“Sales cure all.” This quote by Mark Cuban speaks volumes. If you dont make sales, you can’t make money. And, if a business doesn’t make money, it fails -- simply because cash flow is crucial to business survival. And, that’s why it’s important to write a killer business proposal to get more clients, and sales.
What is a Business Proposal?
Naive marketers are confused between the terms ‘business proposal’ and ‘business plan.’ A business proposal is different from a business plan in several ways.
A business plan focuses on achieving overall marketing or financial goals for a new business venture or an established business, whereas the goal of a business proposal is to bring more clients or improve sales of an existing business. Business proposal is one of the most important stage of your sales pipeline and hence it requires your utmost attention.
You can keep an eye on all your leads that are in the proposal stage of your sales pipeline using a sales pipeline CRM and never miss any opportunity again.
A proposal addresses a client’s problems and offers a solution in the form of a product or service. The goal is to get more leads, sales, and clients.
A typical business proposal will include:
- Your business profile
- Testimonials from existing clients to build trust
- Your relevant portfolio
- Explanation of the problem the client is facing
- The solution you are offering
- Details of the cost, the timelines, and the scope
Bonus tip: Keep the business proposal short. You are going to target C-level executives with your business proposal who are busy professionals, and too busy to go into the details.
Kinds of Business Proposals
Before you begin writing your business proposal, take some time to decide what kind of business proposal you want to create. Businesses often create two kinds of proposals, i.e, solicited and unsolicited proposals.
Solicited proposal
As its name suggests, a solicited business proposal is the one that you send against the client’s request for a proposal. Before creating a proposal understand the company and what they are seeking. If they have sent you an RFP (request for proposal) read it carefully to figure out the problem they are facing. You can also have a meeting with the client to make sure you fully understand their objectives.
Solicited business proposals are further divided into three categories:
- Invitation for Bid
- Request for proposal
- Request for quote
Unsolicited Proposal
An unsolicited proposal is one that you send to a prospect who has not requested a proposal prior. The goal of the unsolicited proposal is to get the attention of the prospective client. You can increase the chances of winning a proposal by making prior contact and letting them know that you want to do business with them. You can also do in-depth research about customers' problems.
How to Write a Killer Business Proposal?
Once you have done your research, you can begin working on your business proposal. Here’s how you can write a killer business proposal and turn prospects into customers:
1. Begin with a Title Page
Although there are no one-size-fits-all business proposals, there’s still a certain outline you should follow. For instance, you should always start with a title page when writing your business proposals. Your title page should have:
- Your company’s name and logo
- The name of the company or individual you are submitting the proposal to
- Your contact details
- The date on which the proposal is submitted
If your title page makes a good impression on the client, they will view the rest of your proposal in a positive light. So, make sure your title page looks professional and aesthetically pleasing. If you are not sure how to design one yourself, you can go for a business proposal template that suits your needs.
2. Include a Table of Contents
Don’t forget to add a table of content to make it easier for your client to navigate their way through the business proposal. A table of contents will also tell the client what you have covered in your proposal.
If you are sending an electronic proposal, make sure to include a clickable table of content. Out of all the electronic proposals, thirty-four percent are accessed on mobile devices. Therefore, adding a clickable table of content will enable your client to skim through the business proposal easily.
3. Executive Summary
An executive summary outlines the benefits of your company’s products and services and how they can be helpful to your client. With an executive summary, you can convince the client that you can offer them the best solution to their problem.
Be specific. You can include the following things in your executive summary.
- Short introduction of your company and its expertise
- Your company's goal in helping the client achieve its targets
- The implementation plan, its milestones, and plans
- Any other relevant details
4. State the Problem and Propose a Solution
B2B buyers are fifty-seven percent through the decision process when they contact a potential vendor. Meaning if a company sends you an RFP, they are seriously considering paying for your services or products. Be proactive to seize the opportunity. Pay attention to the minor details, explain the problem and propose a solution.
The purpose of summarizing the problem is to let the client know that you understand their issue completely. Do your research and educate yourself to provide them with the best solution.
After stating the problem, propose a solution to the client. Make sure that the solution is customized according to the needs of your client. It would prove to them that you designed the proposal for them and you are not recycling an old proposal for sales.
5. Add Pricing Options and Your Terms and Conditions
A seamless billing and payment management can help you save on costs. But before you can start receiving payments, you will have to provide pricing options to your client.
Offer a few pricing options to the client while creating the pricing section of your business proposal. Make sure that your pricing table includes all the details of the services and their corresponding costs.
The terms and conditions section should include the pricing, payment schedule, and project timeline. Make sure to consult your legal team regarding the terms and conditions before sending the proposal to your client.
6. Sign Off with a Conclusion and a Signature Box
Use the conclusion section to summarize your proposal. Touch on your qualifications to reiterate that you would be the best choice for the client. It is also important to confirm your availability in this section so the client can reach out to you for further discussion.
Add a signature box at the end of your proposal for the client to sign if they are ready to close the deal. A signature box makes it easier for the client to accept your proposal. However, it is also important to let them know that they can reach out to you with questions before signing the proposal.
To streamline the process of creating, sharing proposals and managing payments you can integrate your proposal tool like DocuSign, or PandaDoc with your accounting software like QuickBooks, Freshbooks etc.
Conclusion
An effective business proposal should answer all the questions a prospect have about your business and what you can do for them. The steps mentioned above can help you write a killer business proposal that will help you close deals and win new clients for your business.
