As a founder and executive, you know how crucial it is to keep your board members informed and engaged with the organization’s progress. However, creating an effective report to the board conveying the necessary information and insights can take time and effort.
Fear not, as we’ve compiled some of the best board reporting tips and practices to help you create compelling and informative reports that keep your board members engaged and informed. So, let’s dive in!
Tip #1: Develop a Reporting Framework
Developing a reporting framework is the first step in preparing for your board meeting. A reporting framework is a structure that outlines what information to include in the report, how to present it, and when to deliver it.
The framework should align with the board’s priorities, goals, and expectations. It should also reflect the company’s unique needs and challenges.
Identify the board’s key areas of interest to develop a reporting framework. Then, define the metrics and KPIs to track progress in those areas. Finally, establish a reporting schedule and format that works for everyone involved.
Tip #2: Stick to Simple & Clear Language
The best way to ensure that your board is well-informed and engaged is to report using simple and clear language. Board members will appreciate this approach because it makes it easier to focus on important issues without dealing with jargon and industry lingo.
Here are a few tips for writing reports in this manner:
- Use simple words and phrases.
- Don’t use acronyms or jargon unless everyone in the room universally understands them.
- Review and eliminate extra words and phrases before sharing
Tip #2: Use Visuals for Your KPIs
Visuals can make complex information easier to understand. Instead of presenting data in long paragraphs or tables, use graphs, charts, and other visuals to highlight your KPIs.
Visuals help your board members quickly understand the information and identify trends or patterns. They also make the report more engaging and memorable, which can help your board members retain the information you present.
Tip #3: Highlight Important Information
Your board members are busy people with lots of responsibilities. To ensure they understand your report’s most critical information, highlight it.
Use bold text, colors, or other formatting techniques to highlight the most important data points. This will help your board members focus on the most critical information and make informed decisions.
Tip #4: Measure What Matters
When developing your reporting framework, focus on measuring what matters. Include only the data or KPIs related to your board’s goals or the company’s overall performance.
This will help board members focus on the metrics pertinent to their oversight obligation, while also giving them a high-level understanding of the company’s progress toward achieving its strategic objectives.
Tip #5: Automate Your Reporting
Automating your reporting can:
- save time
- improve the accuracy of your data
- help you streamline the data collection process
- reduce the risk of errors,
- ensure that your reports are always up-to-date
You can use reporting software, business intelligence tools, or other automated tools to help you generate your reports.
Tip #6: Only Include the Most Crucial & Relevant Information
Focus on the most crucial and relevant information. Avoid data or metrics that aren’t actionable or don’t directly impact the company’s performance. Keep your reports concise, clear, and focused on the most important information.
Tip #7: Deliver Your Reports on Time and at the Right Frequency
Delivering your reports on time and at the right frequency is critical. Establish a regular reporting schedule and stick to it. If there are any changes to the schedule, communicate them promptly to your board members. By delivering your reports on a predictable schedule, you will help your board members make timely, impactful decisions to drive your company toward its goals.
Tip #8: Create a Format That’s Engaging & Professional
Finally, create a format that’s engaging and professional. Use a clear, easy-to-read font and a visually appealing layout. Include a cover page, a table of contents, and a summary of the most important information. Make sure the report is free from errors and is easy to navigate.
Let Mighty Startup Help With Your Board Reporting
Board reporting is vital to a company’s governance structure. Following these tips, you can create clear, concise, and useful reports for your board members.
Remember to focus on the most important information, use visuals, automate your reporting, and deliver your reports on time and at the right frequency.
If you need assistance with your board reporting, don’t hesitate to contact Mighty Startup. Schedule a call with us and let’s discuss how we can help.
