https://justmatlab.com/ideals-board-portal-review/
A well-written report on the board is an effective tool that improves collaboration, promotes transparency and accountability, and aids in strategic alignment. Many organizations struggle to craft board reports that are accurate and timely. The consequences of poor presentation or insufficient information is detrimental to the decision-making process as well as the growth of the company.
Be sure to only share the details you need to get your board moving forward. This will reduce the amount of information and the need for lengthy explanations.
Begin with a summary, or abstract that outlines the main elements of the report. This helps board members quickly comprehend and understand the report’s key points. Use this method to identify the KPIs of your business. Include specific data in the context of goals and targets that were set in the last year. Also, emphasize the achievements made.
Include a section about industry trends and challenges. This is an excellent way to provide context for the financial information you are providing and help board members be aware of the reasons the reasons behind why your market share grew or decreased, as an example. Also, if you’re facing any major regulatory hurdles make sure to mention the information in your report to enable the board members to understand potential legal risks and implications.
Share your next-step plan with the board. It does not matter if it’s an entirely new plan that requires their approval or a revision of an existing project.
