Knowing how to write a business proposal is one thing; having the know-how of writing a winning pitch is another and the most crucial to the success of your business.
If you are thinking of nailing that business opportunity, here are steps to writing a convincing business proposal.
Get your facts right
Learning as much as you can about your customer and project can help you write a proposal that will be more likely to be approved. Knowing your customers’ needs and pain points will help you develop a tailored solution for them.
If some facts are foggy to you, you can schedule a meeting with your client to understand better what they want. You can ask questions such as: Who are the buyers? What is the pain point? Is there a budget? Is there a deadline? What is your best solution to their problem? What are your costs if the proposal is accepted?
Well stated project objectives and scope
Just as for every other business, have well-structured objectives for your business proposal as it will keep you on track. It’s critical that you adequately express your goal so that you don’t lose sight of why you’re creating the proposal in the first place.
When creating your objectives, ask yourself the following questions: What is the proposal’s purpose? What needs am I meeting with the products and services? What do the people need? How does my product tackle my customers’ problems?
The scope of your proposal considers the features, functions, tasks, expenses, and timeline. This will also outline the division of work. That is, who will do the job, what needs to be done, where the location will be, when you will start, how it will be done, and why. Once you can write it all down, you have gotten a start.
Add up your labour and costs
You need to consider the expenses and how much to charge your client. For instance, some companies use this formula to estimate labour costs: Make a mental checklist of the project and write down the number of hours it will take to complete each job. Multiply this by 1.5 to get the total.
When doing this, ensure to overestimate the time the project will cost you. This is because projects frequently take unexpected turns, and allowing for additional time will allow you to account for any potential setbacks and prepare for a contingency budget.
Start drafting your business proposal
This starts with an introduction that highlights your company and the project and the executive summary where you tell them why you are the best for the job. An optional table of content follows this. Then to the document’s body, which has all of the specifics (including a price table, images, and charts) and a conclusion that advises the customer on how to continue. A decent business proposal should include six and seven components, including the signing page.
Check your business proposal
Double-check your proposal to ensure you cross your Ts and dot your Is before sending the final copy to your prospective client. You can also give it to someone to proofread for you. Ensure the language is formal and concise. After sending it, ensure to follow up.