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Boards are able to use decision documents to gather the information needed to understand, formulate and take decisions that will shape the future of a business. When these documents are not properly written, they can be overwhelming, both in terms of information and length. This could result in poor decision-making.
The key to a winning board paper is to be brief and simple. Directors typically have a short time to read your papers and may not have the same expertise as you do. Therefore, it is important to cut out unnecessary operational details. You should use clear arguments instead of long explanations, and use only facts instead of opinions.
A well-designed decision document begins with the background of the issue. It guides directors through your argument by highlighting links to strategy and financial information. This structure is similar to a conventional story, and assists directors in understanding your point of view.
Lastly, you should include an assessment of the potential risks that could impact the final decision. You should include a statement of any existing issues in relation to the proposed decision. This section is a critical element of a decision document and gives directors confidence that the information they are reviewing is accurate and current. Before the meeting it is recommended to hold a discussion with the board members who will be going through the document to ensure that all the information and points are taken into account. This will allow you to identify what needs to be covered and if it’s required, discuss possible outcomes or options with the board.