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Learn How to Start a Business Proposal – Part – II

Business proposals are classified into three segments. The first part covers the concepts of how to start a business proposal, and the later part covers making our Proposal, and the final section covers how to conclude the Business Proposal. We have already discussed part I in our previous blog. Let us now discuss Part II which clearly explains how to make our business proposal more effective.

PART II

Making our Business Proposal

Before writing any business proposal, research plays a major role. “Research and analyze your product, your market, and your objective expertise, consider spending twice as much time researching, evaluating and thinking as you spend writing the business plan.” As a proposal writer, we must be clear in determining the purpose of our plan and try to create a Company Profile. Document all the aspects of our business. Try to have a strategic marketing plan in place. To write the perfect plan, we must know our company, our product, our competition, and the market intimately. Make sure that it is adaptable based on our audience.

  • Suggest a detailed solution. Once we identify the problem, we must tell the reader how we propose a solution to solve the problem. Try to be as transparent as possible. Ideally, our solution would be to provide our goods or services to the Customer. For instance, we could present it as: “Acme Accounting concentrates mainly on Accounting and Payroll Services for future minor and mid-sized businesses. We can offer complete service in the following areas such as inventory account balancing, year-end tax calculations and statements, ledger maintenance and summaries, and finally, standard pay period checks origination.” Ideally. That would be better to represent bullet points so that this information is readable.
  • Explicate the benefits of our solution. There may be various procedures to solve the problem. Hence, we need to explain precisely why our solution is the best. We can represent in bullet points to list out the benefits. The most common benefits include cost savings to the business, professional expertise, and confidentiality.
    • Make sure that we justify our expected benefits with proper evidence. For example, we may rely on previous studies that represent the benefits of following our solution that is proposed.
    • If there are no previous studies, then we need to depend on the observation by prominent people from the industry. For example, a former Customer could testify that we saved their business money.
  • Outline our task schedule properly. We need to explain the timeline for the tasks that are completed. This is essential information that could alter in the future, but it plays a vital role if the reader gets some idea of how we will go about executing our proposal.
    • We can summarize certain milestones. For example, if we suggest remodeling any store, then we should include the date that we start and when the store is ready for reopening.
    • Constantly try to explain that our timeline is an estimate and is liable on other factors too.
  • Include our budget appropriately. For any Customer, a budget may be the most critical part of the business proposal. The reader needs to know if they can afford our services, so we should include information about pricing. Be conventional. For instance, we may need to add up the predicted budget and then multiply by 1.5 to account for any unanticipated circumstances. Ensure to mention that the numbers are only sample estimates. Based on the proposal, we need to include the following information such as initial set-up costs, labor costs, supply costs, ongoing monthly charges and maintenance charges.
  • Label the contract terms. We should also include essential contract terms so that the reader will understand more about the contract they are entering. We could include information such as the following for instance such as:
    • How much is being paid on the date of signing?
    • Penalties or interests calculated for late payment.
    • Cancellation policies, for instance, there are no pre-payment penalties.

Zbizlink is a cloud-based software that helps in streamlining the proposal management in the RFP response process. The solution automates import and export functions, centralizes content, and enables collaboration among shareholders. One-stop solution, enhanced by an intelligent recommendation engine, provides centralized content and a collaboration hub. The integration of Technology allows all the teams to connect instantly to the people and content. Dashboards give evident reflectivity into RFP progress. Get in touch for prominent services. 

Zbizlink helps you be more productive when locating, creating, collaborating on and managing business-critical documents like pitches, proposals, contracts, RFP responses and more. Let’s take a Demo and explore more about ZBL.

Get to Know 06 types of Business Proposals

A business proposal is regarded as one of the most crucial documents you ought to learn how to compose. This is what invocates the difference between a win and no win, whether you are a service provider, or you own a company. In these days, business people are tending to spend hours upon hours in submitting business proposals to all possible clients, and in return not getting any results. On the other hand, few people can get the contract after just submitting the business proposal.

Business Proposal-Its Basics

Before start writing any business proposal, one must first understand what the proposal is all about and learn the basics of that proposal.

Any business proposal is that written document that offers a specific product or service to a potential Customer. According to Ben Mulholland, in his article: 6 Types of Project Proposals that Get Approved, there are six types of business proposals.

  • Formally solicited
  • Informally solicited
  • Unsolicited
  • Continuation
  • Renewal
  • Supplemental

Out of all the above categories, solicited business proposals which are submitted in response to an announcement issued by the client and unsolicited proposals that are presented out to potential the Customers though they are not requesting are the principal types.

A formally solicited project proposal is prepared in response to an official request for a proposal. This is the easiest way of creating a proposal for any new project since the Request for Proposal (RFP) document will usually tell us exactly what the customer is expecting and at times, it also provides directions in preparing the proposal. Request for Proposal (RFP) forms is not to be confused with the project request forms though the former is a way to react to the needs directions and desires, whereas the latter one is a way for the management to request for a project of their teams.

Hence, for formally solicited proposals we should opt for a structured approach and have to respond directly to the details that have been relayed, essentially turning off feedback into a quantifiable project which we can then judge the worth of starting.

