Tag Archives: business proposal

business-proposal-writing

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.

Learn How to Start a Business Proposal – Part – I

A business proposal is a black and white agreement from a vendor to a prospective customer. Business proposals are the key documents in the complex sales process.

A proposal puts the Customer’s requirements in a context that favors the vendor’s products and services and informs the Customer about the abilities of the vendor in satisfying their demands. We need to draft a business proposal before we offer products or services to another business. We need to write a proposal in response to a Request for Proposal (RFP), which companies or government organizations send out when they have a problem which they need assistance with. Hence a business proposal should identify the Problem Statement, Proposed Solution and explain why you are the best vendor to solve the problem. A business proposal is never a business plan, which is a different document.

Our current blog is classified into three segments. The first part covers the concepts of how to start a business proposal, and the latter part covers making our Proposal, and the final section covers how to conclude the Business Proposal. Let us discuss Part-I in detail.

PART-I

Starting the Business Proposal

  • Starting the Business Proposal
    • Go through the given Request for Proposal (RFP) carefully. We need to submit a response to a business proposal to receive an RFP. Large businesses and public sector agencies send out RFPs when they require, for instance, an industry that is being charged may send out RFPs to different companies related to law asking for a business proposal. In turn, the public agency may also send out RFP if they need to buy supplies of a product. The proposed RFP should contain the required information which we must understand carefully before writing our business proposal.
      • Ensure that we can meet the Customer’s requirements as mentioned in the given RFP. For instance, if we cannot come in under the detailed budget or given a timeline, then we should not submit the proposal. Instead, we can reach out to a business which we think could use our services.
    • Ask proper questions. We need our business proposal to respond to the Customer’s actual needs. Which means we need to understand the Customer clearly and clearing up all the confusions in the RFP by asking proper questions. We always need to step into the Customer’s shoes and try to analyze the problems from their perspective. To help this process, you need to talk to the Customers and get answers to the following questions
      • If there were any prior attempts made to address the issue. If yes, why did they fail?
      • What are the criteria that the Customer will use while evaluating a business proposal?
      • If there are any concerns about the current vendor.
      • If the Customer wants to make sure whether their proposal is consistent with existing operating policies.
    • Format the document properly. We need our business proposal readable. The font that we follow should be in a size and style that the reader is comfortable with consistency throughout. For this, we have to use the font that is asked by the Customer, if not mentioned, we ideally use Times New Roman 12 point.
      • We can also go through sample proposals used in the industry. We can also find business proposal templates online. Using one of these templates can make our business proposal look professional.
    • Add a suitable title page. We need to have a title page as the cover page to our business proposal. The title page should comprise of the following information such as our name, our company’s name, the name of the person we are submitting the proposal to, and finally the date we are providing the proposal.
    • Introduce the problem carefully. A business proposal recognizes the problem and recommends a solution. Hence, we should start by identifying the problem in simple and clear language and try to explicate why the present situation is a problem for the Customer.
    • Provide the context if required. We need to explain the background so that the reader understands the proposal.
    • Define critical terms if any. Though our proposal should be simple and clear, there may be some terminology that we need to define for the reader. Note that we might submit our business proposal to an industry that understands industry jargon. However, the person who makes the final decision might not be familiar with industry terms.
    • Suggest a roadmap for the proposal. If we have a lengthy business proposal, then we need to offer an overview of what follows the introduction. For instance, we could write, “This business proposal has four parts. Part I covers Introduction, Part II, we offer the proposed solution, timetable, and an explanation of benefits in detail. We offer an itemized budget and a set of standard contract terms in Part III. Finally, in Part IV, we summarize our experiences and approve that our proposed solution is the correct course of conduct.”

Zbizlink is such Proposal Software and RFP management solution that enables sales, proposal and bid teams to generate, collaborate on and share all opportunity related content without leaving the familiar world of Microsoft Office and CRM. Bid, Sales and Marketing Teams globally, use Zbizlink.

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.