Overview with tools, template, software, best practices and alternatives
What is Reporting to the Board of Directors?
The board of directors is a body of elected or appointed members who, as a unit, watch over the activities of the company or organization. Reporting to the board of directors involves the process of providing information and updates to the board’s appointed members.
Who do Reports to the Board of Directors?
Business team members and team leaders generate reports to be sent to the board of directors, so as to keep them informed on the latest updates about the status of the team and the project. The team leaders who make reports to the board directors include the manager, the supervisor, and sometimes, the chief operating executive.
Why do people do Reports to the Board of Directors?
People in business do reports to the board of directors in order to update them about the activities, performance, status, and progress of the team and the project. The report contains recent information and update, which will help the board of directors to compare previous and current information, analyze data, make inferences and conclusions, and make logical decisions.
Business teams also create reports to make the team aware of the achievements, plans, and issues experienced by the team. The achievements set the team’s place in the market while the issues allow the team to discuss ways on how to solve actual issues and how to prevent potential issues. Reports to the board of directors also present the strengths, weaknesses, opportunities, and threats of the team.
How to do Reports to the Board of Directors / Ways to do Reports to the Board of Directors
Reports for board of directors facilitate presentation of relevant data on the undertakings, routines, standing, and development of the management team and the project.
In doing reports for the board of directors, the team should start including the recent information on what happened to the team. Information can be the details that transpired within a specific period of time, along with the team’s status and progress.
Some reports are written on a draft, prior to becoming written as a final output. Writing a draft reduces the errors and mistakes in the final report output. Also, this helps reduce the queries and clarifications in the final output.
The report should be factual and this means no falsified information. Including false information in the report will adversely impact the integrity of the report’s information, which will also negatively affect other aspects of the report, such as planning, implementation, and evaluation. To add, false data can also break the trust of the board to the team members and leaders.
It is also important for the report to be clear and comprehensive. This is done by being direct to the point and not using lots of words with completely similar points. Also, the language used should be easy and simple to understand, as this will help team members understand the report holistically.
Advantages of doing Reports to the Board of Directors
Reporting to the board of directors is beneficial to the management team for the following reasons.
Doing reports allows the team to communicate the group’s status and progress to the board. Communication serves as the primary advantage as the reports allow the teams and its members to send their reports to the board and update them on the latest event on the team. New or changed information can be communicated to the board of directors, if necessary. This allows them to think, compare information, analyze data and make conclusions and rational decisions.
Achievements and issues are inculcated to a report for the board of directors. The team’s accomplishments will help the board identify where the team is in the story. Also, these achievements can serve as inspiration or motivation to other members of the team. The accomplishments can also show the competence level of the team, as well as its readiness to go up to a higher level. Identifying the team’s issues as early as possible will also help the team think of possible ways to solve actual issues and prevent potential issues from becoming actual issues.
Disadvantages of doing Reports to the Board of Directors
Reporting to the board of directors can be beneficial in a number of ways, but there are also instances in which it can be a shortcoming to the team.
Doing a report for the board of directors is a tedious work as it can be time consuming. Instead of putting one’s time on the regular tasks and responsibilities, the team members or leaders have to construct a report for the board of directors. The unfortunate issue about it is there are times in which the members of the board do not entire read the report and will instead ask the team member information that is already in the report. Other team members may find doing a report as redundant form of verbal reports in meetings.
Another con of doing a report for the members of the board is the cost. This can be an issue for startup teams, which are teams that have just begun their operations. Preparing reports may require materials such as printer ink and paper, which will be added to their expenses. Teams may be spending their funds on reports instead of other essential activities, such as team building.
Best practices for doing Reports to the Board of Directors
Doing reports to the board of directors helps team members, team leaders, and affiliates to become informed and updated on the status and updates of the team and the project.
Since reports provide information on the overall standing and development of the group and the project, it is highly recommended for the team to include complete and accurate information. This can be done by taking down important notes on the team’s activities and regular occurrences on a daily basis. This helps team members to retain information in their memory, enabling them to construct a detailed report.
Organization is the key in writing reports to the members of the board. This is to maintain coherent ideas, which helps readers read and comprehend the report with clarity. This can be done by using bullets in presenting data, instead of merely writing them using the narrative style. Bulleted information can be synthesized-looking and can be easily understood by the readers, especially the board members.
In presenting quantitative data, the team can use tables, graphs, charts, and diagrams, which can make numbers and figures more understandable and relatable to the readers. Aside from containing synthesized information, these approaches in presenting quantitative data can better show the relationship and trends of the numbers than the words in paragraphs.
How Teamreporter helps at doing Reports to the Board of Directors
Teamreporter is a business tool that can reduce the number of stand-up meetings of a team. This can be done by utilizing scheduled report mails. Signing up just takes less than a minute and the application can be used by teams with up to four members.
Teamreporter can help the board of directors, along with the team leaders have a complete oversight of the team and the business, as the application gives them essential and updated information about the status and progress of the team. Team leaders will be able to determine who performs well and who needs further help.
Team members can highly benefit from Teamreporter as they can send and receive information to and from other members of the team through the application’s automated and easy to use interface. Teamreporter will send them e-mail notifications, which asks them to send pertinent information about their plans, accomplishments, and problems. Teamreporter will send the team a follow-up data summary the next day, based on the members’ replies.
Teamreporter is flexible as teams can use it in any workflow and environment. The application’s questions and report mail schedules can be modified by the team, along with the list of members who need to send updates and the list of team members who will receive the updates. Aside from being able to be used with web browsers and e-mail, Teamreporter can also be used by the team with its existing applications.
Alternatives to Reports to the Board of Directors
While reports to the board of directors can be beneficial to the team, there are some options that the business team can consider.
Daily and weekly reports can be generated and sent by the team to the members of the board to inform them the events that have transpired within a specific time frame. Daily reports are more complete than weekly reports as data is highly detailed, unlike weekly reports, which may lack information. Both may also take time as they are paper works, however, both present information and updates in a time specific manner.
E-mail reports and updates can be considered as options to writing reports to the members of the board. These are faster ways to update the board members as they utilize the power of the internet, which is a present trend in business reporting. With only one click, team members and team leaders can send their reports to the members of the board. However, poor and absent internet access halts the team from sending and receiving information and updates to and from other members of the team.
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