How to Write a Business Proposal
A business proposal is a contract between a company and a buyer. It sets out the terms of the deal, including how the company will make payments and what the buyer should expect in return. It may include legal aspects of the deal such as the terms and conditions, timeline for completion of the project, and the client reference list. An appendix section may be included to include additional content or visuals, such as client references or work portfolios.
Before composing a business proposal, take a moment to understand the requirements of your prospective client. Gather all relevant information about the company and its services, including the prospect’s name and title. Then, craft your solution and pricing offering. After assembling these three parts, combine them into a document and include a table of contents. Once the content is complete, make sure to edit the document thoroughly and include multiple eyes. Once it is ready for submission, it should include a table of contents and a cover letter.
The introduction section introduces your company and its key leaders, as well as its purpose. You may include your company’s mission statement, unique value proposition, and pictures of your founders and executive team. A business proposal should also include industry breakthroughs and awards, as this builds trust and credibility. The next section is the solution section, which translates the solution you propose into an easy-to-understand action plan. Make sure the scope of work is relevant to the statement of needs, and avoid industry lingo.
The last part of writing a business proposal is pricing. Pricing can be tricky, as there are numerous factors and methods to consider. However, it’s important to determine what works best for your target client. Pricing may be set as a flat fee, an hourly rate, a per-unit rate, or any combination of these. A business proposal should clearly state cost, and payment schedule. So, before you send off your proposal, make sure you have done some homework.
Moreover, when writing a business proposal, the reader should understand how the solution addresses their pain points. Hard quantitative data helps establish your authority and credibility. You can use visuals to bolster your business proposal. Social proof will lend you credibility if you present a proposal backed by social proof. A business proposal can also be a powerful tool for marketing. This is especially true when it comes to attracting potential clients. If you can provide a compelling solution, you’ll have an edge over the competition.
Another element that should be included in a business proposal is the budget. Your proposal should include a budget, as this will convince the reader to take on the project. You should also create a task schedule to estimate the timing of the various aspects of the project. For example, construction of a new store may start in August, but should be completed by March. Be as specific as possible in your estimate, and do not forget to acknowledge the potential problems or opposition.