A good business proposal can achieve business heights. A proposal describes the description of a business in a summarized way. So, it says much in fewer words. The best elements of a business proposal that are must be included are:
- Executive Summary.
- Company’s Description for Targeting Audience.
- Marketing and Sales Analysis.
- Competitive Analysis.
- Management Team Description.
- Financial Plan.
- Prospects and Procurement of Business.
- Request for Funding.
- Projection of Financial Assistance.
Executive Summary:
As the title says, this is the most essential and executive component for any business proposal. It highlights all the information on which other info and detail of the plan/ proposal depend. It includes the company’s mission statement along with a short description for the audience.
Company’s Description for Targeting Audience:
After preparation of the executive summary, a businessman prepares this section. In this section information regarding the company’s policy, terms, services, products are described with well-focused customers/ audience. The target is to prepare this section to fulfill the aim. How an organization or company stands out as one and how the provided product/ service will be helpful to the audience.
Marketing and Sales Analysis:
The writer of business proposal outlines the marketing strategies and techniques of sales promotion by which he can achieve the target of the sale of product and services. This section reveals how a businessman implements the strategies including sales forecast, advertising, public relation etc. For this, the writer of a proposal can provide the testimonial from existing customers.
Competitive Analysis:
Competitive analysis is a statement of the business strategy. The purpose of this analysis is to determine the strength and weaknesses of the competitors of the same business that are running. The analysis of competitors can be done according to customer’s point of view and company’s strategy viewpoint. This analysis, in conjunction with an examination of unsuccessful companies and the reasons behind their failure, should provide a good idea about what key assets and skills are needed to be successful within a given industry and market segment. It is needed to establish this competitive advantage clearly so that the reader of the proposal understands not only how the company will accomplish its goal but also why the company’s strategy will work.
Management Team Description:
This section is prepared keeping in mind the reader of proposal and how to influence them. Company’s executives, managers, and personnel bios should be mentioned in such a manner that would help them to meet business goals. Experienced management team can get the faith of audience to perceive lower risk.
Financial Plan and Analysis:
This element includes the company’s terms and policies regarding finance and financial assistance. It is the most important section because finance is the blood of all companies, and through this, a company can earn the profit. So, by this element, it should be discussed how a business will be able to utilize the customer fund by providing quality product/ services and will satisfy their expectations.
Prospects and Procurement of Business:
A proposal is a comprehensive roadmap for future planning of a business. This specifies the relevant information about future prospects like, how it works and what targets do a company has and how it will earn the profit.
Explanation of achievement is necessary to get the faith of the customers. In this element, a writer should mention all the attainments of the businesslike, patent, copyright, prototype, location of facility, registration, etc., that are essential for the development for the organization.
Request for Funding:
When a company needs funding from the public, to add this section becomes necessary. It is so that the company should explain the strategy of how a company will use funds that are invested by the people. A company discloses all the information regarding a project in a much-defined manner.
Projection of Financial Assistance:
This is the final section of a business proposal. This section includes the financial goal and expectations for the future that are analyzed based on market research. What annual projected earnings are there shall also be discussed.
So, above all elements are essential and must be kept in mind while preparing a proposal. It may vary up to some extent, depending on the need of a company.