A business proposal lets a prospective client know exactly what work will be done, when it will be completed, how much it will cost, and why the offering firm is qualified. It can be either in response to a request or sent as a proposed solution to gain the interest of a lead.
1. Determine Your Business Proposal Requirements - The first step in how to write a business proposal is understanding what your prospective customer needs it to include. Formal requests for proposals (RFPs) usually lay out the specific requirements a business needs to make a buying decision.
2. Gather the Necessary Information - Once you know what your prospect or customer requires, it’s time to detail how your products or services fill those needs. This step may require you to gather additional information like your inception story, mission, or unique selling proposition.
3. Generate Your Proposed Solution - The next step needed to create a business proposal is to define exactly how your proposed solution meets their statement of needs and what they should expect from you if they accept your proposal. This step will help you fill in the scope of work section in your final, written proposal.
4. Calculate Pricing - Pricing is often one of the most difficult parts of learning how to write a business proposal because there are many factors involved and numerous pricing methods you can use. Plus, you have to gear your pricing toward the specific solution you proposed, which is customized to potential client’s needs.
5. Draft Your Business Proposal - Once you understand the requirements, organize your information, craft your proposed solution, and know how you want to price the offering, you are ready to combine all the components of your proposal in a single written document.
6. Send Your Proposal - Once you’ve drafted and made your final edits on the proposal, you’re ready to send it out for review. Please note that some RFP requirements are strict on how and when submissions need to be made.
7. Follow Up with the Recipient - After you send your proposal, follow up with the prospective client and see if they have any questions or concerns. There’s a good chance they’ll have items they want to be clarified and that there will be another step involved in the procurement process, such as an interview, sales call, or meeting.