Need And Importance Of Business Reports 5q426g

NEED AND IMPORTANCE OF BUSINESS REPORTS

A report is a logical presentation of facts and information. A good business must be an orderly arrangement of some factual information that is objective in nature and serves some business purpose. It is designed to give a complete picture of what has taken place at a distance for the reader who does not know about it and gathers knowledge about it from what the writer presents in the report. In other words, it is a document that conveys specific information to someone who wants to use that information. The British Association for Commercial and Industrial Education defines a report as ‘a document in which a given problem is examined for the purpose of conveying information and findings, putting forward ideas and sometimes making recommendations.’ Thus, a business report is a compilation of information that has been sought, collected, organized, and written to convey a specific message. The objective is either to present information or to analyze a particular situation. IMPORTANCE OF THE BUSINESS REPORTS A report is a ‘basic management tool used in decision making’. Large scale organizations are engaged in diverse activities, which are managed by different departments. The top executives cannot keep a personal watch over all these activities. So, they have to base their decisions on the reports they get from the heads of various departments. The various purposes for which a report is helpful in decision making are as follows: 1. Problem Solving: Many business reports are written to illustrate a specific problem within the company. These types of reports present a problem along with solutions to help correct the problems. Sample Report 1: Motivational Strategies: Ways to Increase Performance and Productivity Preface Owners and managers of businesses across the United States all have the same problem. This problem has to do with reaching maximum employee performance and productivity. Many owners and managers do not know how to correct this major problem. The purpose of this report is to provide employers with a wide range of motivational strategies for achieving excellence by enhancing employee performance and productivity. My role in relation to this problem is to

decide as an employee which strategy I would like imposed on me. However, sometimes the employee does not have a choice. My role as writer of this report is to inform owners and managers of different motivational strategies they can utilize. During my research I have compiled several motivational strategies I believe are excellent. These strategies include organizational behavior modification, rewarding high performance, setting goals, building effective work teams, reducing employee stress, and enhancing employee participation. I have included examples of these strategies used by companies who had performance and productivity problems. Executive Summary This report examines the necessity employers face in trying to improve employee productivity. Many times employees can get side-tracked or slowed down for a number of reasons. It is the employers job to motivate these employees and increase employee productivity. The best way to accomplish this is by using motivational strategies. Far too many businesses fail to reach their maximum production because they do not motivate their employees. There are many motivational strategies that can be used effectively. Setting goals, rewarding high performance, and enhancing employee participation are a few motivational strategies that businesses often use. However, employers must find the strategy that best suits them and their employees. The one thing every motivational strategy needs is employee acceptance and response. I. Introduction The purpose of this report is to provide employers with a wide range of motivational strategies for achieving excellence by enhancing employee performance and productivity. Every employer or manager strives to maintain a highly productive work force. These strategies apply to managers of big corporations, which have many employees. This report will take a problem/solution approach. I have conducted research by collecting information out of books, magazine articles, and journals.

II. Problem “It is virtually impossible to find a reasonably well-informed business person today who is not aware of the productivity problem in American industry. For the last ten years, productivity has clearly been the most widely discussed topic in business publications, management seminars, industry conferences, and executive offices." "Management ineffectiveness is by far the single greatest cause of declining productivity in the United States. . . . In company after company, managers are ignoring major opportunities for productivity improvement, (Champagne and McAfee,1)." This problem is critical and cannot be ignored or delayed until a later date. Managers must take the initiative and resolve the problem with some of the following solutions.

