Purpose of a business report

Purpose of a business report

Briefly discuss The objectives/Purpose/importance/scope of Report Writing
The main purpose of a business report is fact findings and prepares the base for making decision. Business reports bridges the gap between planning and implementation.

It may be oral, written, long, short, formal or informal-whatever it is business report monitors the situation, investigate the truth, analyze the problem and recommend the solution.

Objectives of Report Writing

Objectives or importance of business report are as follows:
Implement Policy:
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Only making of good policies never ensure the growth or success of a firm. The main thing lies in the implementation of the policies. Business reports reveal the barriers of implementation of policies and provide appropriate guidelines to remove those barriers.

Monitor and control business operations:
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Routine reports act as a controlling tool for the management. Through these reports the top management can be informed about the actual proceedings of the business. Accordingly they can take corrective actions immediately.

Promote goodwill:
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Through market reports satisfaction level of customers can be evaluated and necessary steps can be taken to increase their satisfaction. In this way reports can play vital role in promoting goodwill of the firm.

Obtain new business:
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Through feasibility reports and capital budgeting reports new investment opportunities can be evaluated. So business reports have immense importance in obtaining new business.

Recommendations:
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Recommendations of a business report help the management in taking appropriate actions to solve problems.

To guide decision:
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Decisions cannot be made without information. In other words, the success of a decision depends on the accuracy of information. Reports provides analytical view of information which is the precondition for making effective decision.

Analyzing the problem:
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Problems are part of the business; managers try to overcome problems to ensure the achievement of the desired goal. But overcoming the problems or barriers is not an easy task. Unless a problem is properly analyzed the way of solution can not be identified. Business reports are that managerial tool which cans analyses problems.

Neutral investigation:
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Another major objective of report is to provide neutral investigation which is free from biases.

Coordination:
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Published reports provide a clear view of a problem or about a process which indicates the responsibilities of respective departments; as a result coordinated efforts can be rendered for the solution of the problem.

Evaluation:
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Personnel reports help to evaluate the individual’s performances within the organization. Proper motivational measures thus can be taken on the basis of such performance evaluation.

What is Business Report?