Figuring out how to write a business proposal can be the difference between securing funds for the next project or getting stuck in the idea stage. The good thing about business proposals, though, is that they can be completed in a step-by-step process. When a proposal features all of the right elements, it’ll have a greater chance of succeeding.
What Is a Business Proposal?
A business proposal is meant to be a document that outlines why a company can be successful. It’ll include details about what that company’s main objectives are as well as its top-selling products. In the document, the idea is to explain why that particular business is going to be valuable to potential consumers.
What Elements Are Found in a Business Proposal?
The following elements are usually featured in a business proposal document:
- Executive Summary
- Why the Products or Services Fill a Need
In figuring out how to write a business proposal, some people may realize that they need to feature key information that’s relevant to their niche. The elements listed above, though, are those that will almost forcefully need to be a part of the document. They have to be featured not only because potential investors will want to know the information but also because proper structure and order are usually appreciated in business circles.
To make the process easier, it’s important to write the plan step by step. Here are the 10 steps on how to write a business proposal that will be appealing to potential clients or investors.
- Understand the Client’s Needs
This refers to a client or potential investor to whom the business plan is tailored for – that’s the key. One of the biggest issues with business plans is that people want to show the same plan to different potential customers. These customers won’t have the same needs. It’s okay to tweak the business plan if it’s being presented to a new audience.
- Gather Information
Another step in this guide on how to write a business proposal that can encapsulate different ideas. Gathering information about the client is important; knowing the market that the product is aimed at is key as well. Any good business plan has to show that the presenters know what they’re talking about.
There’s no bigger turn-off, particularly for knowledgeable investors, than seeing a plan with incorrect information. That shows investors that the people who elaborated the plan don’t really know what they’re talking about. Something like this can kill a project on the spot.
- Outline the Proposal
The business plan should not leave readers puzzled about the purpose of the document or the presentation. Many people struggle with outlining the proposal, particularly if they’re going to be presenting the plan to potential investors. What they’re afraid of is to turn some people off by adding a very high investment fee.
It’s a sad truth, but if the investor isn’t willing to put down the money that the project requires, then they are not the right investor. If anything, making the proposal as clear as possible can help weed out people who are not interested.
- Write an Engaging Executive Summary
Executive summaries may be the part of the document that most people are going to read in full. If the summary is interesting, then they might decide to explore the other parts of the proposal. That’s why it’s important to ensure that this part of the document leaves readers wanting more.
- Craft a Persuasive Introduction
This tip falls along the same lines that the previous one did. People are more likely to continue reading if they are intrigued by the first thing that they see on the page. It could be a bad idea to use Chat GPT for these introductions because it can make the content very stale.
- Define the Problem and Offer a Solution
Does the product that the business proposal is presenting offer a tangible solution to a clear problem? If that’s not the case, it’s going to be harder to sell this product. It doesn’t mean that it’s flawed. It’s just that when people can see a need clearly, it’s easier to understand what that company is selling.
- Detail the Methodology and Approach
Do clients really care about your methodology and approach? This is one of the parts of the business plan that can be tweaked depending on the type of audience that’s going to be reading the plan. When clients are the ones who are going to be reading the plan, it’s a good idea to fill this section with practical examples and easy-to-digest information.
If the document is going to find its way to the hands of investors who are well-versed in how the industry works, the methodology has to be perfectly detailed. That’s something that an informed audience will certainly appreciate.
- Present a Realistic Timeline
This is a very important element, particularly when the project is being presented in front of investors. The company will benefit greatly from not overpromising how quickly they can deliver a profit. Otherwise, investors who bet on the product could grow impatient down the road.
- Itemize the Budget and Costs
Investors are really going to appreciate seeing how their money is potentially going to be spent. Keeping these costs in the dark can lead to immediate failure for certain business proposals. Itemizing costs is also going to give investors a good “feeling” that the company is transparent.
- Proofread and Revise
It’s simply unprofessional to present a business proposal that has errors all over it. When these documents are not properly proofread, it also shows that the company may be lacking the attention to detail that investors are hoping to see. It’s better to take a little longer to put out the document than it is to rush out a poorly written one.
Automating Proposal Creation with Prospero
Prospero is a business proposal software that empowers businesses to create proposals easily, share them with prospects, and convert them seamlessly. This proposal software offers a wide array of ready made templates that streamline the business proposal writing process, making it more efficient and time-saving. These templates cover various fields, including copywriting, software development, interior design, and content marketing, among others.
These proposal templates are well designed with various customization options such as colors and unique fonts to match. One of the elements of a good business proposal that hasn’t been talked about yet is how engaging its design can be. That doesn’t necessarily mean that these business proposals need to be written on glossy paper.
However, the letters need to be easy to read. The last thing that a company would want is for investors or clients to get headaches from trying to read small words. Small details such as font size may be more important to the design of the document than colors and other flashy elements that sometimes people obsess over.
Prospero is essentially going to win people half the battle when it comes to how to write a business proposal. The app makes everything easier; all that there is left to do is to focus on the actual writing. That’s the most important part of the proposal anyway.
There are different ways to include all of the points mentioned here within a business proposal. Many of these points were not provided in the order that they may need to go within the actual document. That’s something important to keep in mind if someone wants to draw an outline of their business plan before they begin to write it.
Finding the right tools to be able to design the actual documents with quality templates can make the whole process much easier. The main benefit of using templates is that anyone can create a good design without necessarily being an expert in that field. Prospero is one of the best options to do just that.