Overview with tools, template, software, best practices and alternatives
Why do Startups do Reports?
A startup is an action or process initiating something forward. It usually involves start of a newly established business.
Startups involve juvenile companies that are in their early phase of development, trying to establish stability. Startups center on the time period in which the teams and the project are adjusting, in terms of the internal operating procedures, the expenses, the materials and equipment, goal setting, and implementation of activities.
Startup reports also help a business in solving an actual or potential problem, in which the solution is still vague and success is not yet certain. These reports may present more information on the issues that a young business may face due to its lack of experience and competence in the field of entrepreneurship.
Reports for startups also define the team’s ideas on how they will run a business. This includes the internal operating procedures, which the team will follow in the course of the project. In addition, the startup report contains information on the possible solutions of the startup team to the foreseen problems. Contingency plans are also laid down in the report so as to give guidance to the team should they encounter challenges during the conduct of the project.
The marketing strategy is also covered in a startup report, in which specific information such as statistics and figures are shown. The way on how the team will market a product or a service will be the foundation of the sales forecast of the team. Since marketing is the bloodline of any business, reflecting the marketing strategy will provide information on how the business and the startup team will survive as an emerging organization in the field of business.
How do Startups usually do Reports?
Reports to startups usually present the overall plan of the team for the business. The business plan in a startup report acts as its body and soul, which helps the startup team to direct their path in running the business.
Startup reports contain an executive summary, which is written last since it provides the summary of the business plan. The executive summary usually covers a page or two of the report and it explains the foundation of the business. This part of the startup report should be enthusiastic and professional in tone, while maintaining completeness and conciseness of information.
The general company description is also included in a startup report. This covers the company’s mission statement, goals and objectives, business philosophy, type of industry, strengths, and core competencies.
Other information that the startup team can include in a startup report includes the products or services to be promoted to the market, the potential customers or clients, the owners of the startup business, the contribution of the business to other people and society, and the future of the business.
Products and services are stipulated in a startup report, specifically technical specifications, images, and marketing brochures. Aside from this information, factors that serve as advantages and disadvantages can be included in the startup report. For instance, the startup team can provide information about the level of quality or unique features of the product or a service.
Typical questions/metrics/topics that are usually covered in reports Startups are doing
Reporting for startups covers the following:
- What is the total size of the market and what percent of the market will you handle?
- What are the current and potential trends in the target market?
- What products and services of the startup business are you going to market today?
- What are the most significant features and benefits of the products and services are you going to present to the consumers?
- What is the profile of your target clients?
- What are the competing products and companies that you encountered?
- What barriers will stop you in handling the products in the market?
- How many prospects have you listed?
- How many marketing calls have you done?
- How many products have you sold?
- What is/are the benefit/s of the products or services you are going to present to the client?
- How many products are you planning to sell?
- How many prospects are you going to call?
- How many prospects have you contacted?
- What problems have you encountered?
- What are the potential problems that you will encounter?
Advantages & Best Practices of doing Reporting for Startups
Reporting for startups has a number of advantages.
Identifying the startup’s status after its initiation is a crucial factor in its early developmental phase. Startup reports allow the startup team to determine the business’ place in the market.
Startup reports also utilize vigilant and systematic research, allowing it to effectively determine its target market. Information on market research also helps the startup team ensure that both the emerging business and the team are on track. These details allow the startup team to gather data on their own, such as business competitors and consumer preferences.
Reporting for startup also helps in projecting the team’s future sales projection with the figures and statistics the report has in the marketing plan. This also allows the team foresee the trend in the market, including the rise and fall of sales. As a result, the team will be able to develop an appropriate plan to adapt with the change in the market trends.
The description of the products and services of a startup team, both in the point of view of the team and the consumer, is presented in a startup report. This enables the team and the potential customers to know the most essential features and benefits of the package the startup team has to offer.
Startup reports also help the team to effectively identify its target clients, as well as their demographic profile. The demographics will help the startup team analyze specific information such as age, gender, socio-economic status, industry, or geographic locations. Moreover, the reports will aid the team to choose its consumer channel and competition.
Problems & Pitfalls Reporting for Startups usually has
While reporting for startup teams present a number of benefits, it also has some disadvantages.
Writing a startup report is viewed as time-consuming, for the startup team has to explore every angle of the emerging business. The team has to check all the aspects of the business in order to ascertain its success in the market, preventing them to spend considerable amount of finance just for nothing.
One example is the information on the major competitors of the startup business. The team has to identify their competitors for them to be able to devise a strategy that will attract and retain their consumers. The team has to determine and analyze if the competitors will compete with the startup team on all products and services or just for some products. In addition, the startup team has to know if their competitors are also competing for specific client groups or geographical location.
Startup reports predict the future of the business by using competitive analysis tools, allowing them to foresee the impact of other factors to the rising business. Examples of these factors are the presence of the competitors and the level of the startup’s core competencies. While competitive analysis considerably helps the team to be successful in their venture, it also requires highly complete and accurate data. Complete and precise information has to use a large portion of the team’s time. As a result, the team’s time allotted to other duties and responsibilities will be divided, which places a risk for defocus in the part of the startup team.
Why Teamreporter is great in doing Reporting for Startups?
Teamreporter is an application, which is designed to help business teams to generate reports to lessen the number of status meetings they hold in a specific amount of time. It is free to use if the group has for members and it just takes less than a minute to sign-up.
Startup teams can benefit from Teamreporter as it is a highly efficient tool that has user-friendly and automated interface. It sends notifications to the team members, which asks them to submit information about the team’s accomplishments, plans, and problems. These data will be sent to the application and based from the members’ response, Teamreporter will generate a synthesis of information and it will send the summarized information to the team members the following day.
Leaders of startup teams can gain advantage from Teamreporter. With the application notifying the members and sending information among them, team leaders will be able to track the performance of each team member. They will be able to identify team members who need more help or supervision as well as those who need minimal to no supervision at all. Team leaders can also recognize top performers in the team and give the incentives, which may inspire and motivate other members of the team to perform better.
Teamreporter is also a highly flexible reporting application, allowing its users to modify or adjust its queries and schedule timed mails. This feature allows Teamreporter to blend to a number of workflows in various business teams and environments. Additionally, Teamreporter can be used in conjunction with other applications the startup team is using. Moreover, it can also be utilized using the e-mail and web browser.
Overall, Teamreporter is a promising tool that can be used by startup teams in their arsenal. With Teamreporter, the team will be able to grow and develop into a more efficient and more successful group.
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