Overview with tools, software, best practices and alternatives
What is Business Reporting?
Business reporting is the process of providing essential information and updates about the team and project’s status and progress. This way, business teams will be aware of what is happening in the group and the business project.
Who is doing Business Reporting?
Business reporting can be done by anybody in the team. Usually, all members of the team are tasked to provide a report on the events in their respective departments. Team leaders can also do business reporting, in coordination with the team members or business affiliates.
Why do people do Business Reporting?
Business teams do business reporting for some reasons.
The members and leaders of the team do business reporting for communication purposes, in which they provide salient information and updates about the standing and development of the team and the business project.
Another reason is chain of command. As a general rule, team members should forward information to the team leaders, as they serve as the superiors in the organization and they have to have a clear oversight of the team and the business itself.
Business reporting also provides complete, accurate, updated, and organized information to the team members and leaders. This way, members, leaders, and even business affiliates will be able to compare past and present data, make considerable conclusions, and make rational decisions.
How to do Business Reporting / Ways to do Business Reporting
Business reporting involves providing important information on the undertakings, routines, standing, and development of the management team and the project itself.
In doing business reporting, it is vital to present updated, organized, complete and accurate information, as the data will serve as the foundation in formulating plans, developing strategies, implementing actions, and evaluating outcomes.
The team can also include the team’s achievements in business reporting, as these indicate what the team is capable of doing in the long run. Also, the team’s accomplishments can also serve as inspiration and motivation to team members, enabling them to perform better.
The team’s issues can also be put in the business report, as they serve as the team’s weakness and threats. Identifying them early is important as the members and leaders will be able to prioritize them and discuss possible ways to solve and prevent them.
Advantages of doing Business Reporting
Business reporting is advantageous to the business team for the following reasons.
Communication is the primary advantage in doing business reports. Team members and leaders send and receive information on the team’s status and progress, more specifically their accomplishments, problems, and plans. With these pieces of information presented, members and leaders can give their comments to the topics that are tackled.
The achievements of the team serve as the team’s strengths, allowing team members and leaders to become inspired and motivated in doing their tasks and responsibilities. Also, the accomplishments of the team can attract potential investors and business partners.
Another advantage of doing business reporting is the inclusion of issues and problems. Identifying them as early as possible enables the team members and leaders to discuss possible methods to solve and prevent actual and potential problems.
Disadvantages of doing Business Reporting
While business reporting can be advantageous in a number of ways, there are also times in which it can be a disadvantage to the business team.
Virtual teams can use the power of stable internet connection in sending and receiving information to and from other members of the team. This way, they will be able to know the status and progress of the team and the business. Nevertheless, members of virtual teams will not be able carry out this task if the internet connection is poor or absent.
Start-up teams and businesses will have quite an issue with business reporting, in case they have chosen to send paper-based reports to members, leaders, and affiliates. With the team in its juvenile stage and is still developing, team members and leaders may consider business reporting as an additional expense.
Aside from being viewed as an additional expense, business reporting is also viewed as tedious and time-consuming. Instead of focusing an allocating their time and effort in regular tasks and responsibilities, team members have to perform an additional task, which is to generate a business report.
Best Practices for doing Business Reporting
Business reporting helps team members, team leaders, and affiliates to become fully informed, updated, and aware on the standing and development of the team and the project.
In doing business reports, data should be factual, complete, accurate, and updated, since these pieces of information help the team formulate plans, develop strategies, implement actions, and evaluate outcomes. A small notebook or pad can be kept by team members and leaders so that they can jot down important information on the team and the business itself. This way, they will not forget to include important details in the report.
Another good practice is the inclusion of quantitative data in the report. Since business involves money, it is expected that the report should include numbers and figures. This can be applied by presenting numerical data by using tables, charts, graphs, and diagrams. This way, the data will be presented more effectively to the members of the team.
Language is another element to take into account in business reporting. While business reports talk about movement of money as well as the activities of the business team, a kind of language that is easily understood by the members of the team should be used. Also, the use of jargons and acronyms should be limited as not all team members are familiar with them.
Verification of data is also a must in business reporting, in which the content of the report is screened for errors, mistakes, or discrepancies. Once identified, these should be corrected immediately to avoid errors in the team’s future activities.
How to do Business Reporting with Teamreporter
Teamreporter is an application that uses scheduled report mails in place of status meetings. Teams with up to four members can use the application for free and signing up just takes up to less than one minute.
Team members and leaders can send and receive information and updates to and from other members, leaders, or affiliates easily and fast, using its automated and user-friendly interface. Teamreporter sends e-mail notifications to the team, asking members to send essential information, such as their accomplishments, problems, and plans.
With Teamreporter, team leaders can also get a clear overview of what is happening to the team and the business project. Also, they will be also to identify key players in the team, as well as those who need further assistance. In addition, team leaders can also use Teamreporter’s information when they make updates, reports, and training modules.
Also, Teamreporter demonstrates its flexibility in various ways. Team members and leaders can modify the questions, as well as the schedule of report mails, in the interface. In addition, members and leaders can also use the application with other existing applications they are using, alongside the e-mail and web browser.
Alternatives to Business Reporting
While business reporting can be helpful to the business team, there are other alternatives that the business team can take into account when doing business reports.
Quick meetings, such as stand-up meetings can be used by the team members and leaders. These can be conducted to elicit information and updates in a fast and easy way. Team members and leaders will be able to directly discuss the team’s achievements and issues and throw questions right away. However, members of virtual teams will not be able to meet live for a status meetings. Virtual or asynchronised teams can conduct virtual meetings instead.
Another option is the use of e-mail updates and reports. Team members and leaders can send information and updates easily using the internet. Through sending, e-mail updates, the team members will be able to receive important updates, such as the team’s achievements, problems, and plans, along the team’s strengths, weaknesses, and opportunities. Nonetheless, team members will not be able to send and receive reports if the internet connection is poor or absent.
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