Writing a report might not be at the top of your priority list at the moment, but business reports are a critical part of running a successful company. When you’re able to produce good business reports, you’ll be able to save time, money and see a tangible shift in the way your company runs and addresses the future.
Business reports compile a snapshot of what is going on in a business at a certain point in time. They bring together facts and statistics to build a picture of what is happening inside the business and the outside market. For instance, business reports could look at inventory stock records, salespeople performance, warehouse functioning, or inventory control.
What’s the reason for doing a business report?
A business report collates information from across the company and brings it in front of key decision-makers, managers and business owners. It gives an insight into how the business is performing with growth and profits and how the everyday operations are tracking. It can highlight major problems, such as delayed shipments that led to inventory control problems or economic forecasts that warn against decreases in demand.
A business report can guide purchasing decisions and provide a paper trail for auditing. Compiling this information can also be useful when meeting with stakeholders. It can be added into the annual report when giving information to employees, investors and clients to portray an accurate summation of your business.
The importance of business reporting on all aspects of your business
There are a variety of ways that business reports can provide value to different areas of your business. Business reports play an influential role and touch every segment of a business. They are an asset to procurement, development, decision making and so much more.
Reporting can help provide a case for substantial purchases or support a shift to other products if your current suppliers are not working out. If you have inventory control issues because suppliers are often delivered late, business reports can steadily document this and put a case forward for the procurement team to use new suppliers.
Keeps track of development
Development is a journey that happens over time. With the use of business reports, you can tangibly see what milestones are reached. It also keeps track of the smaller steps that are taken, not just the monumental ones. This is equally important as businesses can review their journey and see what pivotal steps went well and what small efforts made a big impact.
Helps with decision making
Business reporting play an influential role in business decisions across the company. They might support managers decide which salesperson to promote, identify best performing products for marketing purposes, highlight customer demand and insights into new opportunities for target markets.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.