How to Write a Business Proposal is explained in this article. We hope you find it informative and helpful for your research.
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A business proposal is a document prepared by a business owner that contains the following information: goods and services to be offered to a probable customer or client.
In business proposals, there is what is known as the executive summary, details of the project, how much time is needed to complete it, what terms and conditions, and the financial implications or cost.
Considering how important business proposals are a number of templates on the internet to ensure that you do not leave out any of the key components of the business proposal submitted unsolicited or on-demand.
In this article, the step-by-step order in which a business proposal is to be written to get the nod of clients and even their patronage will be briefly discussed.
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How to Write a Business Proposal
Below are guides on How to Write a Business Proposal:
1. Information sourcing
Information is truly power and it takes good research or fact hunt to get information and know-how to sort them into those important for the business proposal you are working on.
You will need to see how things work in the various branches of a multi-locational business and carefully gather information about the buyers and competitors.
Rushing through a business proposal without getting all the relevant information is likely to land your proposal in the client’s trash can. Your best bet is to take some time and do a good job and don’t submit too late.
2. Outline the objectives
Objectives are markers that constantly remind a person or group what they have set out to achieve. This is usually stated in the introduction of the proposal and has to clearly point out the purpose of the proposal, the needs of the customer or potential client, and problems to be solved.
A good proposal must promise workable solutions to biting problems and point out the scope to which this problem will be solved.
3. Cost estimations
You have to look at the project from start to finish with your mind’s eyes and append monetary figures to each step and all the actors/laborers involved.
It is wise for you to make allowance for the ever-increasing cost of production materials. So that if the proposal gets approval two or three months after the prices of materials have gone up, you will still be able to balance up. Estimates should be slightly above what it costs in the market when the proposal is being written.
4. Write your proposal
Proposals have six sections, which are:
- The introduction,
- Executive summary which allows you to state why your company should be considered. Point out your strongest points and sell yourself so well that you become the client’s choice.
- The table of contents is the map that would help your client find his/her way in the multi-page document.
- State page numbers appropriately for easy navigation.
- The body is where you include all the estimates and scopes you drew out.
- Include other terms and conditions before drawing a conclusion.