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.
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.