III. Organizational Behavior Modification A. Emery Air Freight perhaps the most well-known industrial application of a reinforcementbased strategy occurred at Emery Air Freight. "As a first step, Emery conducted a performance audit in order to determine the status of employee behavior before any systematic behavior change plans were implemented. Based on the audit, the firm set standards or goals for each job in various departments. The second step involved providing designed to let employees know how they were performing according to these standards. The third procedure was to ister positive reinforcement to employees for anything they were presently doing on the job that was desirable or for any improvement in their job performance, (Rosenbaum, 59)." Emery Air Freight had a cargo handler whose attendance was unsatisfactory. The supervisor used positive reinforcement and to improve his attendance. He would reward the employee and at the same time give him a reminder of the company goal. B. Successfulness How successful has Emery Air Freight’s approach been? "Before behavior modification was introduced in the customer service department, company standards were met only 30 to 40 percent of the time. The program increased this figure to 90 to 95 percent, and even after four years performance remained at this high level. From a financial viewpoint, behavior modification was a success also. During one three year period Emery saved over three million dollars. At the same time, the costs of implementing the program averaged only $5150 per year, (Rosenbaum, 60)." IV. Rewarding High Performance There are many different rewards that can be given out for high performance. Some of these include merit raises, bonuses, individual and group financial incentive programs, and merchandise recognition incentives. A. Sterling Optical Company Sterling Optical Company, a retail optical company, has developed a program based on monetary incentives and awards. The program consists of two parts. "First employees receive awards when the branch attains its sales target. These awards are designed to encourage employees to help the branch achieve its sales goals for each quarter and the year. In addition, the company distributes cash awards to each employee for the branches sales of specific products determined each quarter. The second part of Sterling’s incentive program is to give employees awards for outstanding service to the branch and to the patients. Savings bonds, certificates, and plaques are given as awards, (Champagne and McAfee, 59)." B. Costs

This program is extremely effective but also costly to the Sterling. The program reportedly costs Sterling $600,000 in cash rewards each year and $9,000 in trophies, plaques, certificates, and printed materials. In this example we see how one company has attempted to increase employee productivity by providing a variety of rewards in exchange for high performance. Below is a chart that shows how the reward expectancy plays out in the employee’s mind. V. Setting Goals A. Weyerha Company" A well-known study carried out at Weyerha Company shows the practical significance of goal setting. Truck drivers at six company logging operations in Oklahoma were studied. Each operation consisted of six to ten people who performed one of the following tasks: felling trees; dragging the trees to a landing; loading the trees onto a truck; and driving the truck to the mill where it was weighed and unloaded. A detailed analysis of each operations performance revealed that trucks were frequently falling short of their maximum legal net weight. In fact, most trucks were returning to the mill carrying 60 percent of the maximum load, (Vroom and Deci, 91)." Measures of the net weight of all thirty-six logging trucks were collected for three consecutive months prior to goal setting. The results of the goal setting were monitored for nine consecutive months (i.e., October through June). The specific goal of 94 percent was achieved after twelve weeks and represented a more than 50 percent improvement in performance. "While corporate policy prevented a detailed presentation of the effect, the researchers maintained that without the increase in efficiency due to goal setting, it would have cost the company $250,000 for the purchase of additional trucks in order to deliver the same quantity of logs to the mills. This figure does not even include the costs for additional fuel or the expense of recruiting and hiring additional drivers, (Vroom and Deci, 91)." VI. Building Effective Work Teams There are two primary ways corporations can develop effective work teams. One is for the manager to use a variety of informal team-building activities on a day-to-day basis. The other way is for the corporation to invest in more formal step-by-step team-building programs. A. Promoting Pride One way to foster teamwork is by promoting pride among group . The chain reaction here is that pride leads to teamwork, teamwork leads to group success, group success leads to even more pride, teamwork, and success. Joe Paterno, the Penn State football coach, attributes a good deal of his team is success to group pride. He explains it this way: "You start with the idea that you build some pride. You make people feel that they are with a special company, a special institution, that is worth making sacrifices for. If you are the kind of person that we call the ewe and usi people that can work with the group, by being unselfish, benefits will accrue to you."There is no magic formulas for getting team to take pride in their group.One device often used is to give special names to various groups such as "Fact Finders". Other

