Report clinic

Structure the report around the decision: recommendation first, then the evidence that supports it, then what would change the answer. A reader should be able to stop after the first page and still know what you think and how confident you are.

Keep evidence and inference visibly separate. "Filings show three competitors opened in the last eighteen months" is evidence. "The market is likely nearing saturation" is your inference from it. Marking the boundary is the single thing that most distinguishes professional analysis from confident-sounding writing.