Writing a Business Proposal
A business proposal could mean different things to different people. It could be a single paragraph submitted to your boss or a full plan that discusses a multi-million venture.
So how do you know the true meaning of a business proposal? We can teach you the concept as well as share with you some tips in writing a business proposal.
A business proposal is needed to establish new professional ties or seek funding for a great idea towards a new service or product. It is not limited to a business or corporate setting. It can be used in government projects or even in a special scenario such as an inventor requesting support in order to fine tune his new concept. Nevertheless, the major use of these proposals is still geared towards business.
Concept of Business Proposal
Business proposals vary in terms of intended audience and scale. For example, a company will draft a proposal to respond to a request invitation to bid made by a government agency or a specific private company. On the other hand, a small business may also create a business proposal to a large corporation hoping that a new mutually beneficial relationship could be established.
While these are formal solicited proposals, there are also unsolicited ones such as a brochure or any other marketing material. Other examples would be direct mail distribution, leaving printed material at trade shows, or any other way to introduce a service or product to potential candidates. Businesses use these to close a sale and would find all means to do so.
Writing a Business Proposal
Remember that the goal of any business proposal is to solve your customer’s problems and persuade them to pick you among your competitors. Therefore, customers are the best people to ask about writing this proposal. There is actually no template to follow, it all depends on the purpose and heart of your business.
The most important tip is to make your business proposal clear, concise, and straight to the point. Generally, it consists of two parts: the first one explains the business opportunity and the second can include a balance sheet, tax return, summary, or any financial data that will compute the feasibility of your plan. Don’t forget to mention why you’re company has the edge above others.
Sooner or later, you would need to give out a business proposal. Writing a compelling one is different from writing a school paper or an ordinary letter. Also, a proposal addressed to the government or other informal sectors is different from proposals to private companies. Make sure that you do a lot of reading and research before you write one. Proper format and a clean design will make it more professional and inviting. Definitely, this is the best way for you to grow your business.
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