Do you have a business? The 2020s is the decade to go into business given how many opportunities there are thanks to the internet and the growth of new technology that makes setting up a business and finding clients easier than ever before like digital banks and accounting software.
But to get clients sometimes you’ll find you’ll have to write a formal business proposal. Don’t panic if you find you need to write. It’s standard practice. Here’s what you need to know about writing a business proposal.
What is a Business Proposal?
Tips on starting a small business can be hard to come by but here are some on writing your first business proposal. A business proposal is a formal document setting out your plans for a particular job or project. They are more common at times when the job is more complicated or there is a lot of money at stake. If you are looking at taking a project from a government agency – particularly in Europe or the U.K – then a business proposal is often mandatory.
This makes it easier for the government agency to assess who can best fulfill the needs of the project and which business will provide the best value for money.
Business proposals are often just one part of a lengthy bidding process that involves writing a business plan, submitting a proposal and then making a face-to-face pitch.
Use a Template
Building a business plan can seem overwhelming. That is why it’s best to use a template to help you out. There many that are available online that fit the proposal you are making but remember that they should be customized to suit your needs.
Don’t leave the formating the same as the ones you find online as this looks unprofessional. Also, don’t let a template deter you from answering the questions that are required by the funding body or other business you are seeking work from.
Its templates aren’t working for you then another top tip is to ask an expert or business insider such as an Amazon executive on your business plan.
Pitch to the Right Person
It’s no use having an amazing pitch and the perfect proposal if you end up pitching it to the wrong person. Know which person in the organization is responsible for reviewing your business plan or proposal.
This way you can tailor your proposal to them so that you are more likely to be successful. It’s also the case that if you pitch to the wrong person or send your proposal to the wrong person you can look unprofessional and like you haven’t done your research. This could hamper your chances.
Writing a Business Proposal
Writing a business proposal is the best way to secure investment in your business. It also forces you to ask tough and penetrating questions about how viable your business proposal is and potential flaws.
If writing a business proposal or business plan is not your strong point then be sure to use an online template or to ask for outside advice from an expert.
If you are interested in reading more about writing a business proposal or business building then be sure to check out the rest of our site.