How to Write a Well-Crafted Board Report
A well-written report from the board can be an effective instrument for encouraging collaboration, transparency and accountability and facilitating strategic alignment. However, many companies struggle with creating reports for their boards that are both precise and timely. Whether the problem is a lack of structure, insufficient information, or a poor presentation, the impact is detrimental to the decision-making process and company growth.
To maximize your board member’s time, you should focus on sharing only the information that is required to get the needle moving forward. This will avoid information overload and the need for lengthy explanations.
Begin with an executive summary or abstract, which provides an overview of the report’s key points. This will allow board members to quickly go through the report and comprehend its key points. This should be followed by your company’s key performance indicators (KPIs). Give specific information in the context of the goals and targets that were set last year and show the progress made.
Include a section on the latest trends in the industry and challenges. This is a great opportunity to explain the financial data you share and assist your board members understand, for example the reasons your market shares increased or decreased. Include any major regulatory obstacles in your report, so that board members can assess the legal implications.
Then, discuss your next step plan with the board. This could be a new project that needs their approval, or a revision of an existing plan.