A well-written report on the board is an effective tool that improves collaboration, increases transparency and accountability, and helps to facilitate strategic alignment. However, many companies struggle with making reports for boards that are timely and accurate. The negative impact of a poorly presented or insufficient information is detrimental to the process of making decisions and the growth of the company.
To make the most of your board member’s time, concentrate on sharing only the information that is necessary to move the needle forward. This will reduce excessive information and the need for lengthy explanations.
Start with an executive summary, or abstract, that provides high-level takeaways from the report. This allows board members to quickly scan and grasp the report’s major points. Follow this with your company’s key performance indicators (KPIs). Include specific data in the context of the goals and objectives set for last year and provide examples of how they have been achieved or are moving forward.
Include a section on the latest trends in the industry and challenges. This is an excellent opportunity to explain the financial information you why not look here justmatlab.com/data-room-pricing-reviews-of-ideals-data-room-software/ provide and help your board members understand, for instance, why your market shares were either increased or decreased. Also, if your company is facing any major regulatory hurdles be sure to mention this in the report to allow your board members to consider potential legal risks and implications.
Then, discuss your next step plan with the board. It doesn’t matter if this is an entirely new plan that requires approval from them or a reevaluation of a current project.