To better understand steps in writing business proposals one should know the types of business proposals first. In the current blog, we will concentrate on the stages of writing a business proposal. A business proposal is considered one of the most important documents that we need to learn how to write to grow as a proposal professional.
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 spend hours developing business proposals and failing in getting positive results. On the other hand, some use proposal management tools to streamline the process and can understand the customer requirements 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, 06 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, 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.
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 you start writing any business proposal, understand that not all clients provide complete 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 proposal management 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 a business proposal management software that assists you with a wide range of document responsibility for each Opportunity and goes beyond quality expectations.