Strategies for developing an annual report—Part 2

NOTE: The nation's community of technology-based economic development organizations has entered annual report season, and we've already seen several releases from SSTI members. All document the impact TBED can have on advancing research, moving it to market, and helping businesses improve their profitability and competitiveness.

To help the TBED community prepare their own annual reports, SSTI is speaking with a few of our members to learn more about their evolving approaches to preparing their annual reports. This week, we share insights from our second conversation based on an interview with Kimberly Metz, senior manager and head of marketing at Ben Franklin Northeast. The first part of this series ran in the Feb 13 issue of the Digest, and is available here.

Long before an annual report begins to take its final form, there are typically extensive internal conversations among leadership about what the document should include and what the look and feel should be. The early planning stages for the 2024 issue of the Ben Franklin Technology Partners of Northeastern Pennsylvania annual report were punctuated with a series of collaborative meetings between President and Chief Executive Officer Angelo J. Valletta, Chief Operating Officer and Chief Investment Officer Wayne K. Barz, and former Chief Marketing Officer, Dannah Hartman.

"For success from the beginning, it is important to include those internal collaborators and make sure everyone's on the same page about what goes into it and what the look and feel should be. That's something you can talk about before you even get started," said Metz. "It takes some time to decide which companies to focus on, and then content gathering, which is always the bulk of the process, takes time."

In this year's annual report, Ben Franklin showcased stories about innovation (see "Revolutionizing Stem Education Through 3D Learning" on pg. 6 of the report), job creation (see "A Legacy of Impact" on pg. 3 of the report), and successes companies are experiencing through their relationship with Ben Franklin (see "Providing Reliable, Customized Compressed Air Solutions" on pg. 7 of the report).

According to Metz, business successes resonate the most with their readers. The story topics were carefully selected to ensure that they not only told the companies' successes but also highlighted how Ben Franklin's programs played a critical role in their success.

"We tell that story for both sides," she said. "We explain the why behind the how. We show why they come to work every day, why they're working on the type of projects they are, and what's significant about the products they're creating."

The stories, said Metz, are what people will remember. "You may not remember the data you see, even though it's all laid out beautifully. You may not remember a pie chart. But you're going to remember a story."

Of course, the economic impact data is included in the report. Metz notes that this information is presented in an infographic telling the story using visuals, which, she said, "is always more engaging." (See "Ben Franklin Northeast 2023 Economic Impact" on pg. 4 of the report).

To begin the conversation about the look and feel of the report, reflect on what your organization did in the previous annual report. "Notice if it was image heavy, relying on images rather than text, and ask yourselves if you still want that. Would you want to balance out more this year with more copy? How did people react to the prior design? How did your stakeholders feel about it?"

Ben Franklin has tried different looks and feels from year to year. “I think that's good because it keeps it more interesting for the readership,” said Metz. Metz also noted that, as the brand evolves, it is advisable to ensure your current annual report reflects where the brand is and where the market is.

Looking at recent corporate annual reports can be helpful when considering the look and feel of your report. "Corporations tend to use design agencies that are more on the cutting edge of the trends in annual report design," said Metz. "Data presentation changes from year to year. And you can see visual trends over the decades." But she also cautions against being afraid to break the rules. "Stick with what you want to do when it makes sense," she advised.

So, when should this planning process start? What will your timeline be from these initial brainstorming sessions to completion?

Metz, as do many other project planners, always goes backward from when she wants the report to "drop." Traditionally, she notes, the annual report for Ben Franklin Northeast drops in early to mid-January, which means it has to go into production in early December. “So, I imagine we'll start talking about next year’s content in August or September,” she said. “We'll do the writing and the design in October and November. And then we'll do the editing and production through the early winter.” So, in all, the entire process takes about six months. “It can be a slow process,” said Metz, “but it takes some time. The time is worth it. You want a quality result because it's permanent.”

Metz offers advice for remaining on track. "Rely on a well-planned timeline. Make sure you give yourself a little extra berth, an extra couple of weeks in there in case people miss a deadline or something goes wrong with the printing.

The guiding principle throughout should be that this publication is for "selling" your organization to your stakeholders. "An annual report at its heart is still a marketing tool," Metz stressed. You're trying to share your story through data and storytelling. You're doing it elegantly, but it's still a marketing tool.”

To view Ben Franklin Northeast’s 2024 Annual Report, “Driving Innovation & Growth Together,” click here.