January 7, by Kasia Mikoluk Business strategy defines the approach, tactics and strategic plan adopted by a business to attract customers and achieve its business goals. It is a very broad term that encapsulates everything a business does to make money. From partnering with other firms and attracting top talent to acquiring new technology all comes under the gamut of business strategy. In this article, we will look at a few common business strategies and see some actual examples of the same from the business world.
Different Types of Reports Used in Business Different Types of Reports Used in Business After thorough study, collection of all relevant facts and information and proper scrutiny and analysis of a problem relating to past or present, submission of the conclusions supported by statements and other relevant data etc.
A report is a formal communication written for a specific purpose; it includes a description of procedures followed for collection and analysis of data, their significance, the conclusions drawn from them, and recommendations, if required.
The information present in the report is needed to evaluate progress and plan future action. Reports provide feed back to an organization to guide future course of action.
Generally business reports are categorized into two ways. They are oral and written. An oral report is a piece of fact-to-face communication about something seen or observed.
A written report is relatively more accurate and permanent. In certain cases the reader may just skim through it, or read the abstract or the conclusions or recommendations only.
It can be referred to again and again and is by its very nature more formal than an oral report. Different types of reports used in business are: These reports present facts about certain given activity in detail without any note or suggestions.
Whatever is gathered is reported without giving any thing by way of either explanation or any suggestion.
A vice-chancellor asking about the number of candidates appearing at a particular examination naturally seeks only information of the fact candidates taking up the examination of course without any comment.
Generally such reports are of routine nature. Sometimes they may fall under statutory routine category. A company registrar asking for allotment return within the stipulate period is nothing but informational routine, falling under statutory but routine report.
These reports contain facts along with analytical explanations offered by the reporter himself or may be asked for by the one who is seeking the report. Such reports contain the narration of facts, collected data and information, classified and tabulated data and also explanatory note followed by the conclusions arrived at or interpretations.
A company chairman may ask for a report on falling trends in sale in a particular area. He will in this case be naturally interested in knowing all the details including that of opinion of any of the investigator.
These reports are based on some research work conducted by either an individual or a group of individuals on a given problem. Indian oil company might have asked its research division to find some substitute for petrol, and if such a study is conducted then a report shall be submitted by the research division detailing its findings and then offering their own suggestions, including the conclusions at which the division has arrived at as to whether such a substitute is these and if it is there can the same be put to use with advantage and effectively.
All details shall naturally be asked and has to be given. In fact such a report is the result of a research. These reports are to be presented according to the requirements of a particular law or a rule or a custom now has become a rule.
The auditor reports to company registrar has to be submitted as per the requirements of country legal requirement. A return on compensation paid to factory workers during a period by a factory has to be submitted to competent authorities periodically.
These reports are generally prepared in the prescribed form as the rules have prescribed. These reports are not in the nature of legal requirements or rules wants, therefore, the reports are to be prepared and submitted.
These reports are required to be prepared and submitted: These reports are required to be prepared and submitted periodically on matters required by the organization so as to help the management of the organization to take decisions in the matters relating to day to day affairs.
The main objectives of routine reports are to let the management know as to what is happening in the organization, what is its progress where the deviation is, what measures have been taken in solving the problems and what to do so that the organization may run smoothly and efficiently.
Routine reports are generally brief. They only give the facts. No comments or explanations are usually offered in such reports. Generally forms are prescribed for preparation and submission of such reports.
Such a type of report is specially required to be prepared and submitted on matters of special nature. Due to an accident a death of the foreman has occurred in a factory. The factory manager may ask for a detail report from the head foreman.Many businesses use quarterly reporting to gauge the health and performance of the business throughout the year.
Quarterly reporting aligns with finalized quarterly financial statements, making it a natural time to review and gauge performance. Quarterly reviews are also used in B2B relationships, as a measure of effectiveness.
Different Types of Reports Used in Business After thorough study, collection of all relevant facts and information and proper scrutiny and analysis of a problem relating to past or present, submission of the conclusions supported by statements and other relevant data etc.
is called a report, which offers suggestions for solution of the problem. There are several different types of business strategies that include acquisition strategy and competitive strategy. Other types of strategy are cost strategy, niche strategy, and growth strategy.
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Corporation: A corporation provides limited. Jun 30, · The focused low-cost strategy is similar to cost leadership; the company is trying to beat competitor's prices. However, in this business-level strategy, the business is focusing its marketing efforts in a specific way.
This is most commonly seen when a company targets government contracts. Business strategy is the firm's working plan for achieving its vision, prioritizing objectives, competing successfully, and optimizing financial performance with its business model.
The choice of objectives is the heart of the strategy, but a complete approach also describes .