A well-written report from the board can be a powerful instrument for encouraging cooperation, transparency and accountability and aiding in strategic alignment. Many organizations struggle to write board reports which are timely and accurate. Whether the problem is a lack of structure, insufficient information, or a poor presentation, the results are detrimental to the decision-making process and company growth.
Focus on only sharing the information that is necessary to help move your board forward. This will prevent information overload and the need for lengthy explanations.
Start with a summary or abstract that outlines the main elements of the report. This helps board members quickly comprehend and understand the report’s most important points. Keep this in mind when you’re preparing your company’s key performance indicators (KPIs). Give specific data within the context of the goals and targets that were set for last year and then highlight how they have been accomplished or are progressing.
Include a section on the latest trends in the industry and challenges. This is a great way to explain the financial data you provide and assist your board members understand, for instance the reasons your market shares have increased or decreased. If you’re experiencing any significant regulatory obstacles, be sure to include this in the report to enable the board members to understand the potential legal implications and risks.
Share your next-step plan with the board. It doesn’t matter if it is an idea that is new and requires their approval or a review of a current project.
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