A well-written report from the board is a powerful tool for fostering transparency, collaboration and accountability and facilitating strategic alignment. But many organizations struggle with creating reports for their boards that are current and accurate. The consequences of poor presentation or insufficient data is detrimental to the decision-making process and the growth of the company.
To maximize your board member’s time on sharing only the information necessary to move the needle forward. This will help avoid information overload and the need for lengthy explanations.
Start with a summary or abstract that summarizes the major aspects of the report. This lets board members quickly review the report and get to most important elements. Then, use this method to identify the KPIs of your business. Give specific data in relation to the goals and objectives set for the last year, and highlight how these have been accomplished or are progressing.
Include a section on issues and trends in the industry. This is an excellent way to give context to the financial data you are providing and help board members to understand why your market share increased or decreased, as an example. Also, if your company is confronting any significant regulatory hurdles make sure to mention this in the report to allow the board members to understand possible legal risks and their implications.
Share your next-step strategy with the board. This could be a new initiative that requires their approval, or a re-evaluation of an existing one.
more information justmatlab.com/create-professional-board-resolutions-in-minutes-with-our-template/