Business proposals are a good way to expand one’s business by offering a particular service or goods to another company. The trick, therefore, is in the creation of a sound business proposal that will make the other company want to avail of one’s goods or services. Here are some tips to help you create better, sounder business proposals.
Understand who your client is and what he needs
The key to creating a sound business proposal is writing it in the perspective of the client. Companies or even government agencies that are looking for contractors have very specific needs and requirements. It is not enough that you describe in detail what your business organisation is, what it does, and what it stands for. To prospective clients, they don’t really care that much at this point in the game. What they are particularly interested in is the guarantee that your company can meet their specific objectives and needs.
It goes without saying that your knowledge of your potential client will be put to the test. The soundness of your business proposal should reflect this understanding so that they will be compelled to seriously considering you as one of their providers, if not the sole provider. As such, do away with business proposal templates that only require you to change the name of the company and the accompanying contact information. Now is your chance to demonstrate just how your company will help them achieve their goals.
Highlight your business’ technical attributes and match it with the requirements of the contract
All potential clients look for a partner that can show technical competence in what he or she is doing. They must feel absolutely confident that you can carry out your part of the contract. It is for this reason that the business proposal should highlight your company’s technical attributes and how these can meet the objectives of the client.
If you are not sure about the fitness of your company to the requirements of the project, you can call the department head r the controller of the potential client company and inquire about the tasks and responsibilities inherent in the said contract. Not only are you showing interest in getting the project, you’re also showing you want to do it well.
Pay attention to the budget details
Most clients especially government offices often have large budgets for their projects. However, it is best to keep it as realistic as possible. Avoid inflating your budget, but don’t undercut it either.
As a rule, give yourself profit margin that can be considered sound under current circumstances. The point is to use this profit margin as a major point for negotiation if ever there are other companies with equally competitive bids.
All small businesses aim to grow big someday, to expand. That can only happen if one is willing to take risks and be ready to present the best of one’s company to prospective clients or business partners. This can be achieved if you can create a really sound and effective business proposal.