A well-crafted board report is powerful tool that boosts collaboration, improves transparency and accountability, as well as facilitating strategic alignment. However, many companies struggle with making reports for boards that are current and accurate. The issue could be a lack of structure, insufficient information, or a poor presentation, the consequences are detrimental to the decision-making process and company growth.
Concentrate on sharing only the information you need to move your board forward. This will prevent information overload and the need for lengthy explanations.
Start with an executive summary or abstract, that gives high-level takeaways from the report. This helps board members quickly read and comprehend the report’s key points. Use this method to identify the KPIs of your business. Provide specific information within the context of goals and objectives that were set last year, and show the progress made.
Include a section about the latest trends in the industry and challenges. This is a great opportunity to provide context to the financial information you provide and assist your board members understand, for instance the reasons why your market share changed or increased. Also, if you are facing any major regulatory hurdles make sure to mention this in new justmatlab article the report to allow your board members to evaluate possible legal risks and their implications.
Finally, share your next-step plan with the board. If it’s a new project that needs their approval, or a revision of an existing plan.
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