How To Write A Business Proposal
Learning how to write a business proposal? You just landed in the right place. You are welcome to the right page to help understand more about a business proposal and why it is important to have a business proposal if you are to do or put up a business.
Often, this word “business proposal “ has fallen into your ears but do you even know what it means or feel like it is a mere random word that you don’t understand and you even don’t know how a business proposal looks like. You would like to have a draft, but you are wondering what to include in there and how you even start?
Well, come on!!!!!! Let us discuss it today.
So many authors and writers define a business proposal differently though it all falls almost within the same category and the same meaning.
According to Briana Morgaine, a business proposal is a document you would send to a prospective client, outlining the service you offer and explaining why you are the best person for the job.
According to Jessica Pingrey, a business proposal is a document used to offer specific goods or services to leads at a defined cost.
Business proposals are usually used by business to business companies targeting new business, individuals responding to a job, Project, or service, and even suppliers to keep and maintain business.
A business proposal can connect you and your potential clients. It shows the value proposition and primary purpose of a company that calms down a company to give you business.
A business proposal has two different types, and these include; solicited and unsolicited.
A solicited proposal is when the individual or business writing the proposal has been asked to submit a proposal by the client or where a client requests a proposal from an individual or business. These are easier because you have a clue or knowledge of what you are writing about.
While unsolicited proposals are the ones whereby you are trying to attract clients' attention by sending out business proposals without their request, these are usually meant to get more leads or customers. These are written without any knowledge from the client; these require you to research the client you are writing so that you can be fully equipped with more knowledge about that specific client you are targeting; that’s why they are meant to be persuasive to the client trying to pull him or her closer to your product by providing solutions to the clients' outstanding problems.
Companies and government agencies usually prefer unsolicited business proposals.
Now we understand what a business proposal means and its different formats, let us look at what you have to include in a business proposal to make it perfect.
What should you include in a business proposal?
o Cover page/cover page
o Executive summary
o Problem statement
o Proposed solution
o Pricing options and budgeting
o Terms and conditions
o Final terms of agreement and signing
Title/ cover page
The title page includes; introduction about yourself and the business; it, therefore, requires you to include; your names that are both surname and the other name, company’s name, vision, mission, date of submission, and the name of the client.
Table of contents
The table of content explains what is included in the entire proposal; basically, it breaks down the rest of the content in the proposal. A table of contents will let your potential client know exactly what will be covered in the business proposal.
The executive summary points out each section of the content included in the proposal briefly;
It shows why you are sending the proposal and why your solution is the best for the prospective client.
It outlines the benefits of your company's products or services.
How you can solve your potential client's problem.
State of the problem at hand
This is the main focus of the client’s attention, whereby you summarize the issue affecting a potential client. This is where you are given a platform to analyze and explain the issue or a problem he or she is facing and show him or her how your product or service would help address his or her problem.
A proposed solution to the problem in question
Here is where you are expected to present a solution to the problem in question and give a strategy on which you are basing to address the problem in question. Your solution should be directed to the client’s needs so that the client fully recognizes that the solution was specifically designed to address his or her problem. Include the products or services you will use the address the client's problem, the methodologies you have put in place, and the time it will take to have the issue sorted.
This basically looks at you, the salesman or person who is trying to make a pitch. There is no single client who can give business or trust you before they see the work of your hands. This is the section for you to express your credibility and qualifications and even how long have you tried to address the same style problems. Use this section to communicate why you are best to address your clients’ problems and not your competitor. To win a client’s heart and mind, make sure you include your previous clients' success stories, including the rewards you have earned due to your high performance, like medals, awards, and certifications. This catches the client's attention and earns you trust as fast as possible.
Pricing and Budgeting
When it comes to pricing and budgeting as a salesperson, you don’t have to overprice your product or underprice your product. If you overprice your product, the customer is likely to decline your product or service, yet you are aiming at making business; when you under estimate the product, the customer is likely to think that maybe it’s not worth the price, and they will be suspicious, so you have to keep the price in the middle and not exaggerated. If you can offer something for free to excite, the client would be okay as well.
Terms and conditions
Here is where you come to real terms and agreements about the project timeline, pricing, payment schedules if the client agrees to take on the proposal. Make sure both parties clearly understand the terms and conditions.
Final terms of agreement and signing
Here you agree with the client by both of you signing, making sure each of you understands the proposal clearly before signing with no questions left unanswered, and space for signing is always provided for both the service provider and the prospective client.
In conclusion, while designing a business proposal, whether solicited or unsolicited, you can follow the same procedures.