A well-crafted report from the board is an effective instrument to foster transparency, accountability, and collaboration and aiding in strategic alignment. However, many organizations have difficulty creating board reports that are both precise and timely. The negative impact of a poorly presented or insufficient data is detrimental to the decision-making process and the growth of the company.
Make sure you only share the details that are necessary to make your board move forward. This will help avoid information overload and the need for lengthy explanations.
Start with a summary or abstract that outlines the main elements of the report. This can help board members quickly scan and grasp the report’s major points. Then, you can use this method to identify your company’s KPIs. Include specific data in relation to the goals and targets that were 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 an excellent way to give context to the financial information that you are giving board members and help them comprehend the reasons behind why your market share grew or decreased, for example. Include any major regulatory obstacles in your report so board members can understand the potential legal risk.
Tell your next-step strategy to the board. It does not matter if it’s an entirely new plan that requires their approval or a review of a current project.
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