Overview with tools, template, software, best practices and alternatives
What is Reporting To Stakeholders?
A stakeholder is a person, a group, or an organization that is interested or concerned in an organization. To be exact, stakeholders may be accountants, creditors, employees, directors, shareholders, agencies, unions, and suppliers, from which the business derives its resources.
Reporting to stakeholders is the procedure of providing information to the aforementioned individuals, groups, or organizations. Information and updates about the business team and the project are included in the report to give the stakeholders adequate knowledge on the status and development of the team and the project.
Who does Reporting To Stakeholders?
The members and leaders of a business team report to stakeholders to provide information about what is happening in the group, organization, or business itself. Some business teams elect a team secretary, who will be delegated in compiling and preparing the final report of the team members. In addition, team leaders may also create their report to the head of the stakeholder organization.
Why do people do Reporting To Stakeholders?
Business teams report to stakeholders for the following reasons.
The primary reason behind reporting to stakeholders is communication. Team members and leaders create a report so as to inform the overall status and progress of the team and the project, along with essential information such as the team’s achievements and concerns. In addition, strengths, weaknesses, opportunities, and threats are also included in the report.
Utilizing complete, accurate, updated, and factual information in the report, team leaders and members will be able to effectively give an overview of the team’s standing and development to stakeholders. As a result, the stakeholders, as well as the members of the team, will be able to compare and contrast present and previous data, make strong links that will lead to inferences and conclusions, as well as make logical decisions.
How to do Reporting To Stakeholders / Ways to do Reporting To Stakeholders
Reporting to stakeholders involves providing important details on the undertakings, routines, status, and progress of the business team and the project itself.
Primarily, team members and leaders have to include the overall details on the status and progress of the team and the project itself. This can be done by including pertinent information about the team’s daily performance, including the team’s achievements and problems. The achievements refer to what things have been done within a specific time frame while the problems pertain to the actual and potential issues that may hamper the team’s success.
Reporting to stakeholders may also include new or corrected information since the last report. This is to give fresh hand information to the involved individuals, affiliates, and organizations. In addition, pending actions of the team can also be included so as to give information on the activities that can be prioritized by the team. In addition to this, actions that have already been done by the team can be included.
Advantages of Reporting To Stakeholders
Reporting to stakeholders is advantageous to the business team for the following reasons.
Communication is the primary benefit of generating a report for stakeholders. Team members and leaders will be able to send them information about the status and development of the team and the business project, which enables stakeholders assess and evaluate the integrity of the organization that they are affiliated with. This way, they will be able to assimilate information, which will help them decide whether it would be holistically healthy to stick with the company as an affiliate.
Another good point about reporting to stakeholders is the preservation of the team itself. With the contents of the report being disseminated within the team, members and leaders will be able to maintain a solid business plan. They will be able to formulate concreate goals, develop efficient strategies, and execute effective plans.
Disadvantages of Reporting To Stakeholders
While reporting to stakeholders can be advantageous in a number of ways, there are also times in which it can be a disadvantage to the business team.
Reporting to the stakeholders can be a tedious and time consuming task. As the details in the report should preserve their accuracy, completeness, factuality, and freshness, team members may become over focused on the report that they might not be able to completely accomplish their regular tasks and responsibilities.
Online reporting to stakeholders can be rewarding as team members and leaders only have to use the power of a stable internet to send and receive information to and from other members and leaders of the team. With just one click, team members and leaders can disseminate vital information, such as their achievements, accomplishments, and plans. However, poor and absent internet access will disable the capability of the team to send and receive updates.
Best Practices for doing Reporting To Stakeholders
Reporting to stakeholders aids the team members, leaders, and affiliates to become entirely knowledgeable, updated, and wary on the standing and development of the team and the business project itself.
Reports may include both qualitative and quantitative data. Qualitative data are more descriptive in nature and can be expressed using words, sentences, and paragraphs. On the other hand, quantitative information includes numbers and figures, which can be expressed effectively using data presentation tools like tables, graphs, charts, and diagrams. These are more effectively to convey quantitative information than paragraphs.
The language used in generating reports should be one that can be understood by all sorts of readers. Jargons and acronyms should be limited as not all readers are familiar with their meaning. If the team wants to use them, members and leaders may include a glossary part, where they can indicate the meaning of the jargon or acronym.
Organization is key in the reporting process. When reporting to stakeholders, team members and leaders can use bullets in order to list down important information in the report. With this approach, readers will not be overwhelmed with the volume of information, especially if the report is long. Also, they can use headings and subheadings to serve as guide to the readers.
Completeness and accuracy of data, along with freshness and factuality, are two important elements to take into account when reporting to stakeholders. These factors should be present in the report as the data that is contained in the report will serve as the foundation of the business plan, including the goals, strategies, actions, and outcome evaluation.
How Teamreporter helps at doing Reporting to Stakeholders
Teamreporter is an application that is used to reduce the number of status meetings of the team. It uses scheduled report mails as substitute to the status meetings. Teams with up to four members can use the application freely and one can set up an account in just less than one minute.
Team leaders will be able to communicate effectively with stakeholders using Teamreporter. They will be able to send and receive important information to and from the stakeholders using Teamreporter’s highly automated and user-friendly interface. Also, the report coming from the application can be used by leaders in evaluating teams and team members, allowing them to decipher team members who perform well and those who need further assistance. Moreover, team leaders can also utilize data from Teamreporter when they make their training modules and report.
Teammembers will be kept updated with Teamreporter, as the application sends them notification e-mails. These e-mails ask them to send pertinent information on the team, such as their accomplishments, issues, and plans. Based on their answers, Teamreporter will generate a data summary, which will be sent to the team the following day.
Teamreporter is a highly flexible application that can be used by teams as their business arsenal. Team leaders and members can change the questions and the schedule of the report mails in the interface of the application, along with the list of members that need to send information and those who will receive updates from team members. Moreover, team members can also use Teamreporter with e-mails and web browsers, together with other existing applications that are used by business teams.
Alternatives to Reporting To Stakeholders
While reporting to stakeholders can be helpful to the business team, there are other alternatives that the business team can consider when doing business reports.
Status meetings can be conducted in place of doing paper-based reports. This allows a live and personal meet-up among the team members, leaders, affiliates, and stakeholders, allowing them to raise important matters directly. As a result, they will be able to discuss them freely and prioritize issues accordingly. However, this will not be applicable to asynchronous teams, such as virtual teams, which have their members dispersed in different places and time zones.
E-mail status and updates can be an alternative to paper-based reporting to stakeholders, as these allow the team and the clients to view information online, provided that there is a stable internet connection. In addition, this approach allows members, leaders, and affiliates to send and receive important information and updates easier and faster. However, the con is that when the connection is poor or absent, teams will not be able to send information to concerned individuals, groups, and affiliates.
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