If preparing for every board meeting is a scramble & includes spreadsheets, screenshots, hours of copying pasting and creating charts in excel ..only to still have that nerve-wracking "please don't ask me about this data" feeling --> there's a better way! Ask your team for a Board Reporting Dashboard.
The Dreaded Board Meeting..
Ahh! Nothing like heading into a board meeting with..
A) Data you don't feel you can trust
B) Anxiety because you can't speak to any of your numbers deeper than what's already on the slides
C) Charts that show a shift for the worse and you don't have a data-driven plan on how you're going to mitigate against it
D) No sleep because you stayed up all night in spreadsheets so the numbers in your deck could be as close as possible to real-time
Such joy! 🙃
If this sounds anything like your board-prep situation, it's time to ask your team for a board meeting dashboard.
What do we mean by this? A dashboard that shows all your key metrics live in one place, with the ability to drill down so you can not only speak to your high level numbers but also explain the "why" behind any drastic shifts and what you're going to do about it.
Asking your team for a board reporting dashboard will enable you to:
- Trust your data
- The first and most essential part of building a board reporting will be to fix any errors in your data capture or CRM infrastructure so you can actually trust your data. No more he said, she said on what the numbers are.
- Save HOURS of time:
- No more hours spent trying to find all the key metrics they ask for or running last minute analyses the day before to try make sure your data is up to date. By having a dashboard built with live data you have access to every data point you need to speak on already built and accessible at any time/
- Surface insights, not numbers:
- The high level numbers are great, but to be strategic you want to be able to speak to the why. What marketing campaign/product launch/feature break/market-shifts etc. are influencing shifts in your numbers? A dashboard that allows you to answer these questions because it has the functionality to drill down into certain numbers and surface the root cause behind shifts.
- Form a data-driven strategy
- Capitalize on or mitigate against shifts in your numbers. For example, let's say a cohort analysis shows that a new persona is converting 2x faster than your usual focus on CEO's only. This is a valuable insight that should be shared with your marketing and sales team so they can target this new persona and increase sales velocity. These data-driven strategy adjustments that are great to be able to share in these meetings to show how you are optimizing your revenue engine.
Key Components of a Board Reporting Dashboard
Your board reporting dashboard should include several crucial elements. When you ask your team for this, make sure the report encompasses:
- Strategic Objectives: Outline the overarching goals of your organization that board members care about.
- Key Performance Indicators (KPIs): Define clear, measurable indicators that track the progress towards these strategic objectives.
- Departmental Updates: Provide a synopsis of achievements, challenges, and future goals from each key department.
- Financial Summary: Highlight financial metrics that matter most to the board’s strategic decision-making process.
- Risks and Opportunities: Ability to show the "why" behind numbers and highlight potential risks to the organization and opportunities on the horizon.
Example Dashboard
Here's a basic example dashboard that shows you how your board reporting might look (and how it can uncover what's really going on with something like ARR!)
Copy below & ask your team for this👇
Creating a Board Reporting Dashboard That Tells a Story: A Step-by-Step Guide
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Ensure Data Accuracy in CRM: Before diving into report creation, ensure that all data in your CRM and other data systems is up-to-date and accurate. This step is crucial as it lays the foundation for reliable reporting.
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Align with Company Goals: Start by understanding what the board truly cares about. Align your board report with the company's strategic objectives to ensure that every piece of information presented serves a clear purpose. Consult with senior leadership if necessary to pinpoint these priorities.
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Identify Key Metrics: Select KPIs that best reflect the health and direction of the business, such as revenue growth, customer acquisition cost, and burn rate. Make sure these metrics align with what the board values most. Avoid overwhelming with data—choose metrics that matter and place them prominently at the top of your dashboard.
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Consolidate Departmental Inputs: Gather insights and updates from each department to provide a comprehensive view of the organization. This helps create a nuanced report that covers all areas affecting the company's strategic goals.
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Choose the Right Visualization Tool: Create the dashboard using a powerful data visualization tool like Looker or PowerBI, which allows for integration of various data sources beyond Salesforce. This enables you to include broader insights that the board cares about, such as burn rate and other financial health indicators.
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Design the Dashboard: Structure your dashboard so that key metrics are displayed at the top. As board members scroll down, show month-over-month changes and detailed reports that identify potentially influencing factors. For example, include a section that shows how recent marketing campaigns have impacted monthly qualified leads (MQLs).
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Review and Refine: Ensure your report is clear and concise. Run it by key team members before presenting to the board to catch any discrepancies or unclear areas. Make adjustments based on feedback to ensure the report meets the board’s expectations and provides meaningful insights.
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Regular Updates: Set up a schedule for regular updates to the dashboard, ensuring that the board always has access to the latest data and insights. This iterative process helps maintain the relevance and usefulness of the board reporting blueprint.
Your board reporting dashboard is more than just a report: it's a critical tool for strategic alignment and decision-making. By defining key components, visualizing them effectively, and aligning them with your company’s goals, you empower your board to make informed decisions that drive your organization forward. Regular updates and careful curation of the content ensure that the report remains an invaluable asset for both the board and management.
Questions? Don't have a team to build a Board Reporting Dashboard? RevOps team too busy with the day to day? Let's chat!
