5 Types of Business Reports

There are many things that drive a business towards achieving its results and targets. One cannot simply sit and wait for things to happen in a business environment as a business owner or manager. It is important that some sort of business report is generated whenever a business looks at something progressive. A lot of people end up thinking that business reports are a waste of time and do not help achieve anything. However, this is far from the truth, as they drive a business towards better things in all aspects of its progress.

The different types of business report you have

Each of the business reports that are mentioned below has a purpose, and we explain it briefly for you to understand its importance.

• Informative Report: This business report is generated to provide information on a specific aspect of a business. An informative report usually helps people understand where the business stands in relation to something important.
• Analytical Report: Usually an analytical report is produced when a business is trying to make a decision on one or various important things for its progress. Once the analysis part is completed, the decision-making process becomes easier for the people involved in management.

• Explanatory Report: This business report in layman’s terms helps people understand a specific issue that has to be dealt with. It explains to other people from different departments where they stand and how their contribution is important to decision-making.
• Progress Report: Although mentioned as the last, this report shows what progress the business has made towards its goals and targets. This would help them re-evaluate if necessary and make the changes where ever needed.
• Research Report: Considered to be one of the most important reports for business in more aspects than one. The research report helps the managers or owners understand where they need to improve their business.

Although each one of the business reports is different, they have their own roles to play for a business. It is not possible for anyone to undermine the importance of any one of these business reports that are generated over regular periods of time. A business report would help not just the management and owners but also the staff in various aspects. While they look at these reports they can understand where they have gone wrong and know the areas that they would have to improve on without any delay. Without these reports, operating a business would become impossible for any manager or owner.