Ever had to make a deal with someone? Before making a deal, you and your partner would have to make some suggestions regarding it. That step is called a proposal. So what’s a business proposal? A business proposal is a means of suggesting a partnership between two parties or to suggest a product or a new method of conducting business. It is similar to how a project proposal functions, where you need to pitch your ideas to your target audience.
Any type of proposal—whether it’s a project proposal, research proposal, or even a business proposal—have the same purpose and function; their functions being that they are used as a means of selling your ideas or suggestions to a group or organization.
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How to Prepare a Business Proposal Letter
Preparing a business proposal letter is a bit tricky if you do not know what to write. Here are some steps in making a business proposal letter:
- Follow the standard format of a business letter, the format being:
- Font size 12
- Block style
- Left justified
- Single spacing when writing a paragraph and double spacing when writing another paragraph
- Add a greeting statement at the first line of the letter and remember to be formal.
- Identify the purpose of your letter as clearly as possible so as to avoid any form of misunderstandings.
- Thank the reader for taking time from their busy work schedule to read your letter.
- If you have any attachments or additional document you want to send to the reader, attach the word enclosure into the letter.
What Is the Purpose of Writing a Business Proposal Letter?
You may be wondering, why the need for a business letter? In its most basic reason, the business or the corporate world is full of formalities. Every individual must be formal and prompt when transacting with others. Aside from the purpose of formalities, a business proposal letter is also used as a means of negotiation between two or several organizations. A business proposal cover letter is an additional requirement of a business proposal letter, in the sense that it is used to give a short summary of the letter.
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Differences between a Business Plan and a Business Proposal
What is the difference of a business plan and business proposal? In some cases they are both similar, but their main purpose is what separates the business plan from the business proposal. The purpose of a business plan is quite simple: it is an idea developed within the company itself with the goal of improving its current productivity levels. A business proposal is the suggestion of the idea from either a member of the company or from a person outside of the company, which aims for the introduction of new marketing strategies and transactions.
A business proposal can sometimes be requested by a client, providing that you are well known in suggesting positive changes to the company efficiently. When this occurs you should write a business proposal letter to the client in response to their request for a business proposal.
How to Write a Business Proposal for a Small Business
Writing a business proposal for a small business can be quite relaxing compared to making a business proposal for a large business or company. Although the risk of failure is still there, how badly it would fail is quite less for a small business compared to a large business.Writing a business proposal requires the following:
- Research about the business and identify any flaws with their current strategy.
- Contact the potential client ahead of time to ask for permission.
- After reviewing the data gathered from the research, create a new strategy and plan.
- Compare the plan you developed with the current plan of the company. It is important to be realistic at this point, meaning there will be portions of the plan that may fix old problems but cause new ones.
- After extensive researching and evaluating, it is time to write a letter. What letter? A business proposal letter to the manager of the business.
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How to End a Business Proposal Letter
Ending a business proposal letter can be quite simple, providing you follow these steps:
- Give a short summary to each one of the different solutions you have made in the business proposal. This will give the reader of the business proposal letter a quick reminder of the topic as well as a clearer definition of the solutions being provided in the business proposal letter.
- Indicate exactly how the company can implicate this new strategy into its marketing strategy, and how it can affect the company.
- Request the company to test the strategy and monitor any changes in the overall productivity of the strategy.
- Thank the reader for sparing some of their time in reading your letter.
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Tips on What to Do When Writing a Business Proposal Letter
Writing a business proposal letter has many uses and just as many formats. Here are some tips in writing a business proposal letter:
- Always ask permission from the head of the company before starting a research into the company.
- Avoid causing discomforts for the employee and the manager of the business.
- Be thorough when gathering information on the current strategies being implemented by the company. Information can come from anyone within the company. Even the tiniest bit of information can be useful in changing a business’s current strategy.
- Keep in mind that there is a level of confidentiality between the information you are receiving and how much information you can share with people outside of the company.
- The new strategy that you are suggesting to the business should at least have been tested in a simulation so as to have some credibility with its potential of usage.
You can always check out our sample letters for more information on how to write a business proposal letter. Browse for it on our site and feel free to search for other documents as well. There are more than just letters that you can use.
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