organizations stress the history of the group and point out its significant achievements or how difficult it is to . In addition, some firms encourage managers to repeatedly tell employees how proud they are of them and that they too should take pride in their accomplishments, (Quick, 109)." VII. Reducing Employee Stress A. Consequences of Stress The idea that stress can have negative physical and psychological effects on people is certainly not new. "Research has pointed out the linkage between stress and a variety of physical ailments such as heart disease, ulcers, and arthritis. Employers at that time were also beginning to actively discuss problems associated with apathetic workers-people frustrated and dissatisfied with their lives and jobs. Managers were reporting sleeplessness, anxiety, and tension. In short, studies were showing the effect of stress on physical and mental well-being, (Champagne and McAfee, 179)." B. American Telephone and Telegraph American Telephone and Telegraph announced the most drastic reorganization in the Bell System’s history. The medical directors throughout the system were reporting higher levels of anxiety among employees coming in for routine physicals. The anxiety followed a shake-up that changed job titles, duties, and whole methods of working for about 250,000 employees, or about one-third of Bellis work force. One of the doctors gave this explanation, "the Bell System is under stress because of external influences, but other industries are too." The negative consequences of stress can be avoided through proper application of diagnostic methods and preventive management interventions. VII. Enhancing Employee Participation A. A.E. Stanley Agriproducts Corporation The A.E. Stanley Agriproducts Corporation began an experiment in "self-management" several years ago. The plant employs technicians that use computer-controlled machinery to convert corn into high fructose syrup. The employees work three twelve-hour days, take three days off, and then work three nights." Employees are divided into sixteen teams of about fifteen people each according to functions-production, maintenance, and quality control. Each team chooses two leaders from its ranks, one of them task-oriented, the other in charge of training, discussion, and records. The teams make their own work assignments within the plant is overall schedules, and have a voice in hiring, promotion, and discipline of team , (Champagne and McAfee, 197)." Three years after the experiment began productivity has risen to extraordinary heights."Operating costs are below those of other plants, absenteeism and turnover are under one percent, downtime in a twenty-four-hour workday is less than one percent, and productions run at 115 percent of engineering specifications, (Champagne and McAfee, 198)."

B. Benefits Some of the benefits of participation are that participation will result in greater knowledge and expertise in case a problem should arise. If subordinates are highly knowledgeable about an issue, their input may improve the quality of a decision. Participation may also result in greater job satisfaction because it satisfies needs for achievement, responsibility, recognition, and selfactualization. IX. Summary In this report I have described six different motivational strategies: organizational behavior modification, rewarding high performance, setting goals, building effective work teams, reducing employee stress, and enhancing employee participation. I have also given examples of businesses, who utilize these strategies. They can be just as successful for your own business. X. Conclusion The purpose of this report was to provide employers with a wide range of motivational strategies for achieving excellence by enhancing employee performance and productivity. These strategies include organizational behavior modification, rewarding high performance, setting goals, building effective work teams, reducing employee stress, and enhancing employee participation. Employers have been provided with all the necessary information needed to introduce one of these strategies to their employees. All they have to do is choose which one would work best for their business. XI. Recommendations Employers need to weigh the benefits and costs of each strategy and then introduce the one that best suits them and their employees. I believe the two most effective strategies are rewarding high performance and setting goals. 2. Situational Awareness: Business reports are vital for the situational awareness of company owners and managers. Reports contain items such as budgets, income statements, cash flow statements and long-range statistical projections, keeps decision-makers updated of the health of the company. 3. Comparison: Business reports are very significant in facilitating comparison between two or more alternatives by analyzing the alternative on various parameters and recommend a superior alternative, thus helpful in making a correct decision.

Sample report 2 Executive summary The purpose of this report was to analyse two portable computers and recommend a suitable machine for the training staff to use at client sites. This report has considered two machines suitable for corporate use that can accommodate modern facilities such as e-mail, video conferencing and assist staff with training courses. The Hewlett Packard Omnibook 3000CTX model 5/233 is a well made portable computer with a good size screen and keyboard. For the price of this model you would expect to see more memory, a CD drive and a Windows based power management set up. (Australian PC Authority, April 1998, 'PCs and Notebooks - Reviews', p.82) Like the Hewlett Packard model the Micro-pro 8500 Series has a good size screen and keyboard but also comes witha numeric pad. This machine is ideal for the business who wants usability, comfort and performance. (Australian PC Authority, April 1998, 'PCs and Notebooks Reviews' , p.81) After taking both machines into consideration, it is recommended that the Micro-pro 8500 Series would be the most suitable computer due to its value for money, durability and standard features. 1 Introduction 1.1 Purpose The purpose of this report was to analyse two portable computers and recommend a suitable machine for our new training staff to use at client locations. 1.2 Scope While investigating these two computers it was important to consider their suitability for corporate use, standard features, optional benefits and warranties. 1.3 Method The information used in this report was collected by consulting an independent review by the Australian PC Authority magazine and ing the individual companies for additional information on the technical specifications and warranties on the machines. 1.4 Limitations   

