Business Proposal A business proposal is a document in writing sent by a supplier to a potential client in hopes of aging a project.It explains the particulars of a seller’s offerings and convinces the buyer that the proposed solution is the pathway to their business’s success and productivity at heart.It’s a sales document that includes all the standard information found in similar documents like estimates, bids and quotes.Why is a business proposal important?A business proposal will help you make important decisions on things like cash flow, marketing and personnel. Having clearly defined goals and objectives will also enable you to monitor the business’s performance and make adjustments as you move forward. How to prepare for a business proposal?The heart of preparedness is research and further research. After all, the devil is in the details.Talk to prospective customers, visit website(s), read published articles, and be a know-it-all for your prospective clients.Sort out the ‘who’First and foremost, plough in every possible information about the client:Who is the client (its vision, mission, and goals)?What does it produce?What are its key markets and target customers?What are its business growth plans?Which markets is it presently serving?Also, reckon the main keys of a proposal approval process. This will help you to create a comprehensive proposal with all the necessary answers expected by the decision-makers. Why do you need a business proposal?A business proposal is a testimony in itself that asserts, “I am the best you can get.”Here are the reasons why you should and must make a business proposal:Create or leverage a business opportunity The prime motive is to win, win, and win! It is a medium to en-cash a business opportunity by putting forward an I-can’t-say-no-to-this proposal.Stand out from the competitionIt persuades the prospects that you are way ahead of other rivals in the business’s in terms of the value you offer. Understand the challenges Find what’s bothering them and what is causing hindrance to their business success. Learn about their existing solution and its challenges. Stitch the pitfall and offer the best solution After a thorough review of all the points mentioned above, find the best solution to your prospective client’s problems. List down key discriminator This will help you to know the different competitors to beat the competition in the dust. It draws a comparison chart and puts you in a superior position How to write a business proposal Let’s get down to the fundamental elements that form a business proposal. Learn how to create a business proposal that stands out and close sales. Title page/Cover page The name says it all.Pretty easy-peasy thing to understand, right? After all, you have been creating the title pages since school days.Still, make a note: Always write a gripping title that intrigues prospective clients’ interest and urges them to read on.Other components that should be included on the title page are:Your company name and logo;Prospective customer’s name;Submission date. Table of contents (TOC) As the name suggests, a TOC is a well-structured layout of the document. It helps to skim, scan and navigate speedily through different sections of a business proposal. Executive summary It’s a fundamental tone for a proposal and makes the reader inquisitive about reading subsequent sections. It sums up the entire business proposal – the purpose of sharing the proposal and why and how your solution is the right fit for the prospective client. Leave no stone unturned to boast about your offerings in the executive summary. Services or Products This is an in-depth description of the products or services your company has to offer to their customers. State the problems the services or products will solve the need of its client’s This explains why your products/services are the right fit to address a prospective client’s needs and why it is a better alternative than the competition. Explain the methodology/implementation of services or products This section is a blanket explanation of how the promised deliverable will be executed.It provides step-by-step clarity on each action along with timelines.It gives the client peace of mind and builds trust and confidence in the services or products. Explain pricing, payment, and the legal matters Here, you talk about the pricing structure, applicable taxes, payment schedule, cancellation policy, and how you plan to solve the legal matters (if any arise in the future).Here are some tips for this section:Ensure that the pricing details are concise and complete.Providing a comparison chart with different pricing options helps to make decisions faster.Don’t go overboard with pricing, and also, don’t underrate yourself.Always refer to the request for proposal (RFP) and verify if every request has been fulfilled.Separate out and create a new legal section if your business demands an extensive list of legal requirements. Description or Details about your company This is an exhaustive overview of your business.Don’t forget to add relevant customer testimonials, case studies, or success stories to build your case among prospective customers. Signatures and Call to action This is the moment that gets butterflies in your stomach; the closure.This is the concluding part of a business proposal.Here (if all your prayers get answered), you and your client sign the proposal and secure the deal.