Overview with tools, template, software, best practices and alternatives
Why do CEOs do Reports?
A chief executive officer or CEO is the position of most senior corporate officer or administrator. The CEO is responsible for managing an organization. In a corporation, the CEO usually gives a report to the board of directors. Other titles that are equated to the CEO position are managing director, president, and chief executive.
CEOs do reports to establish a channel of communication with the board of directors, providing them information that present the overall status and progress of the company and the teams behind it. In addition, the report of the CEO serves as a follow-up to previous reports. This implies that the new report may contain new information that adds or corrects data from the previous report.
CEO reports act as liaison between the chief executive officer and the board of directors. These reports help them coordinate efficiently in all aspects of the project. Four-fold data involving the company’s overall strengths and weaknesses are included in the CEO report. Additionally, information on new opportunities, as well as threats, are indicated in the report so as to present positive possibilities that are open to the company and to identify actual and potential issues that can stop the company from achieving its mission and vision.
Aside from coordination, one of the purposes of CEO reports is to help the board of directors draw conclusions, make inferences, and elicit crucial decisions. CEO reports contain information such as the company’s accomplishments, plans, and problems. Also, data collected from all teams of the company is synthesized. The data includes the assessment cues of the teams, the formulated plans, the enlisted strategies and actions, and the evaluation.
The conclusions, inferences, and decisions of the board of directors will help them construct generalized recommendations, which can be brought down to the teams of the company. Possible fixes to the errors can be carried out by the teams so as so lead them to better performance. Also, the CEO reports can also highlight the performances of the company teams, which can also recognize the top performers in the company. Pointers can also be shared to those team members who do not perform well and need further assistance.
How do CEOs usually do Reports?
Chief executive officers write reports so as to provide an update to the board of directors.
Generally, the report of the CEO should focus on the synthesis of all reports submitted by the company teams to the managers and supervisors. The content is usually inductive and generalized in nature, as it presents the status and progress of the company as a whole, and not as divided teams or units.
While the report included summarized data, information should still be factual and up to date. The CEO cannot just include his mere opinion on the status and progress of a project or a team. The CEOs analysis, interpretation, conclusion, and recommendation should all be evidenced-based. This evidence can only be retrieved from the actual performances of the teams and not from their opinions.
Updated information is always included in the CEO report as the goal is to update and communicate with the board of directors. The board does not want to see the same information as the previous report, so the CEO has to note that the new report is a follow-up to the old one. As a follow-up to the information inculcated in the previous CEO report, the data in the new report may serve as an addition to the recent report or a correction if ever the latest report has an error.
As CEOs, they should also ensure that the information in their report is organized. An organized and coherent flow of data is the key for the readers to easily and effectively comprehend the content of the report. Aside from that, the length of the report should be intermediate. This means that the content of the report should not be too short, as details may be lacking or inaccurate, nor too long, as the reader may lose interest in reading it.
Typical questions/metrics/topics that are usually covered in reports CEOs are doing
Reporting for CEOs covers the following:
- How many team leaders have submitted their team’s report today?
- What are your recommendations to the company teams?
- What are your achievements for today?
- What are the team’s strengths and weaknesses that you see?
- What are your short-term and long-term goals?
- What are the actual threats that you see? How are you going to solve them?
- What are the potential problems that you foresee? How are you going to prevent them?
- Do you have other concerns or issues?
Advantages & Best Practices of doing Reporting for CEOs
Reporting for CEOs is advantageous to the team in some reasons.
CEO reports establish communication between the CEO and the board of directors. This enables the CEO to remain open to the board. This is better than hiding information that the board needs to know. The reports will update the board of directors on the overall current status and progress of the company. This will help the board decipher the location of the company in their timeline, indicating the company’s pace in hitting its goals.
The report made by the CEO stands as the company’s reference for its future. Since it contains information on the company’s achievements, plans, and problems, the company will be able to adjust its policies to its employees. In addition, the company’s strengths and weaknesses are also highlighted by the report. This can help the company develop more strategies that can be integrated to their staff trainings. These strategies are aimed to boost the company’s strengths and eradicate the weaknesses.
Reporting for CEOs also help the teams of the company. From the top, the board of directors and the CEO may provide an update to the managers and supervisors, who in turn, will spread the news to their subordinates. Information from the CEO report can be extracted and informed to the company’s smaller units, allowing them to adjust their goals, develop more competitive strategies, and implement appropriate actions.
Disadvantages & Pitfalls at doing Reporting for CEOs
Reporting for CEOs can be helpful in various ways, but there are times that it can be disadvantageous to the team.
CEOs are high positions, that they themselves may not be aware on how they will write a good report. Most of them rely on their scribes or secretaries to take noted for them and create a report if needed. As a result, some CEOs may not be able to write a high quality report.
Problems that can be foreseen are incompleteness and inaccuracy of data. Since their responsibility is mainly on the oversight of the company, their report may not be detailed as those that are made by the other team leaders. Also, the information may not be accurate enough as CEOs are not usually in their offices. Incomplete and inaccurate data may adversely affect the judgment of the board of directors.
Setting strategy and vision is the main duty of a chief executive officer. This should always be considered by CEOs in writing their reports. This is to ensure that whatever they think and whatever they do are at par with the company’s goals, mission, and vision. However, once a CEO detaches from the company’s objectives, it can negatively affect those people with lower ranks.
Why Teamreporter is great in doing Reporting for CEOs?
Teamreporter is a helpful business application for CEOs as it reduces the number of status meetings. This is made possible by the usage of scheduled report mails. The application can be used free of charge by four-man teams and signing up just takes less than a minute.
CEOs, as well as project managers and supervisors, benefit from Teamreporter as the application gives them updates on the company’s or project’s status or progress. Achievements, problems, and goals are highlighted so as to allow the team to discuss them with adequate time. Also, Teamreporter enables the team leaders to track the performance of their members. This implies that team leaders will be also able to identify top performers and regular workers.
Teamreporter sends e-mail notifications to its users, asking them to submit information about the company’s achievements, plans, and problems. The team members will send their report to their team leader via the application, Teamreporter will generate a synthesis of the members’ reports and the information summary will be send to the members the following day. Sending and receiving information is not a huge problem with Teamreporter as it has an easy to use and automated system.
If CEOs consider flexibility on a business tool, Teamreporter is a good example. Its users can modify the questions in the application, as well as the schedule of the report mails. This allows users to utilize the application without worrying about their work flow and work environment. This simply means that Teamreporter can be used in accordance with the team’s protocol or internal operating procedures. Those members who will receive messages can also be enlisted. Moreover, the application can be integrated with the team’s existing applications.
Teamreporter stands as a great communication tool for CEOs, team leaders, and the teams in the company.
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