A well-written report from the board is a powerful instrument for encouraging transparency, accountability, and collaboration and facilitating strategic alignment. Many organizations struggle with producing board reports that are precise and timely. Whether the problem is a lack of structure, insufficient information, or inadequate presentation, the consequences are negative to decision-making and growth.
Focus on only sharing the details you need to move your board forward. This will help to avoid information overload and the need for lengthy explanations.
Begin with a summary or abstract that summarizes the key points of https://justmatlab.com/boardable-board-portal-review/ the report. This will allow board members to quickly go through the report and understand its key points. Then, you can use this method to determine the KPIs of your business. Share specific data in the context of the goals and targets you set for the last year and show how they have been achieved or are progressing.
Include a section on industry trends and challenges. This is a great method to explain the context of the financial data you are sharing and help board members be aware of the reasons why your market share increased or decreased, for example. Also, if you’re confronting any significant regulatory hurdles make sure to mention the information in your report to help your board members to assess possible legal risks and their implications.
Finally, share your next-step plan with the board. It does not matter if the plan is an idea that is new and requires their approval or a revision of a current project.
