Formal business reports play a critical role in assisting managers and executives in making choices.
Depending on your demands and sector, these documents can serve a variety of purposes.
Learning how to write a formal business report can aid your career development.
We’ll go through what a formal business report is, how to write one, and an example in this article.
What is the definition of a “formal business report”?
A formal business document is an official document that provides statistics, research, information, and other pertinent elements to assist decision-makers in developing strategies and objectives to benefit the organization.
A formal business report could be several pages long and feature a lot of data and information depending on the topic.
The following are some of the most popular sorts of formal business reports, each with its own purpose:
Report on justification and recommendation
This report can be used to pitch a concept to upper management.
Sections such as risks, expenses, and advantages would be included in the body.
A proposal for purchasing a machine for your office is an example of this type of report.
You would write this report to persuade the decision-maker to purchase the machine.
report on the investigation
This report might show the risks associated with a certain opportunity.
This report can help business owners anticipate any complications that may arise when making a purchase or investment.
You might also write a formal business report to assess a prospective merger.
Report on compliance.
When the organization wishes to demonstrate accountability and create a compliance report, use this report.
It is a report that enables a business to demonstrate that it is adhering to regulations and spending money wisely.
A compliance report, for example, could be written by an accountant to state that the corporation obeyed federal expenditure requirements.
Report on feasibility.
This report can be used to evaluate the outcomes of a suggested concept.
The report should include information on prospective issues, associated expenses, and the idea’s advantages.
You can use this report to see if the plan will be lucrative, if the timeframe is reasonable, and if the budget will be exceeded.
Reports from research studies
This report aids in the investigation of an issue.
The report would contain suggestions for resolving the issues.
A report issued on a regular basis
This report aids in the improvement of a company’s products, services, procedures, or policies.
Profit and loss statistics, as well as efficiency, may be included in the report.
A retail store, for example, would have a monthly sales report.
A situational report
Use a situational report to talk about a specific thing, like what you learned at a conference.
A benchmark report
This report can be used to show many different ways to deal with a certain problem.
Workplace documentation is a related topic.
What is the best way to write a formal business report?
Create a professional business report by following this step-by-step guide:
1. Create a plan before you begin writing.
Handle the formal business report as if it were a project.
Start planning ahead of time what you want to accomplish before you start gathering information and writing parts.
If you do so, you will have a greater chance of writing a report in a straightforward and easy manner.
2. Look for a format that can be used within the organization.
It’s possible that the company you work for already has a standard structure for formal business reports.
Check your company’s manual or ask the person who will be receiving the report whether there is a preferred format.
Your report will appear more professional if you follow a standard format.
3. Provide a title.
You can either receive the report title from the brief or write it yourself.
At the start of the report, make sure the headline is clear and apparent.
You should also include your name, the names of anyone else who worked on the report, and the date it was written.
4. Create your book’s table of contents.
Following the title and authors should be the table of contents page.
A table of contents page is required for a formal report that is long and comprehensive.
Despite the fact that this page appears at the beginning of the report, it should be written last after the report is completed.
Make a note of the section headers as they appear in each portion of the report, and double-check that the page numbers are correct.
Include a synopsis or abstract.
The important points of a formal business report are summarized in the summary.
This section may be useful to the reader, but it is not required, especially if your report is brief.
It’s advisable to find out whether the person who ordered the business report prefers a summary or an abstract.
If you write the summary first, you should do so after you write the contents page and before you write the summary itself. This way, comments from the conclusion and recommendations sections can be added.
The reader should be informed about your findings and even be able to draw on points from your conclusion in the summary.
It’s also vital to give a quick outline of what the reader will find in the report.
Because your manager may only have time to read the summary of the report, it must summarize the report’s main elements.
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6. Compose a formal introduction
The purpose of the report will be explained in this part.
The goal of the report and background information on the issue should be addressed in the beginning.
Include any necessary definitions and a summary of the primary point.
7. Describe your approach here.
The methodology section should describe to the reader the research methodologies you used to develop this report, such as whether you used a qualitative, quantitative, or mixed method.
It should include a detailed explanation of why you chose various strategies.
8. Present your findings in a presentation.
The results of your research should be presented in this section.
It’s critical to explain your findings clearly and succinctly while also ensuring that you’ve provided enough material to demonstrate that you’ve done your homework.
Using headers, subheadings, and numbered sections to organize the findings is one technique to make them easier to understand.
You have the option of presenting your findings in bullet points or using a table.
You might also use pictures and images, such as infographics, to explain your findings, but make sure they are acceptable for the report.
9.End with a conclusion and suggestions.
In this section, you would give your analysis of the findings and then make action recommendations.
If you add any goals, make sure they have measurable actions.
Each aim, strategy, or alternative should explain how it will affect the organization to the reader.
Add a bibliography and appendices to your paper.
Include a list of all of the sources you used to write the report.
Periodicals, internet articles, and books are examples of these.
In alphabetical order, list the sources.
You can also add all of the supporting reports.
Questionnaires, maps, notes, summaries, charts, tables, and pictures are just a few examples.
Each note, map, and other document should be labeled with a letter so that you can easily reference them in the report.
12. Check your work twice.
After you’ve finished writing your report, proofread it to ensure that it’s free of grammatical and spelling issues, which will help your report appear more genuine.
Furthermore, when writing, be clear and succinct.
Slang and complicated words should be avoided.
It’s fine to utilize jargon and technical terminology that are relevant to your sector, but don’t overdo it.
Make sure the text flows from one section to the next, especially if the report has multiple authors.
An example of a formal business report
Here’s an example of a formal business report you can use as a model:
GHS Corporation Staff Turnover Report
8th of August, 2019.
The human resources manager requested this report to look into GHS Corporation’s high employee turnover rate.
Over the course of three months, staff from the human resources department gathered the data for this report.
The five-person team examined administrative records and working circumstances, as well as conducted interviews with employees.
The purpose of this report is to make recommendations for reducing the high turnover rate among GHS Corporation employees.
GHS Corporation is a ten-year-old company.
It employs 200 individuals, the majority of whom are entrusted with processing insurance fees.
Despite being in a high-unemployment area, annual turnover has always been between 60 and 65 percent.
When the HR team interviewed employees, the most pressing issue they discovered was a lack of support for new mothers who require child care in order to come to work.
Employees were unhappy because there wasn’t an in-house child care system that would let them keep working.
The lack of contact between employees and higher management was also addressed by the staff.
They expressed their dissatisfaction with the inconsistency and lateness of the orders they were receiving.
They described how they were unaware of the company’s core business goals, which caused them to lose interest in the company and their careers.
The following were the key concerns we discovered:
1. a scarcity of childcare options for new mothers.
2. There is a breakdown in communication between employees and upper management.
The following efforts should be made to address these two major issues:
1. At a low cost to GHS, an in-house childcare center can be built to encourage moms to return to work.
At each department, an employee ambassador should be appointed to express employee concerns at management meetings.
To boost involvement, this ambassador can raise issues and transmit results to their teams.