Any successful business owner will know how important it is to get their business reports right. Business reports such as annual reports are a great way to enable business owners to communicate key information between companies and with shareholders and customers alike. But getting the report right is essential.
In this article, we explain how to improve your business reports to ensure interested parties are getting the most relevant, up-to-date and accurate information possible. We cover the six essentials to improving business reports, from ensuring the content is relevant to discussing business risks in the most relevant way.
Covers the basics
One of the most important factors contributing to a succesful business report is whether the report adequately covers the ‘essentials’. The first of these is to give investors, customers and stakeholders the information they need: current performance levels, strategic plans and the progress in implementing these. This part of the report should also explain how the businesses resources are being managed to meet the longer-term needs of the company.It is succinct
The second essential that business reports need to cover is to ensure that the content of the report is as clear and relevant as possible. Keep the business report as succinct as possible: most annual reports, for example, are roughly 204 pages long. Ensure that quantity is not replacing quality and keep reports as to-the-point as they can be.Has the right KPIs
The third essential is to include operational Key Perfromance Indicators (KPIs) in order to provide a long term analysis. As stated in the KPMG Survey of Business Reporting, “To support a longer-term view of performance, companies should select measures that align closely with the specific factors that drive success for their business, such as the strength of the customer base.”Here are some important inventory management metrics