain the financial data you share and assist your board members understand, for example the reasons your market shares were either increased or decreased. Include any major regulatory obstacles in your report so that board members are aware of the legal implications.
Finally, share your next-step plan with the board. It does not matter if it’s an idea that is new and requires their approval or a revision of an existing https://justmatlab.com/create-professional-board-resolutions-in-minutes-with-our-template/ project.
