A business proposal is a written bid from a seller to a prospective buyer. They are often a critical step in the complex sales process, that is, whenever a purchaser considers a purchase to be more than price.
In plain terms, business proposals are used by suppliers to secure businesses. It is more or less a sales pitch. So, how do you draw up an effective business proposal in which your prospective buyers will not turn down?
Take these easy steps;
1. Gather the right information
It’s easy for one to have a splendid idea and want to run in and start supplying services, but your proposal can look like child’s play if what you are concerned about is having a proper title page. Instead, understand your client and the project first so as present the appropriate and winning business proposal. Know your buyers and have the best solution to the problem, identify your competition and their selling point. You can also find out what the budget is from the client and work with that.
2. What is your objective?
You need to define your objectives so that you don’t lose sight of the exact reason behind the business proposal. You can state this either at the introductory stage of your project or in the executive summary. Your objectives should answer the questions of the purpose of the proposal, the customers’ needs and the solutions you are proferring. An example of an objective as stated by Fit Small Business is written like this;
“The objective of this business proposal is to demonstrate how Acme Restaurant Group can resolve the problem of high event costs and inconsistent guest experiences for Acme Financial Planners by creating a partnership where we host all their dinner presentations in major markets where we have locations, and they have events.”
3. Add up your labour and cost
You can’t write a proposal blindly dependent on what your customer will offer you. You want to consider early on how much the project will cost, and how much your client will be charged. Fit Small Business further teaches how to calculate your labour and cost.
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4. Get a good template
Now that you are equipped with the right information and resources, you need to select an excellent template to arrange all you’ve gathered. A good model in the appropriate order contains;
● A title page
● Table of contents
● Executive summary
● Acknowledging the problem or need
● Proposed solution
● Share your qualifications
● Timeline
● Pricing
● Terms and conditions
● Include a space for signatures to document agreement
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