Local computer stores did not stock either machine. Additional information difficult to locate. Software packages included with the machine not specified.

1.5 Assumptions It has been assumed that the Microsoft Office software package will be installed on the computers to ensure our training staff have access to PowerPoint. This program will enable them to present effective teaching media. As our staff regularly use computer applications it has been assumed that the implementation of portable computers will cause little delays for the company. As most computer companies offer clients an extended warranty, it is assumed that All Purpose Training Company will have the option to purchase an extended warranty for a period of one year. 1.6 Background The All Purpose Training Company is a well respected supplier of quality executive training courses for the business community. The All Purpose Training Company has statewide representation with plans to expand interstate within the next 12 months. All Purpose Training Company has a demand to supply new clients with numerous training courses. With such demands it is crucial that training staff can have computer access for training presentations and be able to complete day to day operations while mobile.

2. Findings 2.1 Micro-pro 8500 Series     

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Cost: $7895 RRP Weight: 4.5 Kg Size: (W x D x H) 357 x 275 x 50mm Screen size: 15.1" Clarity of screen image: Resolution could be higher, set at 1,024 x 768 you can see the pixels, but very easy on your eyes. (Australian PC Authority, April 1998, 'PCs and Notebooks - Reviews, p. 81) RAM: 64 Mb, RAM can be raised to a maximum 128Mb for $1140 Disk Drive: CD-ROM and 3.5" FDD Speed of the U: Pentium processor Battery capabilities: Lithium-ion battery, smart battery option available. Lithium-ion battery lasts 2.5 hours without smart battery upgrade. (Australian PC Authority, April 1998, 'PCs and Notebooks - Reviews, p. 81) Service agreements and warranties: Two year parts and labour warranty

2.2 Hewlett Packard 3000CTX 5/233

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Cost: $8245 RRP Weight: 3.1 Kg Size: (W x D x H) 304 x 238 x 47mm Screen size: 13.3" Clarity of screen image: Resolution is set at 1,024 x 768. Reasonably easy to read... with normal working conditions. (Australian PC Authority, April 1998, 'PCs and Notebooks Reviews, p. 81) RAM: 16Mb, upgrade available, $242 for 16Mb. Disk drives: 3.5" FDD, CD-ROM available for $570 Speed of the U: Pentium processor Battery capabilities: - 2.5 hours from a lithium-ion battery Service agreements and warranties: All Hewlett Packard Omnibooks come with a 3 year parts and labour warranty. (Stephen, 7/5/1998, Telephone Interview, Customer Service Officer, Hewlett Packard Information Centre, Hewlett Packard)

3 Discussion 3.1 Comparison of computers The following table summarises the important points of comparison between the two portable computers - Hewlett Packard Omnibook and Micropro 8500 Series.

Table 1: Comparison of two portable computers Hewlett Packard Omnibook

Micropro 8500 Series

Initial cost

$8245

$7895

Weight

3.1 Kg

4.5 Kg

Size (Dimensions WxDxH) 304 x 238 x 47mm

357 x 275 x 50mm

Screen Size

13.3"

15.1"

