Board members are expected to make crucial decisions. That’s why it’s so important to communicate your company’s key business information in a easy, engaging way. This article will guide you through the best practices for writing a great board report.
Start with a brief summary. This is the key ingredient to bind everything together for your time-poor audience. It will provide your audience with a taste of what to expect and why they should read the whole report.
The substance of your report lies the next step. Include important metrics and other information that is relevant to your business, for example those that compare to industry benchmarks. Highlight any milestones or achievements that the company has reached in addition to any challenges that are impacting the company’s future performance. Be aware of any projects that are coming up that require the board’s financial backing or approval.
It is important to include any high-level opportunities or risk statements that the company has identified, and the potential impact they could have. Be sure to present these with the level of specificity that is in line with the board’s risk tolerance.
You should end with your key takeaways and a concise statement about the next steps the company needs to take. The board paper’s purpose will determine its content. It may be to inform the board, or more commonly, to ask for a decision. This will help you decide how to write your report, including whether or not it is necessary to include a table of contents with clear headings, bullet points for your most important messages, and a summary to virtual board meetings analyse your findings.