How to Write a Well-Crafted Board Report
A well-crafted board report is an effective tool that improves collaboration, fosters transparency and accountability, and aids in strategic alignment. However, many companies struggle with creating reports for their boards that are precise and timely. It doesn’t matter if the issue is lack of structure, insufficient data, or a lack of presentation, the result is detrimental to decision-making and company growth.
To maximize your board member’s time, you should focus on sharing only the information essential to get the needle moving forward. This will help to avoid excessive information and the need for long explanations.
Begin with an executive overview, or abstract, that provides an overview of the report’s key points. This allows board members to quickly scan and grasp the report’s key 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 last year and then highlight how they have been achieved or are in progress.
Include a section about the latest trends in the industry and challenges. This is an excellent method to explain the context of the financial information that you are sharing and help board members understand the reasons behind why your market share grew or decreased, as an example. If you’re facing significant regulatory hurdles be sure to mention this in the report to enable your board members to assess the potential legal risks and consequences.
Tell your next-step strategy to the board. It does not matter if the plan is a new proposal that needs their approval or a review of an existing project.
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