8. Business Report
Question No.8: What is a business report? What are its advantages, kinds and qualities?
Answer: Business Report
What is a report?The word ‘Report’ is derived from a Latin word ‘Repart’ which means ‘to carry or bring back.’ It means a report informs and analyzes the facts.
Business Report: “A written document in which some problem is examined. Its purpose is to convey information, findings, put forward ideas. Sometimes, suggestions to solve the problems are also given.”
(British Association for commercial and Industrial education)
It shows that a business report is based on three important points.
· Study of problems
· Findings about the problems
· Suggestions to solve the problems.
Advantages OR Importance of Business Report:
In modern business, the importance of business report cannot be overlooked. They play a vital role in solving the problems of business organization and smooth running of some business. Their advantages can be studied under the following heading.
· 1. Source of Information:
A business report is a great source of information. We can make prompt decisions after getting information about the problem.
· 2. Time Saving:
A business report is time saving. It saves the time of many executives.
· 3. Evidence of Work Done:
A business report is an evidence of the work that has been done. It tells us we have achieved our goals or not.
· 4. Permanent Record:
Business reports are a permanent record of a business organization. We can consult than again and again to examine the problems and make decision and policies for the development of an organization.
· 5. Permanent Section of Business:
A business report is a permanent section of a modern business and it must be permanent for the smooth and desired running of an organization.
· 6. Profitable:
A business report is profitable for any organization. In short, we can say that a business report has great value in any organization. Without it, no business can be rum smoothly and successfully. It is a special field in modern business and efficient men to complete them.
· 7. Future Planner: Business reports help to plan the future. They recommend such ways as bring prosperity in business.
Types of Business Report
Business reports are divided into two categories on the basis of format and style.
1. The Short Report OR Informal report:
This report consists of single page or more than one page. It is in the form of letter. We address the person on whose instruction the report is made. It is signed and dated by the writer. The subject-heading is also given to make it clear. In style, it is personal or relaxed. The first person “I” or “We” is used the subject matter of this report is presented in the following orders.
I. Terms of Reference:
The report and its scope are mentioned.
II. Procedure:
Methods of investigations, consulted sources and inquiries made are mentioned.
III. Findings:
In this part of report, the findings made by the writer are mentioned.
IV. Conclusion:
In this report, the writer gives the conclusion which he draws from facts.
V. Recommendation:
If the writer is asked, he may offer suggestions to remove the problems.
2. Long Report:
This type of report is lengthy. It is about some big problems or many problems. It is the result of investigation. It is too long; its summary can be included with it. Generally, the references like “the writer” or the “investigator” are used. The subject matter of this report is presented in the following orders.
1. Preliminaries
2. Body of Report
3- Supplements
Qualities of a Good Business Report:
A good business report has following qualities.
1. Accuracy: A good report must be accurate. It means we must mention complete and accurate facts. If we don’t discuss important and accurate data, the conclusion can’t be correct.
2. Clearness:
“We rule men with words”.
A business report must be clear. It means the message should be clear. It should be understandable for a reader. To gain clarity, the use of proper word is very important.
3. Conciseness:
“Brevity is the soul of wit”.
A business report must be concise. It must be free of unnecessary details because we know that executives have not enough time to read business report with unnecessary details.
4. Restraint:
A business report must be restraint. It should be free of personal prejudices. Superlative and extravagant expression should be avoided.
5. Convenience:
A business report must be convenient. It means the presentation of the report must be attractive. Center-headings, side-headings, graphs and diagrams make a business report convenient.
6. Purposeful:
A good business report is purposeful because its purpose is to examine some problem and its reasons and to find the find the solution of the problem examined.