Board documents are a must-have tool to guide the decision-making process. They serve as a solid foundation for strategic direction and ensure that the business stays on the right track for success.
Therefore, it’s essential to have boards that are clear, concise and useful. Including graphs, charts, and other data to improve understanding can make a huge difference in the way that the board comprehends a specific topic. It is also beneficial to add background and context for a certain piece of information.
The executive summary is yet another essential element of a good board document. This can be a simple summary that provides a brief overview of the board’s priorities and recommendations for your company. A clear executive summary can assist in keeping meetings on the right track.
Every board meeting must include financial statements. Included is a single page profit and loss report, one page balance sheet, and an analysis of budgeted and actual expenses. The availability of this information not only helps in ensuring accountability among board members, but it aids them in making more informed decisions.
At board meetings, board members typically listen to reports prepared by staff, other directors, or consultants. These reports can explain the current trends, future forecasts or any other news that could have an impact on the business. In the end, these reports will be used as a record of the board’s decisions.
It is vital to manage these important documents through secure board portals. This will protect them from unauthorised access, and also prevent sensitive data from falling into the hands of the wrong people. It also lets you do real-time collaboration while on the move for board members on the go.