MAKE OR BREAK YOUR BUSINESS: BUSINESS PROPOSALS
When you are in the early stages of starting a business, creating the perfect business proposal can make or break your business. Think about it, having the right clients on board is vital for growing your company, and there is no denying that you get what you negotiate for therefore you must craft the right sales and marketing strategies so that your proposal instantly hooks potential clientele in and shows that your product or service truly adds value to consumers’ lives. Your business proposal will hand down be the most powerful tool in your arsenal starting off. It can lead to getting you the partners, clients, and in some cases funding that you need in order to succeed.
Learning how to write a proper business proposal is one of the most underrated skills that a lot of entrepreneurs overlook which is a huge mistake given the make-or-break nature of this document. Take the reins now, and you’ll find that the process of writing a business proposal provides greater confidence in your brand.
When crafting your business proposal, there are 5 key components that you must touch upon.
First off, you have to describe the problem or issue you intend to solve. This is important to building a connection with your potential customers. You can empathize with them, showing that you have a deep understanding of the problem the consumer is trying to solve.
Secondly, you have to propose your solution. Be sure to detail your approach to resolving the issues that the consumer is facing and why it’s better than your competition’s approach.
Third, emphasize why you are most qualified to solve the problem at hand. Make yourself stand out by emphasizing how your skills and background distinguish you from the rest.
Fourth, be sure to outline your methodology and costs. Provide a timeline with benchmarks to assess your progress on the job, along with a schedule. Convey the method by which you’ll be assessing costs, a budget estimate and a payment schedule.
And lastly, comes the packaging. Be sure to include a title page, a table of contents, and an executive summary.
Sounds simple right? Well, as an investor, it amazes me just how many people pitch a billion-dollar idea, but don’t have a proper proposal. I personally, won’t invest in a business if they can’t nail the proposal. After all, if your proposal sucks, you won’t get any business. You have to think, the people you are pitching your ideas to have hundreds maybe even thousands of other businesses pitching their ideas to them each year. So, your business proposal needs to absolutely wow them. So I’ll let you in on a little secret. Here are a few tips that will help you craft a business proposal that will knock the socks off of anyone that you present it.
KNOW YOUR STUFF
Research has shown that, from a client’s perspective, a successful business proposal indicates that the bidder has done its “homework.” As the bidder, it is up to you to demonstrate that you have paid attention to the consumer’s needs and goals and addressed them accordingly. Trust me, anyone reading your proposal can tell if you half-ass this part. Put in the time to truly understand exactly what the consumers are seeking. Don’t be afraid to get some feedback. One way to do so is briefly mentioned your idea to people who would fit into your target audience. Watch their reaction. Try this a couple dozen times and if it doesn’t get the majority of them pumped up and excited, maybe you should get back to the drawing board or even ask them what they would be looking for in a solution to the problem you are addressing. Also, social media is your friend here. You can reach a wider range of people and even conduct a few polls just to get some real-time feedback.
PRESENTATION IS KEY
No one wants to read a few boring paragraphs of you going on and on about your business. Make sure you’re presenting the information in an organized, visually appealing, easy-to-read format. I should be able to skim through and catch the main points. Graphs and visuals are also a nice touch that will help you stand out. Also, creative writing skills will come in handy here. Whoever is reading your business proposal should be captivated by your ideas. Be a storyteller. Get people excited to hop on board. By the time someone finishes reading your proposal, they should be begging you for your product or service because they are so excited by what you presented.
Set your prices so that you’re not undercharging (i.e. losing money on the job) or over-pricing (i.e. gouging clients for your product or service). The former will put you in the red and the latter will taint your reputation. Consumers want to know that they’re getting what they pay for, and they want to know they can trust you. Carefully assess your costs for the job and be prepared to convey these assessments to prospective clients.
IDENTIFY THE DECISION-MAKERS.
Your proposal should be tailored to who you’re speaking to. At the end of the day, if you want to gain business, you’re going to have to reach the real decision-makers. Don’t waste your time with the gatekeepers if you don’t have to. Do your research and find out who it is that you need to speak to that can make the decision to buy today if they wanted to. Being able to know your decision-makers and understand their pain points will give you the upper hand. It gives you more room for personalization and the opportunity to really hit home for them. The more personalized you can be, the better because it shows that you didn’t just use some premade template that you had filled away. You took the time to be attentive to their specific needs.
MAKE SURE YOU’RE ADDING VALUE
Innovation is critical so that your business is not eclipsed by the competition. Make sure your product is adding value for your prospective client so that they don’t need to seek solutions elsewhere. Learning to build constant and strategic innovation into your larger business strategy will take you light years as you master how to write a business proposal.
Nailing the business proposal will help you take your business to heightened levels of success. After all, this is your opportunity to build a connection with your potential consumer. So the next time you are presented with the opportunity to pitch your product or service to a new client, consider these tips so that you blow them away.Share: