A business report is an analysis of a given feature of a business. It may involve a business trend, the situation of the company, financial statements, or past business engagements. It is essential in helping formulate business decisions, improving the business, creating strategies, and assessing the condition of the company. According to Jones, Borgman & Ulusoy, (2015) critical information's founded on a business report may include financial details, new projects ongoing, prospects, the current situation of the business and any significant issues facing the industry. Before creating the report, it is essential to ask and answer critical questions that include the targeted readers, the requirement of the report, and what the report will entail. These will help in producing a clear and precise outline of the business report.
Creating a business report entails five major stages or steps. They include:
• Determination of the scope and purpose of the Report
• Developing a clear framework
• Understanding and considering the reader's expectations
• Putting together all data and information
• Analyzing all data gathered
The steps should be precise, concise, and clear. Information provided should meet the reader's expectation in line with content, details, and all relevant information's. For example, the purpose of the report should be apparent and offer an insight into the primary objective of the report. It is critical to understand that all information's provided in a business report is neither wrong nor right. Under step two, it is essential to establish a consistent continuity that starts from answering the necessary questions to putting down the conclusion (Jones et al., 2015). Information gathering helps in tailoring the report to the appropriate level. Step five is critical as it helps in formulating the precise actions to be taken and included in the commendations.
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With the continued rise and use of social media such as Facebook, business reporting has taken a new twist. For example, notable companies such as NetFlix taking on offering its shareholders reports on its Facebook page. Stakeholders thus have to subscribe or like the Company Facebook page to access the business reports. Reports that can be provided through social media may include changes in management, financial performance, current business situation, and upcoming events such as shareholders meetings (Newman et al., 2017).
References
Jones, N., Borgman, R., & Ulusoy, E. (2015). Impact of social media on small businesses. Journal of Small Business and Enterprise Development , 22 (4), 611-632.
Newman, N., Fletcher, R., Kalogeropoulos, A., Levy, D., & Nielsen, R. K. (2017). Reuters Institute digital news report 2017.
