A well-crafted report for the board is a powerful tool that strengthens collaboration, improves transparency and accountability, and helps to facilitate strategic alignment. But many organizations struggle with creating board reports that are both punctual and accurate. Whether the problem is a lack of structure, insufficient information, or a poor presentation, the consequences are detrimental to decision-making as well as company growth.
Make sure you only share the details you need to help move your board forward. This will help avoid information overload and the need for lengthy explanations.
Begin with a summary, or abstract that summarizes the main aspects of the report. This lets board members quickly go through the report and grasp its important points. This should be followed by your company’s key performance indicators (KPIs). Share specific data in relation to the goals and targets you set for the year before and show how they have been accomplished or are progressing.
Include a section on issues and trends in the industry. This is a great way to give context to the financial information that you are giving board members and help them be aware of the reasons how your market share has increased or decreased, for example. Also, if your company is confronting any significant regulatory hurdles make sure to mention this in the report to enable your board members to consider the potential legal company website about ibabs board portal review risks and consequences.
Then, discuss your next step plan with the board. It doesn’t matter if this is an entirely new plan that requires their approval or a reevaluation of an existing project.
