Taking the pain out of annual reports
Image: Scott Graham via Unsplash
For many organisations, including most government agencies, charities and publicly listed companies, now is the time to put the final touches on their annual report. Depending on how well the process runs, it can be a routine exercise or a reoccurring nightmare. Here are some tips for avoiding the latter.
Start early
Planning for your annual report should start well before the end of the financial year. Allow time for contributors to provide initial content, conduct reviews, edit, layout, proofread and print the report. As with most things, it takes longer than you think so the sooner you start, the better you will finish.
Understand compliance requirements
Compliance requirements for an annual report vary for different entities. Publicly listed companies and charities required to lodge a financial report with the Australian Securities and Investments Commission (ASIC) must follow very different rules to government agencies tabling their annual report in Parliament. Find out what the latest requirements are (note these tend to change, if only minimally, from year to year) and make sure you are gathering all information necessary to comply.
Delegate to content owners
Different sections of the report will relate to different areas in your organisation. Find out who owns the content and assign them responsibility for providing this information. It is likely that many stakeholders will have been through the process before, but those doing it for the first time might need more help. Use a simple tool like a spreadsheet to list each section, assign owners and reviewers, and track progress systematically.
Set expectations
Be sure to brief everyone involved – whether they are content owners, reviewers, designers or proofreaders – on what is required. For example, how much information is needed, what level of detail, what is the scope and should they adhere to a particular theme. Develop a project schedule and set timelines so you can see how you are tracking at all times.
Get the balance right
An annual report is both a compliance document and a marketing document, so striking the right balance is important. While reporting facts and figures and meeting regulatory requirements are key, it’s also a chance to it’s also a chance to highlight for readers the things that are important to your organisation and explain why. Avoid lapsing into a sales pitch, but treat your annual report as an opportunity to showcase your brand and reaffirm your values.
Learn the lessons
While your annual report might have to be compiled yearly, that doesn’t mean the same people will be involved each time. Document any lessons from the process that will make it easier next time around for all those involved. Reuse tools such as project plans and content trackers: the best template for your next report is your last one. While it’s good to find ways to continually improve your annual report, draw upon what worked and learn from what didn’t rather than trying to start from scratch.
