There can be several occasions when you need to submit a business plan to finalize a deal. A business proposal is a written document sent to a potential client to get a new project. In the document, the company willing to do the project outlines a plan and prepares a job quotation.
It is needed because a business proposal shows the company’s capabilities and highlights its strength.
Companies send many business proposals in the competitive market and get no results. A planned, well-written business proposal will describe everything in detail with accurate and precise information about the company. This will give the client a better image of the company and its strategies.
Essential Elements Of Winning Business Proposals:
Write about how important it is
Address the problem the client is currently facing and its impact on the company if it is not solved. This part of the proposal is very important to show your client how important they are to your business.
It is vital that you evaluate the problem from different perspectives to find new reasons for your client’s existing problem.
This new finding will impress the client, and they will know the amount of time, research, and energy you have put into the preparation of the proposal. This can actually assure the client that you understand their problem and care about them to do it the right way.
Share the experiences of addressing related problems
In your proposal, include how you solved the hurdles for another company facing the same problem as your client. Show them the steps you have taken to come to a solution over time. If possible, show the detailed solution model to prove the credibility of your work.
If you have not solved a similar problem, show how the other problems you solved have a connection to the problem the client is facing.
Make clear statements showing how the two problems are related to each other with proper justifications. If you do not have previous experience in solving a specific type of problem, honestly tell your client about it.
Sometimes being honest can be rewarding as well since this will show your client that you are trustworthy.
If you have no experience, talk about other challenges you overcame and how they helped your team gain experience and be more knowledgeable.
Also, you can talk about the very first project you did, the challenges you faced, and how you handled the situation.
Then you can show the improvement of your team each time they complete a project and how the experience of handling projects has helped your team to become more efficient.
Show them with strong reasons that different organizations face different problems and that your client will not be disappointed as your company has an efficient and experienced team of employees.
Avoid illogical claims or do not show the attitude that no one other than your company can address the problem. Discover the possible obstacles to accomplishing the goal and present your client with some possible solutions to solve the hurdles.
Show how your company is different from rival companies
Introduce your company and the activities it is involved in, state the reason behind the company’s existence, and mention all the unique selling propositions (USP) of a company.
A USP detects what makes your business unique and why your targeted customers should choose your product/service among the available options in the market.
Mention why your company is better than the rival companies but do not say anything negative about your opponents or do not try to defame them.
Include all the products/services your company offers to the clients, even if they are not relevant to the proposal. This will show the diversity, capability, and reliability of the company.
Also, mention the wonderful team working on the project and their educational background to gain the confidence and trust of the potential client.
Share the customer’s experience of working with your company
People have a mindset that praising your own company is very natural, so they find it less credible. For this reason, try not to recommend your company or praise it to others; rather, share the customers’ experiences.
The adaptation of this method will make your company trustworthy to your client. Moreover, promoting your company by sharing your clients’ experiences will surely send a positive message.
Mention the estimated budget for the project.
Many companies submit business proposals without analyzing the budget in advance. It is important to conduct a market analysis to find the current market value.
The estimated cost in the job quotation should be based on experience, market research, and considering other important factors like -inflation.
Estimating the budget will help the company consider different market valuation changes to ensure they do not incur a loss. This also allows you to show the client a forecasted progress report for the project.
Any fundamental business budget contains three main elements: the project’s total projected costs, the number of workers needed, and the time needed to complete the work.
Writing a job quotation with the value of the estimated cost is quite tricky. Try not to offer a lower price to get the project; offer a price that will be profitable for you after all the expenses incurred.
To conclude, a business proposal is the first step in securing any business deal as it represents your company to the potential client. Hence, a business proposal is like the foundation of a business.
Business proposals simply tell the client why the company is the right fit as it portrays the capabilities of the company and allows the client to make proper decisions. That is why keeping the factors mentioned in the article in mind as a good business proposal is essential to win any project.
Read more; here is a very useful infographic that gives you more ideas about a business proposal to land more customers on it.
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“Business, marketing, and Branding – these three words describe me the best. I am the founder of Burban Branding and Media, and a self-taught marketer with 10 years of experience. My passion lies in helping startups enhance their business through marketing, Branding, leadership, and finance. I am on a mission to assist businesses in achieving their goals.”