How can you improve the accuracy and reliability of business reporting for stakeholders?

1 Define your purpose and audience

Before you start writing your report, you need to have a clear idea of why you are reporting and who you are reporting to. What are the main objectives and expectations of your report? What are the information needs and preferences of your stakeholders? How will they use your report to make decisions or take actions? By defining your purpose and audience, you can tailor your report to suit their context and interests, and avoid irrelevant or confusing details.

2 Choose the right format and style

The format and style of your report should reflect the purpose and audience of your report, as well as the type and amount of data you have. For example, if you are reporting on a complex project with multiple indicators and outcomes, you may want to use a structured and formal report with an executive summary, introduction, methodology, findings, discussion, and recommendations. If you are reporting on a simple update or feedback, you may opt for a brief and informal report with bullet points, graphs, and tables. The format and style of your report should also be consistent and professional, following the standards and guidelines of your organization or industry.

3 Use reliable and relevant data sources

The data you use to support your report should be accurate, reliable, and relevant to your purpose and audience. You should use data sources that are credible, verifiable, and up-to-date, and avoid data sources that are biased, outdated, or incomplete. You should also cite your data sources properly, using the appropriate referencing style and format. This will help you avoid plagiarism, demonstrate your credibility, and enable your stakeholders to check or verify your data if needed.

4 Analyze and interpret your data correctly

The data you use to support your report should not only be accurate and reliable, but also meaningful and insightful. You should analyze and interpret your data correctly, using the appropriate methods, tools, and techniques. You should avoid making errors, assumptions, or misinterpretations that could distort or misrepresent your data. You should also explain your analysis and interpretation clearly, using simple and precise language, and avoiding jargon or technical terms that could confuse or alienate your stakeholders.

5 Present your data visually and effectively

The data you use to support your report should not only be accurate, reliable, and meaningful, but also engaging and attractive. You should present your data visually and effectively, using charts, graphs, tables, diagrams, or other visual aids that suit your data type and purpose. You should avoid using too many or too few visual aids, or visual aids that are cluttered, confusing, or misleading. You should also label and caption your visual aids properly, using the appropriate fonts, colors, and sizes, and following the conventions and standards of your organization or industry.

6 Solicit and incorporate feedback

The final tip to improve the accuracy and reliability of your business reporting for stakeholders is to solicit and incorporate feedback. You should seek feedback from your stakeholders, as well as from your colleagues, managers, or experts, before you finalize and publish your report. You should ask for constructive and specific feedback, and be open to suggestions and criticisms. You should also incorporate the feedback that is relevant and useful, and revise your report accordingly. This will help you improve the quality and clarity of your report, and ensure that it meets the needs and expectations of your stakeholders.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?