An annual report template is a summary of a company’s activities which they performed during the calendar year. It also deals with management analysis of a company’s current financial problems as well as their future plans. This report keeps all the necessary data like what and where companies struggle throughout the year, how companies manage to deal with their problems, and it will also inform you about whether the current situation of a company will last long or not. The annual report also provides information for new employees of companies, so they can have an idea about how their company has been progressing during a year. Moreover, they can learn what the weaknesses of a company are, as well as its strengths and everything.
First, an annual report will be useful in checking the previous whole year of the company as it contains all the weaknesses, strengths, struggles, achievements, financial problems of the company. This report could also be helpful for the future to check how companies ran their business last year and so, according to it, what changes they need to make them more successful than before. Furthermore, companies will also have an idea about their financial strength; they will know what their total costs were last year for all the selling, expanding and buying.
Let us take an example of Marks and Spencer clothes shop, which is a famous clothing brand in the United Kingdom. Marks and Spencer sells more than a trillion items of clothing per year and earns more than a thousand pounds per year. Their brand also makes an estimated annual report of their continuous progress. They have an exact idea about the number of clothes sold per day and also its payments. They know which clothing in their brand has most demand, so they plan according to it. Furthermore, they purchased that cloth, to sell it and make money from it, which they also used to improve their quality. If a customer comes with a complaint, they will note it and try to work on it, and if that complaint persists, then it can damage their brand image.
Moving further, if their products face similar problems, they will record these problems in a log book and they will try hard so that the same problems won’t happen again. This is how their problems, efforts, achievements, will be written down in one form, and they will make future plans to change these problems, so that’s how this report helps companies to make better progress. With the help of this brand, Marks and Spencer will have an exact idea of their work throughout the year. They will know where they struggled, what changes they made, what the results were, and their brand will stay like this or drop.
There are many advantages of using an annual report template, which an ordinary user can easily ascertain. The company will have better knowledge about their problems; they will know what their progress throughout the year was. They will also have knowledge of what they learned from their last year’s experience. They can provide this data to the government or, in any emergency case, to show that whatever they earn is from their hard efforts. They didn’t betray anyone; the quality or quantity of their product was alright.
Source:ohanacollege.qld.edu.au
Source:wp-ceres-2020.s3.eu-west-2.amazonaws.com
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