A well-written report on the board is a powerful tool that strengthens collaboration, improves transparency and accountability, as well as facilitating strategic alignment. Many organizations struggle with creating board reports that are both current and accurate. It doesn’t matter if the issue is lack of structure, insufficient information, or poor presentation, the results are detrimental to the decision-making process and company growth.
To make the most of your board member’s time, concentrate on sharing only the information that is needed to move the needle forward. This will reduce the amount of information and the need for lengthy explanations.
Start by preparing an executive summary or abstract, that gives an overview of the report’s key points. This lets board members quickly review the report and understand its major points. Then, you can use this method to determine the KPIs of your business. Include specific data in relation to the goals and objectives set for the year before and then highlight how they have been accomplished or are progressing.
Include a section on the latest trends in the industry and challenges. This is an excellent way to provide context for the financial information you are giving board members and help them understand why your market share increased or decreased, for instance. Include any significant regulatory hurdles in https://justmatlab.com/best-board-report-format-guide/ your report so that board members can assess the potential legal risks.
Then, discuss your next step plan with the board. It does not matter if it’s a new proposal that needs their approval or a revision of a current project.