Board documents are essential tools that guide the decision-making. They are a solid foundation for strategic direction and ensure that the business stays on the right track for success.
It is therefore important that the board's papers are concise as well as clear and concise. Charts, graphs and additional data can help the board better comprehend a subject by increasing comprehension. It can also be helpful to add background and context to the particular piece of information.
The executive summary is an essential element of a good board report. It can be a brief summary that provides a quick overview of the board's goals and recommendations for your business. Having a clearly defined executive summary can help keep meetings focused and on the right track.
It's also important to include financial statements in every board meeting. Included are a single-page profit and loss statement, one page balance sheet, and the comparison of budgeted and actual expenses. This information is not only a way to encourage board members to be accountable, but it also assists them in making better decisions.
During board meetings members often read reports prepared by staff, other directors, or consultants. These reports may explain current trends and projections for the future, or any news that may impact the organization. These reports serve as a record of board decisions.
It is crucial to manage these important documents using an encrypted board portal. This will protect them from any unauthorized access and help to prevent sensitive data from being accessed by the incorrect people. Furthermore, it allows real-time collaboration while on the move for board members with busy schedules.