RAM

16 Mb

64 Mb

2.5 Hours

2.5 Hours

Battery Time

Warranty Period

3 Years

2 Years

3.2 Initial cost There is a RRP difference between the two computers of $350. In order to have the computers ready for staff use, upgraded memory size would be required on the Hewlett Packard model. 3.3 Weight and size The Micro-pro computer weighs an extra 1.4 Kg. This is substantially heavier, but the Micro-pro is a larger machine with each dimension larger than the Hewlett Packard computer. Micro-pro measures 53W x 37D x 3H mm larger. 3.4 Screen size There is a notable gap between screen sizes. Micro-pro has a 14.1 inch screen compared with Hewlett Packards 13.3 inch screen. When using over long periods a larger screen is preferred to avoid eye strain. 3.5 Clarity of screen image The resolution on both machines is set a 1,024 x 768. Pixels can be seen on the Micro-pro model, while the Omnibook is reasonably easy to read. (Australian PC Authority, April 1998, PCs and Notebooks - Reviews, p. 81 - 82) 3.6 RAM and hard disk size RAM between the two machines varies greatly. The Australian PC Authority states that the Micro-pro comes with 64 Mb of RAM standard, with an option of buying the maximum 128 Mb for $1140. They also state Hewlett Packards Omnibook comes with 16 Mb RAM, but as most computer applications require 32 Mb, this extra memory will cost you $242. Both machines come with a standard 3.5" FDD. Only the Micro-pro machine comes with a CD-ROM drive, you must buy this as an extra for the Omnibook for a cost of $570. (Australian PC Authority, April 1998, PCs and Notebooks - Reviews, p. 81- 82) 3.7 Speed of the U With 32 Mb of RAM fitted the Omnibook is one of the fastest portable computers the Australian PC Authority magazine has ever seen, They also found that with 64 Mb RAM the Micro-pro was not exceptionally quick but for word processing and other office tasks it was quite acceptable. 3.8 Battery capability Both machines come with a standard lithium-ion battery which can the computers for up to 2.5 hours. The computers come with power management tools that will save battery power. A

smart battery option is available on the Micro-pro for $60. (Australian PC Authority, April 1998, PCs and Notebooks - Reviews, p. 81) 3.9 Service agreements and warranties Micro-pro supplies their clients with a two year part and labour warranty, while Hewlett Packard supplies a three year parts and labour warranty. It is assumed that when the machines are purchased a service agreement will be negotiated with the option to extend the warranty.4. Conclusion After investigating the Hewlett Packard Omnibook 3000CTX 5/233 and the Micro-pro 8500 Series portable computers, it was found that both models are suitable for corporate use and would meet All Purpose Training Company requirements. It is important to consider the long term benefits to the company when considering which computer was best suited. Apart from initial purchasing expenses, warranty, speed, size and memory were some factors which have been taken into . Software suitability was also considered. The computers had to be easily adaptable for new technology such as e-mail, video conferencing and presentation aids, for future company requirements. Both computers are distinct from each other and, although both companies have the corporate in mind, Micro-pro appears to be offering an exceptional package. 5. Recommendations and implementation The findings and conclusion in this report the following recommendations: 1. The Micro-pro 8500 Series portable computer is purchased at a rate of one computer per training staff member. 2. The smart battery option is purchased with each computer; this will assist with heavy workloads and long training programs. 3. Staff must have e-mail access on their computers to enable them to be in with the company. 4. All Purpose Training Company should negotiate price, warranty and ongoing service agreements with Micro-pro direct. 5. To reduce company long term expenses: o The company could investigate the viability of staff leasing the computers o A staff option of buying the computers for personal use after the warranty period expires. 6. Computers should be available to staff after a maximum. 4. Financial Reporting: Business reports might be written from a financial statement perspective. This type of business report are aimed at advisers. To an extent, it can be

