Drafting a business proposal is like cooking – the right ingredients and proportions are used to concoct the perfect dish.
Here are a few magical ingredients to develop a proposal!
Content to include
1. Business or client needs
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Do you remember your 5W1H (who, what, where, when, why, how) framework?
Use that to ask yourself a few questions:
- What challenge or problem is the company facing?
- How did the problem arise?
- What are the past efforts made to address the issue?
- Why did the past efforts fail / succeed?
- Who are part of the target market?
- What is the desired outcome of the company?
- When is the deadline?
- What is the budget to resolve the challenge or problem?
Now, the exciting part – the solutions that you and your team have developed! As a general guideline, your business proposal can address:
- A deep understanding of the business need, which includes relevant industry research and benchmarks, case studies, and more
- Relevant details regarding the proposed solution, including the execution process, the cost of the solution, materials, and manpower needed
- Probable results that will arise from the solution, addressing the problem they have
- Other applicable solutions and information
Structure of the proposal
Phew, now that the content is covered, it is time to roll up your sleeves and get everything down on your slides. Here’s a guide of how you can structure your business proposal:
1. Business description (Company background and problem)
A description of the business, showing your understanding of their current business structure and operations, and the problems they are facing.
2. Market situation (Macro and micro environment, SWOT analysis)
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An analysis of the market situation that allows readers to better understand the industry, which may include trends of the industry and its consumers, and a SWOT analysis that succinctly depicts the strength, weakness, opportunities and threats of the business.
3. 4Ps (Product, Place, Price, Promotion)
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The solutions proposed by your team that addresses the problem statement or the problem in which the company is facing. This should closely relate back to the problem statement in order for the reader or business owner to find value in the solutions offered.
4. Financial factors
The financial factors can include the viability of the solutions, and possible impacts in the business owner’s future financial statements because of the changes made.
A short and sweet conclusion to tie up the entire business plan. This section may also include any future plans, expansions, or possibilities.
All the best with your business proposal! You will nail it!