7 types of business reports you need to know

There are many types of business reports out there: standard business reports, formal business reports, etc.

Efficient reporting is critical in helping organizations shift through data and make major business decisions.

The quality of the reports themselves is as fundamental as the ability of those tasked with communicating what’s in them.

When a company decides to launch a new product, expand into new markets, reduce expenses, improve customer service, or increase its social media presence, the decisions are usually based on information submitted in reports.

What does this mean for you and your team?

Well, we’ve narrowed down seven essential business reports every startup and SME should understand inside and out and provided a brief explanation of why each is important. So strap in — let’s get to it!

Key takeaways

• A business report is a formal document presenting information, analysis, and recommendations to aid decision-making within an organization. Business reporting involves the systematic process of collecting, analyzing, and disseminating relevant information to support informed business decisions.
• Business reports are crucial for informing decision-making, providing data-driven insights, and facilitating effective communication within organizations.
• There are seven types of business reports that cater to many communication needs, from in-depth analyses to concise updates, using formats such as narratives, visuals, and data-driven presentations.

What is a business report and business reporting?

Looking for a good business report definition? Well, a business report is a document that collects figures and provides detailed analyses of the business’s situation.

This document type is essential for companies because it allows them to meet two fundamental objectives.

First, business reporting addresses a specific issue or problem at a time when decisions must be made critically.

Next, an activity report presents the findings of the issue or problem encountered and proposes the appropriate course of action that the organization should take.

The benefits of business reports for your organization

Writing out an activity report is sometimes a difficult exercise that can become time-consuming due to the level of detail required; however, business reports are actually very useful for several reasons:

• Forecasts for better budget planning are easier to execute.
• Facilitates inter-departmental collaboration and decision-making by getting everyone on the same page.
• Improves transparency and accountability for the different departments by providing a (digital or actual) paper trail.

For managers, it is essential to have relevant, well-written activity reports to guide the company’s operation and make important decisions.

7 types of business reports: examples to keep you fully informed

Now that you know more about the types of reports in business, here is a list of the most common report types, including informational, analytical, research, marketing, annual, and progress reports.

Learn more about what they are and how to use them for your business to drive decision-making, performance monitoring, and stakeholder communication.

1. Informational reports

Informational reports provide facts and data only and do not present any analysis or recommendations.

For this type of business reporting, writers collect and organize information but do not analyze the facts for readers.

Here are some situations where businesses use informational reports:

• A trip report describing an employee’s visit to a trade show is informational.
• Weekly status reports about an ongoing project are also informational.
• Monthly sales reports, progress updates, and legal compliance reports are also considered informational reports.

2. Analytical report

An analytical report is a corporate report that examines data, provides conclusions and makes recommendations to enable stakeholders to determine the best course of action.

To help illustrate this more clearly, here are some examples of analytical reports:

• If you are writing a criteria comparison report to evaluate multiple locations for a new automotive manufacturing plant, you will compare the sites factoring in how they stack up with one another using the same parameters and then make a recommendation.
• A report analyzing a new technology’s impact on a business sector’s productivity and profitability is another example.

Other reports that provide recommendations are feasibility studies (e.g., for expansion opportunities) and justification reports (e.g., for equipment purchases or procedural changes).

See also

3. Research report

This document presents the findings and analysis of a research study conducted on a particular topic. The report must follow a specific methodology to analyze the data.

• For example, marketing teams can send surveys to customers to learn more about their buying behavior before launching a new product.
• Research that seeks to understand competitors in the industry, growth potential, and market prospects would also be considered a research report. Make life easier with this business report template.

Market Research Proposal Template