Informally solicited project proposals are the ones that are same as formally solicited proposals, except the information they are based on is not specific in any written document. Because of this, it makes it little harder to deal with and hence more research is involved in analyzing such type of opportunities, but we at least have a little-jagged starting point. It’s much simpler than a piece of small information that separates formal from informal, that is

Formal proposal requests have prior details, goals, deliverables, and potentially even methods, while

Informal proposals are based on any conversation. If we are asked for a proposal but are not given any specifications, then it is an informally solicited one. The approach for this is not much different from a formally solicited one, but we will have to put some extra work in illustrating the details like the objectives and method, and in evaluating how practical the whole thing is.

Unsolicited project proposals are cold deals. No one asks for this; still, it can provide tons of value for our business. These are the proposals that are thought of by a person who is submitting them and can be inspired by anything like a moment in the employee’s daily work to a casual conversation with the Customer. Perhaps these are called as the hardest proposals to present, as you will have to be extra credible as no one asked for the proposal. Hence we have to be little extra prodding. This means gathering more confirmations than the normal to prove the proposal’s standards. One should take extra care while writing to make sure that it’s more convincing.

Planning for Proposal

Once you are comfortable with what kind of proposal we are presenting, we need to research and prepare for the document content to make sure that we do not miss out any vital information. Though what you write will differ based on the type of proposal we are submitting and the format it is using. In any of the proposal, we must concentrate on the below headers mainly. We have to

  • Define our audience
  • Know what problem the proposal handles
  • Research on the current state of the issue
  • Define the proposal clearly
  • Forecast the effect this would hold
  • Calculate the time and resources that would opt for
  • Moreover, finally, create an outline of the document

We need not worry much about the language that we are using; instead, focus on getting the base facts accurate and covering ourselves for any questions that might counter our proposal. Let’s connect with Zbizlink representative today and start preparing quick proposals. 

Find 08 Quick Steps to Business Proposal Writing

To better understand steps in writing business proposals one should know types of Business Proposal first. In the current blog, we would concentrate on the stages of writing a business proposal. As discussed previously, a business proposal is considered as one of the most important documents that we need to learn how to write being as a proposal writer.

It is the deciding factor that spells the variance between success and failure, no matter you are a freelance proposal writer or you run a company of your own. In today’s business world, industrialists try themselves spending hours in succumbing the business proposals to the Customers and failing in getting positive results. On the other hand, few people can understand the deal after just submitting one business proposal.

The process involved in writing a business proposal:

Basics of a Business Proposal: Before attempting any business proposal, we must first get an understanding of what the proposal is and learn the basics. A business proposal is a written artifact that deals with a specific product or service to a potential Customer. As discussed, 6 types of Business Proposals there are generally two significant kinds of business proposals:

  • solicited business proposals (which is prepared in response to an official request for a proposal)
  • unsolicited proposals (proposals that are thought of by a person who is submitting them and can be inspired by anything like a moment in the employee’s daily work to a casual conversation with the Customer).

Business Proposal vs. Business Plan: The terms “business proposal” and “business plan” are often used as swappable terms which give us the impression that they are the same. However, in detail, they are not. A business proposal is documented to offer a product or service to a client, and a business plan is considered as a formal statement with a set of business goals and how these would be accomplished. Then, based on understanding, we must decide on what is to be included in a business proposal.

3‘P’s of a Winning Business Proposal: The success mantra behind writing a winning business proposal is the presence and application of the 3‘P’s, are Problem Statement, Proposed Solution, and Pricing Information.

  • Problem Statement: A compelling business proposal should be able to define their requirements plainly and directly to the Customer. This is important because we should not expect the Customer to believe that we can help them to solve their problems if we don’t understand their issues.
  • Proposed Solution: The core criteria for sending out a business proposal is to bid a solution to a problem faced by a Customer. This section should be elaborated in detail as possible and should be able to address every requirement that we have discovered.
  • Pricing Information: For most of the Customers, the pricing information plays a significant role in deciding them whether they would agree with the contract with us or not. Presentation of this part significantly depends on the solution or solutions you include in the previous section. If the solution offered would only entail a short period, a Fee Summary will suffice, if not for longer projects, these payments have to be specific and clear in a Fee Schedule list.

Points to be Considered When Writing a Business Proposal: With the above understanding, we have got some knowledge on the essentials of a winning business proposal. The next important aspect for consideration is to find out what to put under the 3 Ps so that we can develop a business proposal that gets their consideration and wins the contract.

Do our Research: Before start writing any business proposal, we should firmly believe in that not all clients give us the complete information of their needs and requirements, particularly when we are submitting an unsolicited business proposal. Try to research to the entire extent and include the competitors of our Customer, and their clients as well. This would ensure that the business proposal will be crisp and detail.

Put ourselves in their Shoes: Another essential thing to be considered while writing a proposal is always to put ourselves in the Customer’s shoes. With this we can get some clarity on most of the things like, why should the Customer pay this much amount for the solutions that we are providing and how can these changes benefit.

Why us: If we determine the needs of a Customer, there may be a probability of other competitors who have done the same which means that there would be others who have submitted their respective proposals to the Customer. Hence it is essential to make sure to portray our talents, experiences and other qualifications to convince the customer why they should choose us.

Writing a Business Proposal: Once we get all the required information, we are finally good to go. One of the best ways of writing a convincing proposal is to use a business proposal software like Zbizlink. These programs help us to write our business proposal without worrying about how they should align together and the content that we need to include. When you write your proposal, it’s important to be as clear and concise as possible. Zbizlink is one such Business proposal writing software that agrees on assisting you with a wide range of document responsibility for each Opportunity and continuously go beyond the usual assurances of quality. Let’s connect and schedule Demo today!