Overview with tools, software, best practices and alternatives

What is a Company Status Report?

A company status report is a recurring update about the company, which an employee gives to his superior. These reports serve as crucial means of communication within any reporting affiliation, across all job operations, fields, and company proportions.

Who does Company Status Reports?

A company status report is usually done by regular office workers or employees. However, those with supervisory roles such as team leaders, project managers, and supervisors can also prepare and submit such reports.

Why do people do Company Status Reports?

People create company status reports and submit them to their superiors since these reports serve as the overview of what is happening to the organization or company.

It reflects particular data that have been observed and collected in the company within a particular period of time. It also includes the current and future plans or goals of the organization. In line with the company goals, the strategies and activities that were executed and are to be implemented are also included in the company status report. More than that, evaluations of outcomes are also reflected by the status report; it states whether a previous goal has been met or not.

How to do a Company Status Report

Writing a status report facilitates effective communication between an employee and the superior. In addition, it helps an individual to attain his goal as well as the team’s goal. Key elements apply when making a company status report.

A company status report should not be as long as a novel. As much as possible, it should be concise while containing the salient points to be included. Its briefness should be enough to show the important issues that took place and need to be tackled by the organization or the company. If the reader is a chief executive officer (CEO), it will be likely that he would like to know the summary of the report.

A status report usually presents three things – the things that have been accomplished, the plans or goals, and the actual or potential problems.

The accomplishment part is important as it presents the things that the team, organization, and the company have reached within a specific time frame. It is recommended to have it outlined in a synthesized form, by using tables or bullets. Also, a chronological approach will be appreciated by the reader since accomplishments involve time.

The plans or goals should follow the SMART principle. They have to be specific, measurable, attainable, realistic, and time-bound. Goals should be as descriptive as possible, containing numerical values if applicable. A goal should be feasible to achieve within a specific time-frame. A descriptive goal gives clarity to an individual, team, or organization. In fact, a clear goal will allow the team to devise a clear strategic path to attain it.

Conflicts are parts of the challenges an individual, team, or organization may face. These problems, whether actual or foreseen, should be identified as early as possible so that the entire team can think of ways on how the problem can be solved.

Advantages of doing Company Status Reports

Company status reports are beneficial to the employees, project managers, as well as CEOs.

Status reports provide a documentation of accomplishment and results. Such achievements serve as evidence of their productivity as assets of the company. It also helps address workplace dependencies. It can help the team to assess and identify the team’s strengths and weakness. Since tasks that are done are based from structured goals, company status reports align the members’ aim with the goal of the team or the company.

Managers can get information they need with status reports, such as achievements, plans, and problems. Knowledge of these key things will help them become managers, enabling them direct the team more efficiently. In addition, company status reports can provide planning and forecasting intuitions aside from setting a catalog of employees’ activities.

Company status reports allow business owners and executives identify and analyze trends in their businesses. Aside from providing discernments across various departments, such reports also increase a company’s transparency since aspects such as accomplishments, conflicts, and goals are addressed. In addition, CEOs can hear the voices of his subordinates through status reports, facilitating a happier workforce. Moreover, company status reports act as a powerful motivation and tracking tool in the business.

Disadvantages of doing Company Status Reports

While company status reports present a number of benefits to the team, organization, and company, they also have some flaws.

One disadvantage is human error, which is inevitable, since man is not perfect. Errors can be in the form of inaccuracy or incompleteness of details, which can adversely affect other reports as well as the outcome of all reports. However, companies provide proper training and hands-on in order for the team members to be able to construct a status report that is accurate and complete.

The other con of preparing a status report is the shortcomings of technology. Reports are mostly done using the modern technology such as gadgets and the internet and failure of such innovations can affect the preparation and submission of a status report.

Some team members are unfamiliar with certain status report programs or applications and the internet has lots of them. Some applications are complicated and not user-friendly, which causes team members to submit reports past the deadline. Some members fail to do reports at all due to this problem in the reporting applications. Poor or absent internet access can also be a big problem to companies that require digital report submission.

Best practices for doing Company Status Reports

Status reports shared within the team, organization, and company, have helped the whole business perform better. Companies encourage the teams and the team members to create and submit their reports.

Question groups can also be done, since they speak to one’s needs about reporting. Some organizations make use of input boxes that boost concise answers. This allows the team to consume one’s status and make it an example within the organization.

Some digital status reports have automated archiving system, in which the previous status posts are saved for future reference. Company status reporting can be made easier since some applications allow team members to select status items from their previous status reports that are applicable to the report they are preparing.

A good status report does not necessarily mean that it has to be long. If the team leader, manager, or CEO asks for conciseness, it is applicable to watch the word count and utilize the requested format. Some organizations ask their team members to update with their reports. This enables transparency and it lets managers and team mates to recognize the efforts done. Supporting documents or files can also be attached to the status report as reference.

How Teamreporter helps at doing a Company Status Reports

Teamreporter is a web based e-mail application that utilizes structure by replacing status meetings with schedule report mails.

The application notifies team members via e-mail and asks them to report the day’s progress, conflicts, and other significant events. A summary of the team’s status will be sent to the whole time the following day. Also, the team will be informed on the progress of the project as well as the hindrances that have been identified early.

Remote teams will highly benefit from Teamreporter, since the application will help track their progress. In addition, problems within the team can be shared and solved while challenges can be faced as a team.

Project managers can also gain advantage with Teamreporter since the project’s progress can be tracked more efficiently while getting updates on the project’s status. Moreover, there will be no need to chase down people since they can easily submit their reports.

Chief executive officers can get the general insight of the company through Teamreporter as information can be gathered from the team in an easy and automated way. Since the application also facilitates improved communication, progress and problems can be easily shared.

Overall, Teamreporter is a promising tool in making a team more efficient.

What are alternatives to Company Status Reports

Company status reporting facilitates efficiency within teams and a good status report helps managers and CEOs do their tasks better. More than an update on the company, status reports also contain employee perspectives on their role and the business.

Most teams have multiple status reports and report frequencies. There cannot be a direct alternative to creating and submitting company status reporting. But alternatives can be set for the frequency of submission. The organization can decide and agree if the reports are to be submitted on a weekly or a monthly basis, whichever is more credible and reliable.

Learn more about Teamreporter

Teamreporter is free for small teams (up to 4 members)