Moving your annual report online is an excellent way to communicate to stakeholders and customers, says Steven Mitchell, director at Tayburn
The annual report is the definitive corporate guidebook, packed full of facts, figures and forecasts disclosing everything we need to know about the state of a company. It plays a vital role in communication, but over the years its size has increased considerably in response to pressures to report more transparently. But with the advent of the digital age transforming just about everything in business, is it time to review how we communicate with stakeholders?
Whether we like it or not, things are moving online and annual reports are one of them. But moving corporate data online needn’t be a shock to the system. Rather it should be viewed as a migratory move towards a two-way relationship with stakeholders, and a natural progression for any forward-thinking organisation.
Switching to digital
Putting reporting information online isn’t just a case of shifting reams of obligatory data from print to digital. The very way in which online information is accessed, read and retrieved is not linear but often selective, so thought should be given as to how to present the information and how users may easily access it.
Before embarking on putting your annual report online, here is a checklist of things to consider:
• Resourcing is key. Define areas of responsibility within your business and ensure that everyone is clear on their role in bringing the reporting information together on time.
• Pre-warn your audience of your intentions. If appropriate, and possible, ask how they would like to receive the report well in advance.
• Think migration and evolution of information. Often, moving your reporting online is a staged process that happens over a number of years. Plan ahead so the change is achievable. Rarely are investor relations websites set up overnight.
• Plan for live data. Online infomation fosters the expectation that the data displayed is current, rather than a retrospective snap-shot of information at a point in time. Often, the biggest challenge of providing information online is having up-to-date share price information and regular news updates. Partnering with a data provider and finding an effective way to incorporate this live feed can improve the user experience of your online report, and ensure that important information is automatically updated.
• Keep it legit. Remember your legal and auditing responsibilities, as well as best practice for information provision.
• Make information accessible. Ensure there is the ability to search for information and that information is clearly broken down into sections that are accessible from the reporting homepage. Online offers the opportunity to present further information. This can be a chance to tell the story behind the numbers. Contextual information may be used to support the business case.
Multimedia reports
The surge in popularity of mobile communication is certainly the shape of things to come. If you decide handheld is the way to go then an online report is likely to be better presented in a short- form reporting format. In essence, this is a leaner version of the annual report highlighting the main areas of your business in an easy-to-navigate format that should satisfy the majority of stakeholder questions. The full annual review can sit behind the short-form format and anyone looking for more detailed information can request a straight forward print out direct from your company or download it from your website at a later date.
A visual version, such as video, is an alternative option and could work on both smartphones and tablet devices, especially where corporate responsibility reporting is concerned. Ever-evolving technology and content can be employed to help stakeholders understand the business behind the numbers and humanise the brand. The annual report is an integral part of a company’s brand so there is a real opportunity to use it to tell the story of the business, its values and its vision.
Measuring your message
In terms of measurement, there are some simple steps that can be taken to ensure that your corporate messages are reaching your target audiences.
Firstly, it is important to understand who is viewing the information. Are they shareholders, investors, employees, customers or suppliers? Once you have segmented visitor groups, try to identify how your audience is using your online report. What are they reading, downloading or clicking on? Understanding what each audience is interested in will help you tailor your communications.
Announcing that your online report is available can enable a business to capture click-through rates and monitor traffic to the site. Finally, be open to new methods of communication. Presenting weighty, complex information is a challenge in itself, but you should look to improve and substantiate this information provision year-on-year.
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