Making and distributing a Quarterly Report is an excellent way to keep your company transparent with those outside the business. This document has multiple benefits for those working within the organization as well as those on the out, so it's an idea that really should be implemented in every company.
Here are 8 reasons why making quarterly reports is important.
1. Analyzing a Progress Report Helps Your Company Grow
Quarterly reports enable you to share data insights that can help improve your business and benefit everyone – whether they're executives or regular staff – by showing which directions need more attention and which areas of growth need celebrating. Analyzing data can also highlight where problems lie and allow you to resolve them quickly before they become major issues (eg: launching new products may not be selling as well as you thought).
2. A Summary Report Your Company More Credibility
A quarterly report allows people to see what you're doing behind the scenes, and increases the quality of your work, your company's reputation, and its credibility. Transparency is important for showing that you are working hard on areas that matter most to your customers - it also shows how much you care about them.
When companies make quarterly reports, they show their commitment to success by demonstrating their dedication to following through with projects despite any obstacles or setbacks.
3. The Report Is Something Extra
Making a yearly report isn't enough; having one out every quarter shows people you are serious about staying in touch with them and keen on new relationships. A quarterly report is something extra for staff to have, beyond the annual conference or memo that you are already putting out there.
By showing your public how much you care about their company and business relationship with you, you're creating a happy workforce who feel valued by their employers.
4. Your Data Shows What's Working Right Now
A quarterly report allows people to see what is really going on behind the scenes at any given time rather than having to wait until year-end for an update.
People will appreciate being able to access this information throughout the year as it helps them make decisions much easier when it comes to working with your company. They'll also understand that they matter enough to be kept in the loop, which will build up goodwill toward your business.
This is a reason why a daily report is just as important. Because your day-to-day insights let you make a robust quarterly report which in turn makes a strong annual report.
5. It Gives You a Chance to Take Credit for Your Work
A quarterly report is the perfect place to celebrate and share your company's milestones and successes with others – and take credit for them yourself! This is an opportunity to show people what you've achieved, and how far you've come, and be proud of everything you've accomplished thus far.
When writing about your major accomplishments, make sure they speak volumes; write in detail about each instance to ensure nobody misses out on anything important (eg: if you launch a new product or sign a deal with another business).
6. Sharing Your Plans Gives People More Options
People enjoy seeing what the future holds for an organization as it gives them insight into where your company is heading. If they like what you're doing, they'll want to get involved; if they don't like seeing your plans (eg: launching a new product), then they can decide whether or not to stay involved with you.
A quarterly report is also an ideal place to share financial data and project reports in more detail than you would in regular emails or memos, which again gives people the freedom to make their own decisions when it comes to working with your company or industry.
7. A Survey Report is Good for Your Career
Making a quarterly report allows you personally to gain some bragging rights! While writing about yourself may sound selfish, this is actually an excellent opportunity for self-promotion because it shows potential employers what you have done so far and what you aim to keep doing moving forward.
It also gives people an insight into your work history which shows what kind of employee you are, what you've accomplished so far, and whether or not you'd be a good match for their company.
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8. You Can Start Right Now
Making quarterly reports isn't difficult at all! All you need is to have a plan in place for how often you want to publish them (quarterly being the most common choice), start tracking everything that's going on with your company, and then sit down once every quarter to write up your findings.
However many pages the report ends up being is entirely up to you - it's really just an opportunity for self-expression through writing about what has happened during that quarter in your company. You could also ask employees to write up their own section, allowing them to share their insights and experiences with others (and thus letting them feel like they're part of the company too).
A quarterly report gives everyone an insight into what your company is doing and where it is headed. People will appreciate having this knowledge throughout the year, rather than waiting for a full-year update in order to see how things are going - and it's also great self-promotion and potential career advancement for you as well!