Importance of Compiling Business Reports for Managerial Needs
Business report is important document for active decision making in a company. The management is able to use the compiled business reports to track the progress of the company. The reports help in tracking achievement of goals, control of expenditure and increment in revenue. Past business reports help in reviewing past records and also predicting the trend which enables the management to strategize on how to increase profits. Managers who are able to review frequent reports of their business are able to adjust quickly on abnormalities.
Report format and its reflection on the writer’s strategic consideration of a situation
In order to grasp the strategic consideration of a business in a given situation, the format of the report is important in presenting the content to different users. For example,
(i) A project plan is a report that should seek to convince the financiers of the advantages of the project. Thus, items such as cost, efficiency and the returns should be well presented.
(ii) A feasibility report should seek to respond on the question and recommendation on whether the option is feasible.
(iii) A marketing report should examine the effectiveness of the past marketing approach and affirm whether it is suitable or need to be revised.
Therefore, the tone, style and length of these reports may not be the same because the reporter has to capture and effectively present the argument in the most correct way.
These elements help in determining the level of formality on the final report in different ways depending on the users and the influence it is supposed to have to them. For example, the tone and formality project plan is required to be formal, detailed and all inclusive on matters referring to the project. This facilitates the writer in creating the level of seriousness required in the report to the project financiers who might happen to be from outside the business. A marketing report may not be too serious as the users are basically from inside the company and conviction can be achieved through very little explanation.