How to Write a Well-Crafted Board Report
A well-crafted report from the board can be a powerful tool for fostering transparency, collaboration and accountability and aiding in strategic alignment. Many companies struggle to create board reports that are timely and accurate. The negative impact of a poorly presented or insufficient data is detrimental to the decision-making process and the growth of the company.
Concentrate on sharing only the information that is necessary to make your board move forward. This will prevent information overload and the need for lengthy explanations.
Begin by preparing an executive summary or abstract, which provides high-level takeaways from the report. This can help board members quickly comprehend and understand the report’s major points. Utilize this method to determine the KPIs of your business. Give specific information in the context of the goals and targets that were set in the last year. Also, highlight the progress made.
Include a section on trends and challenges in the industry. This is a great opportunity to provide context to the financial information you provide and help your board members understand, for instance the reasons your market shares have increased or decreased. Include any significant regulatory hurdles in your report so that board members can evaluate the legal implications.
Then, discuss your next step plan with the board. It doesn’t matter if it is an entirely new idea that requires their approval or a revision of an existing project.
