A well-written report from the board can be a powerful tool for fostering cooperation, transparency and accountability and facilitating strategic alignment. Many organizations struggle to produce board reports that are timely and precise. The negative impact of a poorly presented or insufficient information is detrimental to the decision-making process and the growth of the company.
To maximize your board member’s time, concentrate on sharing Ibabs Board Portal Review only the information necessary to get the needle moving forward. This will help avoid information overload and the need for lengthy explanations.
Start with an executive overview, or abstract, that gives some of the key takeaways from the report. This will help board members quickly understand and absorb the report’s key points. Follow this with your company’s key performance indicators (KPIs). Provide specific information in the context of the goals and targets set for the last year and then highlight how they have been accomplished or are progressing.
Include a section about the latest trends in the industry and challenges. This is a great way to give context to the financial data you are sharing with board members and help them to understand the reasons behind why your market share grew or decreased, for instance. Also, if you are experiencing any significant regulatory obstacles be sure to mention the information in your report to help your board members to evaluate potential legal risks and implications.
Last but not least, share your next step plan with the board. It doesn’t matter if it is an entirely new idea that requires their approval or a revision of a current project.