What Are Management Reports?
These reports provide the type of data necessary for the company’s managers to successfully run the business. They present communication of business results, risk, and issues created by managers for executive management, managers, or governance bodies.
Management reports are of absolute importance for one organizational strategy, and every good leader knows it. They help them control and direct their businesses and make more informed decisions.
Data from different departments of the company is collected regarding relevant key performance indicators which are presented in a clear, easy-to-understand way.
Management reports disclose operational and financial information, thus helping managers to see the worth of their business over a specific period of time. They tell how the company is performing, providing the necessary information for the decision-makers to move in the right direction and increase operating efficiency.
Whatagraph offers you a way to simplify your management reporting with the many different marketing live reports available.
So, the goal of this type of reporting is to:
- Monitor and measure certain KPIs and performance metrics;
- Understand the position and health of one business and suggest the next steps;
- Determine benchmarks;
- Guide company manager’s next steps;
- Ensure better communication between executives, colleagues, and stakeholders;
- Help in the creation of action plans;
- Track performance frequently;
- Foster continual business growth;
What Should Management Reports Include?
Here’s what to consider when creating a good management report:
- Strategic goals and objectives – start creating the report with the end in mind. Think about the reasons you need it, the key drivers of your business, your definition of success, and other data analysis questions.
Once you have the answers, you’ll know how to set the performance indicators to monitor different aspects of the performance.
- The right KPIs – the KPIs you should include in your reports depending on your audience. Think about the data-driven questions the readers of the report would want to be answered.
- Customer feedback – take this into consideration when making your report, as customer feedback will help you see what you are doing right or wrong.
Reporting on insights from customer feedback surveys and product surveys help in creating a more accurate, data-driven strategy.
- Storytelling – the presentation of raw content as a story in your report is one of the best management practices. It helps people understand hard data and figures more easily, through context, content, and meaning.
- Visually pleasing report - give the most important spots on your report to key KPIs, and secondary or tertiary positions for other metrics. This will help people process your report more easily without getting overwhelmed.
- Make it clear, scannable, and drillable – ensure there’s plenty of white space in your report, contrasting colors, a data range presented next to the data, common metrics everyone can understand, etc.
- Visually balanced report format – present the most important KPIs in a concise way so that decision-makers can get the information without confusing.
- Real-time insights - make sure they align with your objectives.
- Keep on improving – test your reports regularly and make the necessary changes to ensure there are no inefficient or redundant data.
Monthly Management Reports
Organized and regular management monthly reports will ensure the strategy of your company stays on track. Here’s what they should include:
- A branded cover page – to make your report look more professional, make sure you include the logo or seal of your organization.
- Mission, vision, and values – these statements summarize your company’s strategy and reinforce its identity.
- Table of contents – include it, in the beginning, to make it easier for everyone to find what they are looking for.
- Organizational scorecard views – include a thorough overview of your department or organization scorecard that would be organized in the order that it’ll be read.
- Detailed Pages – your monthly management report should have at least one detail page focused on each of your strategic goals or objectives.
- Charts – use them to present information on KPIs and discuss your measures. Make sure they are easy to read, have clear targets, and are consistent throughout the report.
- Project Overviews – your monthly report should only review the projects that drive your strategy instead of all projects.
- An online version – use a cloud-based software solution for your monthly management reports.
- A customized time-stamped footer – things you can include in the footer include the name of the report, confidentiality statements, and copyright information.
- A place to add action items – here’s where you capture major decisions from meetings.