The purpose of business proposal writing is usually to raise awareness for a project and to get others to believe in it. Some proposal writers are looking for investors; some are looking for moral support for a project; others are responding to an RFP.
Whatever your reason, there are some key components you should include when writing proposals. These components will help make that all-important favorable first impression which is so critical to winning others over and propelling your project forward.
The executive summary is a point-form synopsis of all the material in your proposal. Think of it as a cheat sheet for the busy executives you wish to have consider your proposal. It should also include a list of all of the participants and stakeholders in the project, as well as information on the backgrounds and expertise that core participants will bring to your project.
The business description should include an overview of your business, including its goals. What do you see your business doing and where do you see it going? This section of your proposal should also include the vision for your product, a comprehensive description of it and your business objectives.
Here you need to present the results of what is known as a SWOT analysis. Report accurately what you have found by examining the Strengths, Weaknesses, Opportunities, and internal and external Threats to your business. These factors include current and future competitors, industry trends, and potential customers.
Sales and Marketing
It is important to be thorough in your proposal writing. You have to develop a sales plan and map out how the product is going to be positioned in the marketplace. You need to include what your pricing will be, and how you have determined that price. How you plan to promote the product should also be outlined in detail in this section. Include where, when, and how promotions will take place.
Give a description of the team that will be involved in the day-to-day operations. Define who your suppliers are. Include the details of what it will take to run your business.
This is often the most important section of your proposal. The following should be included:
- Balance Sheet
- Income Statement
- Cash Flow Statement
- Financial Ratios
- Five-year Projected Income Statement
It is important to have all of the components of your proposal in place before presenting it. Also, it is imperative that there are no grammatical or spelling errors in your document. Your proposal is a reflection of who you are.
When you take the time and effort to write out your dream, people will take notice. Remember, when proposal writing, the first impression is the strongest.