Board papers can reach mammoth proportions, tying up vast amounts of management time in preparation. The result of these excesses, are often late board meetings with the papers often being sent to the directors only a day or two before the meeting. The board meetings themselves can then be side tracked by the detail with the strategic overview inadequately addressed.
Directors themselves are often a guilty party requesting changes to board report formats, or additional analysis without first finding out what the exercise will involve, or giving staff guidelines as to how much detail is required.
What amount of senior management time is absorbed by the monthly reporting process? We estimate that, for, say, a company with 500 FTEs, the time invested prior to the board meeting is between 26 to 47 days of effort each month.
Is there a better way? Participants* in the waymark solutions studies, are finding ways to improve the board reporting process, from the better practices provided.
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An in-depth look at how to create and use key performance indicators (KPIs), from the King of KPIs – now updated and expanded!