How to Write a Well-Crafted Board Report
A well-written board report is an effective tool that improves collaboration, increases transparency and accountability, and aids in strategic alignment. Many organizations struggle to write board reports that are timely and precise. The consequences of poor presentation or lack of information is detrimental to the decision-making process as well as the growth of the company.
To make the most of your board member’s time, you should focus on sharing only the information that is essential to get the needle moving forward. This will help avoid information overload and the need for lengthy explanations.
Begin with an executive summary, or abstract, which provides some of the key takeaways from the report. This will help board members quickly scan and grasp the report’s key points. Use this method to determine your company’s KPIs. Include specific data in the context of goals and targets 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 method to explain the context of the financial data you are sharing with board members and help them comprehend the reasons behind why your market share grew or decreased, as an example. If you’re facing any major regulatory hurdles Be sure to include the information in your report to allow your board members to consider potential legal risks and implications.
Tell your next-step strategy to the board. It does not matter if it’s an idea that is new and requires approval from them or a reevaluation of an existing project.