4 Business Reports That Keep Your Office Running Smoothly
Business reports are a concise and accurate snapshot of critical metrics that are relevant to leadership decisions. Along with serving as essential brain-food for business executives, reports also help establish records for future reference and allow for quantifiable analysis of core processes. Companies of any size or structure can benefit from at least a few basic types of business reports.
Virtually all established companies compile an annual report that encompasses all major developments over the previous year. They are often among the largest reports that land on executive desks throughout the year and can serve as crucial marketing tools when dealing with investors or significant clients. Companies that are traded publicly are required to send their annual report to the Securities and Exchange Commission (SEC) every year.
Balance, Income, and Cash Flow
Balance sheets are often separate from income and cash flow statements, but all contain essential information about the financial health of the company. Accounting reports are all about the numbers, so they are typically designed to provide clear and thorough analysis of assets, expenses, and expected earnings. Business leaders use this data to plan future projects, cut losses and present accurate information to investors.
Almost all companies are subject to at least a few state and federal rules, but some industries have a much greater regulatory burden than others. Businesses that employ many people, handle hazardous substances or conduct high-risk operations are often subject to much stricter laws regarding every aspect of their organization. Compliance reports provide an overview of the company’s current standing in regards to current and future laws that could impact them. For example, clinics and other healthcare businesses can use life sciences regulations software to gauge their level of compliance with federal medical oversight agencies.
While some of the largest companies delegate specific functions to members of their executive team, leaders of small and mid-size businesses need to take a more active role in marketing. Even if they have designated personnel or a department, decision-makers should still keep their eye on marketing, web traffic and social media reports. Understanding trends in marketing and comparing them to others in the same industry helps businesses stay competitive and connect with their target customers.
Reports aren’t just a way for company leaders to monitor their organization’s health, they also provide a window into the progress and contribution of employees. Keeping an office running smoothly requires awareness of all of the issues and opportunities that present themselves on a daily basis.
Guest post courtesy of Anica Oaks