used to inform employees about the financial standing of the company as well as helpful in taking short term and long term financial and investment decisions. 5. Marketing Reports: Business reporting can be used within each department to gauge changes in marketing, sales and areas where resources may be underused or overused. A business report can be important when setting up marketing strategies. Before entering a new market or targeting consumers, a company may write a business report that an advertising agency can use to help devise a marketing strategy. Sample Marketing Report: Executive Summary Purpose The purpose of this document is to present a study of the opportunities for Sweetlix to expand its business globally and to make an initial proposal that Sweetlix pursue opportunities in Brazil. Sweetlix has focused on its United States market, but opportunities exist to penetrate global markets. Methodology In order to complete this analysis, we used web-based Global Marketing Management System Online (GMMSO), which is a strategic planning and marketing tool designed to help complete global marketing analysis.Additional research for this project was completed through visiting with Sweetlix’ International Marketing Manager and through independent research using the Internet. Phase 1 - Key Findings Sweetlix is a leading manufacturer of feed block supplements for cattle in the United States but has minimal business overseas. After an evaluation of Sweetlix, its products, strategies, international involvement; the overall feed industry; the market; and the competition, our analysis indicated that global opportunities exist for entry by Sweetlix.The global readiness analysis suggests Sweetlix use a Foreign Sales Branch. Phase 2 - Key Findings Seven countries were evaluated using a macro screening methodology.Cattle population, land area, vegetation and land use, climate, and gross national product were identified as factors that would affect potential sales.These criteria were weighted to give a relative score for each country in an effort to narrow down our selection.Next, market accessibility was evaluated for our three remaining countries for Sweetlix and its block product.Protection of patents, transportation systems, tariffs, trade embargos, company attitude toward foreign investors, and location of country were each evaluated and scored to give another relative weight, which narrowed our selection to Brazil and Australia.Finally, a micro screening process of the level of competition and the local products was evaluated, and the results identified Australia and Brazil for further evaluation.

Phase 3 - Key Findings Brazil and Australia have an abundance of cattle and would be ideal for Sweetlix to enter the market with its block supplement products.Through our analysis, we determined that Brazil appears to have the greatest potential because of its cattle population and the fact that no competitors exist in the block supplement feed business.All supplements are currently purchased as loose minerals.Our s are much stronger in Australia due to it being the headquarters of Ridley Corporation, Sweetlix’ parent company, but existing s with Brazilian feed manufacturers have previously been established.Based on this information, Brazil was selected for further analysis. Phase 4 - Key Findings We have determined through our analysis that a manufacturing t venture would be the best entry strategy into Brazil for Sweetlix.Sweetlix will incorporate the pricing, distribution, and promotional strategies used in the United States into this new market in Brazil because the products are not affected by culture or product use and because the same distribution channels exist in Brazil. Overall, Sweetlix should continue to rely on its strengths (which include superior quality), its patented products, and diverse product line.In addition, Sweetlix should develop its brand like it did in the United States.Based on this analysis, we believe that by the third year Sweetlix could realistically achieve $9.6 million in earnings from an initial $27.5 million investment. Conclusions Sweetlix is a leading manufacturer of block feed supplement products in the Unites States but has limited global experience.Opportunities exist for Sweetlix to pursue global markets using its existing strengths.These opportunities show promise for improved returns for Sweetlix based on the industry market potential. Sweetlix’ superior quality, patented products, and diverse product lines are the framework for global success.A t venture would be the best mode of entry for Sweetlix in Brazil and would result in a profitable investment. Recommendation We believe that Sweetlix should pursue establishing a foreign sales branch, likely through a manufacturing t venture, and make its global entrance into Brazil. Further research should be completed prior to making the initial investment.We would recommend starting with additional market research completed within Brazil while simultaneously seeking potential partners.These partners must be able to provide the links needed for Sweetlix to become a dominant competitor in the industry.Once Sweetlix has established itself within Brazil, it must continue its quest to enter other global markets. 6. Business Communication: A business report can be the best way a company has to communicate vital and background information to others. Many larger companies that write business reports throughout the year to employees and for board hire a staff which keeps company informed about latest developments and changes and write current business reports. Depending on the situation, a well-written business report

facilitate communication with external parties like financial institutions to acquire funding, investors to keep stocks of a particular company as well as its customers. .

Conclusion: In the modern business scenario, reports play a major role in the progress of business. Reports are the backbone to the thinking process of the establishment and they are responsible, to a great extent, in evolving an efficient or inefficient work environment as reports present adequate information on various aspects of the business, all the skills and the knowledge of the professionals are communicated through them, helps the top line in decision making, helps in problem solving and communicate the planning, policies, and other matters regarding an organization to the masses.