Typically, business proposal is often used by B2B companies to land new opportunities. But nonetheless, a small and middle scale business owner can also write an effective business proposal to solicit for startup fund from investors.
Informatively, there is a great discrepancy from business proposal and business plan and the function which the two are expected to serve in the business planning realm are different. Hence, what it takes to write an efficient business proposal is what this article entails.
Essence, writing a business proposal requires that you convincingly articulate your understanding of the potential client’s problem, as well as the reasons your company is the best choice. Even the most well-crafted solutions can get rejected due to a sub-par proposal.
Without further delay, the following are the guidelines to be followed in writing an effective business proposal.
1. Patiently gather the needed information.
The fact that there’s a lucrative business opportunity on ground doesn’t mean you should rush things in other to get your proposal ready as soon as possible. Take your time to understand the client and project first before anything.
Doing your things with ease will assist you greatly in crafting eye catching proposal that will be difficult to ignore. Hence, gathering the necessary information to be included in your proposal should be your first priority in other to close the deal.
Related: How To Write An Executive Summary
Similarly, sending your proposal prematurely may reduce your chance of landing the project and you wouldn’t want to submit late in other not to be beaten by your close competitors.
A such, you have to be time conscious in putting the right balance together.
2. Define your project objectives
Also, for you to write an eye catching business proposal that will land you your target business opportunity, it is very ideal you outline and define the objectives of your business proposal.
Doing this will assist you in working closely to the reason why you are penning the proposal. Plus, having a definite objectives will also helps you in shaping your outline and to understand what your customer’s or potential investors needs.
3. Sum up all the necessary cost.
Prior to drafting the proposal in full, it is essential for you to consider all the amount to be spent in the course of doing the business. Doing this will enable you to know how much to bill the client.
Draw up all the cost and labour charges and add all the necessary allowances in other not to fall short of fund in the long. Going back to your prospect for more fund may not be easier if not impossible.
4. Start writing the proposal
After you must have taken and digest all the words of caution above, the time is now for you to go into the real proposal drafting. An ideal business proposal usually has a loose formula.
Read Also: How Long Should an Ideal Business Plan Be?
They begin with a brief intro that’ll summarizes the project, after which the will body take care of the other things. You will however want to conclude with aesthetic conclusion that will tells the prospect how to proceed.
5. Write A cover letter
You wouldn’t walk up to your potential client and dive into project specifics without introducing yourself, would you?
A cover letter is that introduction. Include a one-liner about your company, brief background information about how your company came to be, and a short overview of what makes your company better than the rest.
Make it friendly and encourage your reader to reach out with any questions. Close it with a thank you and a signature.
6. Information about your company
Who are you, what are your qualifications, and why would a potential client pick you over your competitors?
7. Demonstrated knowledge of the problem
Another important thing to include in your business proposal is to demonstrate that you have knowledge of the business or problem that you want solve. Showt you’ve listened and done your research. You know what the client needs.
8. Proofread and edit the business proposal
After drafting your proposal, endeavor to proofread and make the necessary correction before sending it to out to the prospect. You can engage the service of a third party to help you proofread it in case you missed out on certain errors.
Better still, there are professional content and business planning and proposal writers that you can ask to help you with the drafting or editing. All is to make sure that your own proposal got picked ahead of others.
9. Send out the business proposal
This is the last phase of the proposal writing. After you must have taken your time to gather all the needed information, having a definite objectives, doing the fund and expenses estimation, writing and proofreading, the next thing is to send the proposal to the right channel.
There is no big deal in writing an effective business proposal, with the above explained points, the chances of having your proposal picked amidst others is very high.