How to Write a Business Proposal?
The business proposal is something you need to be familiar with, even if it didn’t seem so when you first started your business. As your activity expands, you will probably begin to deal with larger companies or even government agencies. The way they usually work is by sending requests for proposals (RFP) and expecting interested companies to respond. So, knowing how to write a business proposal becomes an essential skill if you want to stay ahead of your competitors.
To help you develop that skill, we will go over the steps of writing a business proposal and take a close look at what this document is and what it must look like. It’s essential to understand precisely what your potential clients expect from a business proposal, so you can cover all the relevant aspects. If it’s efficient, it will show them you are the best choice for their project.
What Is a Business Proposal?
A business proposal is a document that you send to a potential client when you hope to start a collaboration with that company or be chosen to complete a project. It’s a persuasion method, a presentation of all the advantages your business can bring to the table.
Also, it’s a sales document meant to determine the potential client to choose you over all the other businesses interested in the project. Whether you send it as a response to an RFP or you are merely pitching new prospects, the intention is the same. Solicited or not, it’s the written presentation of how you can meet your potential client’s needs.
How to Make a Business Proposal?
The first step in learning how to make a business proposal is finding an efficient template. You need to create a professional-looking and accurate document, and templates are always useful in that sense. Indeed, not all proposals look the same, as certain parts differ depending on the industry you’re in. But the general lines are the same, and with providers like WeInvoice, you can find many templates to choose from to make sure you hit all the key elements.
Before you write a business proposal, you need to make sure you fully understand the requirements. A business would most likely write a request for proposal to set the potential collaborators on the right track, but it’s essential to look at the bigger picture. The RFP won’t tell you everything; you need to figure out the greater plan and how your business can help the client achieve it. Before you start writing new business proposals, analyze the situation, and make sure you can deliver what the client needs.
Another essential step in creating a business proposal is having an actual conversation with the client. Not only will they appreciate the interest, but you will increase your chances of issuing a ‘spot-on’ proposal. Inquire about all the details you consider relevant and foresee any concern that the client may have. The answers you receive, paired with your research on the client’s previous activity, will guide you in the right direction.
Then, a brainstorming session with your team can help you create the best plan. Make sure to underline all the positive aspects that make your company the best choice for the project. Mention your previous experience and the completed projects you are particularly proud of.
What Are the Key Elements in a Business Proposal?
A business proposal is also known as a ‘project proposal,’ this document must be extremely well organized and touch on all the relevant points to be persuasive. It’s the outline of the presentation you would give the client if you were in a face to face meeting. So, to ensure you send a complete business proposal, here are the elements you need to include:
- Your name and contact information
- Your client’s name and contact information
- The number of the proposal and the issue date
- The reference number
- The project overview
- The scope of work
- The timeline of the project
- A detailed list of the services and products you can provide, with the individual prices
- The sales tax, if any apply
- The total cost of the project
- Important notes, like payment details or methods
- The terms and conditions
If you send the business proposal for a large project, consider adding a cover letter and providing extra background information, like positive reviews from satisfied clients.
A well-written business proposal has the power to set you above your competitors and can convince potential clients to choose your company to handle their projects. So, it’s essential to create it with the utmost care.
The best way of writing a business proposal is with an efficient template, like the one provided by WeInvoice. If you check the website, you’ll also find many other great templates and invoice generators to use in your daily business activity.