A well-crafted report for the board is an effective tool that enhances collaboration, fosters transparency and accountability, and facilitates strategic alignment. Many organizations struggle to craft board reports that are timely and accurate. The impact of poor presentation or lack of information is detrimental to the decision-making process and the growth of the business.
Be sure to only share the details you need to get your board moving forward. This will avoid information overload and the need business board for lengthy explanations.
Begin with a summary, or abstract that summarizes the main aspects of the report. This allows board members to quickly scan the report and get to important points. Use this method to identify your company’s KPIs. Give specific information in the context of the goals and targets that were set last year and emphasize the achievements made.
Include a section on industry trends and challenges. This is a fantastic opportunity to explain the financial data you share and assist your board members understand, for example the reasons why your market share increased or decreased. Include any major regulatory obstacles in your report so board members can understand the legal implications.
Next, you should share your next-step plan with the board. Whether this is a new idea that requires their approval, or a re-evaluation of an existing one.
