A well-written business proposal can open up the door to new business opportunities. It’s a written offer that highlights your solution's value to the client’s problem. There are many aspects to consider when writing a business proposal; you should recapitulate what work will be done, the time frame, how much it will cost, and why your company is qualified.
In today’s read, we outline the critical steps to writing a winning business proposal.
Types of Business Proposal
The business proposal can be solicited or unsolicited. Solicited proposals are usually easier to sell as they are requested by potential clients. On the other hand, with unsolicited proposals, you approach the prospect with a proposal in hopes of attracting their business, even though they didn’t request one.
Regardless of the type, the steps of writing a business proposal are similar. Below, we break down the process of writing based on templates from popular business
proposal software solutions. Keep in mind that the elements of the proposal might vary based on the needs and requirements of the prospective client.
Create an Appealing Title Page
The title page of your business proposal should communicate some essential information. Include your name, the company name, address, logo, and any information that may define your business. Don’t forget to include the date of submission and the name of the client you’re submitting the proposal to. The title page sets the tone, so put a little effort to make it visually appealing and professional-looking.
Write a Cover Letter
At the beginning of the proposal, you should introduce yourself and your business with a couple of sentences. Explain your background, highlight your strengths and achievements, and stress the benefits of working with you. Use the cover letter to communicate the desire to work with the client and pique their curiosity to continue reading.
Include a Table of Contents
You should make things simple for the people receiving your proposal with a table of content. It will let the prospective client know what the business proposal covers and make it more accessible for them. If you’re submitting the proposal electronically, you can even create a clickable table for easy navigation.
Make the Executive Summary Count
The executive summary should detail the “why” of your business proposal. Clarify why you’re sending it and why is your solution the best for the client. Be as specific as possible in defining how you can solve the client’s problem and how they could benefit from your product or service. Keep it short and use clear and straightforward language to make your points. The client should have a solid understanding of how you can help just by reading the executive summary.
State the Problem and Offer a Solution
The next step is to summarize the issues the prospect is facing. Research your client, identify their challenges and use critical thinking to propose a customized solution. It's important to demonstrate that you understand their needs. Add a personal touch so that the client feels the solution is more tailored.
Detail the Deliverables
Let the potential client know which deliverables you’ll provide and what methods you’ll use. Also, add a realistic timeframe within which you can deliver the promised. Consider breaking down the project into several phases to give them a good idea of progress expectations.
Highlight Your Qualifications
Why should the prospective client trust you and choose you over other candidates? Include a section where you’ll outline your qualifications and why you’re best for the job. Include any relevant accreditations and awards, previous experience, client success stories, and testimonials to establish authority.
Disclose the Pricing
Pricing is an important factor that could make or break your chances. Be sure to never over or under-price your product or service. Set a realistic fee that would work for the client but maintain good profit margins for you. Alternatively, you can include a table with optional fees to offer several pricing options that would fit different budgets or leave room for negotiations down the line.
Set Terms and Conditions
In the Terms and Conditions section, you should set the ground rules. Summarize what both parties agree on if doing business together. Reiterate how you can help, specify the completion timeframe, duration of the agreement, and payment schedule. It’s wise to double-check the terms and conditions with an attorney before sending it to the prospect. Finally, include a clear CTA, so the interested client knows what to do next.
Final Words
These are the basic steps of a business proposal. Before you start writing, draft the major sections and the details you plan to include to ensure you stay focused. Make sure to stay on-brand, keep it simple yet professional, and create an offer that goes above and beyond expectations.
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