How to write up a business plan proposal
Learning how to write up a business plan proposal will help you establish and secure your business in a competitive industry. It highlights the potential of your company and suggests how clients and other interested parties can benefit when they collaborate with your employees and management. In this article, we’ll cover the best and most practical tips that can help you come up with an excellent business plan proposal.
How to Write a Business Plan Proposal Step by Step
A business plan proposal is a document you send to a client, offering specific services and explaining why you’re the best to provide it. Business plans are either solicited or unsolicited. A solicited proposal is sent when a client is already in the market looking for a service. An unsolicited proposal is sentwhen you’re hoping to attract a client who didn’t ask for your services.
You should start by collecting lots of relevant data so you can compose a successful business plan proposal. However, this process can become too overwhelming, especially if you don’t know where to start or what to look for. The idea is to pick the most relevant information and list them in a waythat makes sense and appeals to the clients. This is why your research shouldn’t only be limited to what your company can do, but also to how this will benefit your client in the short and long term. Here are some steps and tips that you can follow to learn how to write a business plan proposal.
1. Start with Information
While timing is very crucial, you still don’t want to send a proposal that doesn’t appeal to customers. Taking time for studying and assessing customer’s needs will give you enough data for crafting a proposal that is likely to get accepted.
Spend time studying the company’s profile, decision-makers, and pain point that you’re trying to solve. Ask about the estimated budget and expected deadline as these factors will eventually affect their final decision.
2. Define the Objective of Proposal
The more detailed you are, the better your proposal will be. People will understand what you’re offering them and how it helps them solve their current problems. Answer questions like who will do the work, what needs to be done, how will it be done, and when will it start and finish.
These answers give you a starting point for building your proposal. Decision-makers will refer to these answers when they’re evaluating several proposals submitted.
3. Estimate Costs
No matter how big your client is, they’re still working according to a set budget. You should send an accurate estimate of the labor cost and overallexpenses. You should also think about the time needed for completing this project.
It’s always a good idea to overestimate your time and costs. This way, you can avoid delivering late work or at a higher cost. However, you should keepyour estimates reasonable as the client might decline your offer because it’s too expensive or taking too much time.
After you’ve followed these steps to learn how to write a business plan proposal step by step, you should make sure that your offer follows the correct format. Here is what you should do.Start with a title page. Include your name, name of your company, name of the client, and date of submission.
1. If the offer is too long, it’s recommended to add a table of contents. It will make your offer easier to browse.
2. Write a comprehensive summary. Explain the reason and purpose of your proposal.
3. Highlight the pain point. Show your potential client that you understand their needs.
4. List your solution or approach that can solve your client’s problem.
5. Include your qualifications. Don’t be shy and mention previous achievements and references so your client knows that you’re trustworthy.
6. Set a time schedule. You also need to mention the cost, payment schedule and explain all legal matters.
In the end, you should conclude your offer by stating why you’re the best in this business. Clients need to believe that you’re offering something that noone else has. The success of writing your business proposal will have a huge impact on the earnings and overall performance of your company.