By on March 07 2018 10:14:16
A business plan is a guide for your business, a roadmap that outlines goals and details how you plan to achieve those goals. It is used to keep you on track (internal use) and to support any applications you might make when seeking investors, or when applying for commercial loans (external use). While a business proposal on the other hand is used to try to attract and acquire business. It pitches your business, product, or service to a potential client, vendor, or supplier. A client, vendor, or supplier might also request a business proposal from you when trying to evaluate whether or not you’re someone they want to work with, or whether or not you can provide the services or products they require. Write a good proposal and you might snag business; write a poor one, and you may lose out, even if you’re offering the best service out there.
If you’ve worked with a client before, convincing him or her to hire you on retainer (an ongoing basis) is one of the most effective ways to increase your income. Familiarity with your client’s unique needs, work style, and industry are all powerful motivators to convince them to choose you instead of anyone else.
How to Create a Proposal. There are many things you will need to cover in your proposal letter. Each different part has a purpose, and altogether they should set out clearly the reason for the letter. Here are five sections that need to be included: Introduction, What is the problem?, How will you solve the problem?, Cost/Schedule, Executive summary.
Although business proposals present the same information and have the same layout, it’s important to take time and make each one unique. Each project is different, even if it’s with the same company. Remember, a business proposal must show how you or your company can help a potential client.
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