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According to Risk Analysis, a business plan or proposal “is a document in which a business opportunity or a business already underway is identified, described, and analyzed, examining its technical, economic, and financial feasibility.” A business proposal is widely used to layout or relay plans, like leasing a property, one has in mind to another person, client, or business partner. An effective proposal contains critical elements such as executive summary, project details, timeline, terms, cost, conclusions, and a signature field. This document has helped many business-minded prospects start their ideas, and even helped some of them become experts or build their very own company. Without this document, you may have an idea for a business but you will not know to go about it or no one will help you. This is your ticket to sharing your ideas with other people, so let us start now!
Before writing down your idea for a business proposal, you have to know the necessary information you will need to put down. You can view business reports for reference. First, you must know as to who are your potential buyers or clients for your business, so you can tailor your products to fit the likings or tastes of your customers. Second, you need to know who your competitors are. Knowing your enemy will help you be above them. You might even tweak your products so they’ll be more effective or more advanced than your competitor’s products. You need to prepare beforehand or else you’ll eventually learn that you made a mistake while already launching your business and your products. It is better to prevent such mistakes than having to pay for maintenance and repair.
In school, we learn that in a thesis proposal we must know our thesis topic’s weakness to strengthen it. You must know what and where your business’s limitations are, and just like action research, you must reach a critical reflection about aspects of your business. By knowing where or what your business lacks, you can then find a way on how to improve the other parts of your business to compensate what you lack or entirely find a way on how to overcome that limitation and manage its development. Always navigate through any kind of limitation, whether big or small, with patience and critical thinking. For reference, you may look at business SWOT analysis as your guide for determining your scope and objective.
Similar to an action plan, a business proposal's scope should cover the business’s costs and the number of labor workers, to avoid loans or other problems in the future. Be the kind of management that knows how to handle a company’s capital investment or any financial discrepancies, and management that knows how many employees one should hire. Having too many workers can also lead to financial problems, especially in salary distribution.
After engaging in research, looking at project reports, and asking for tips from other business-minded people too, you may start drafting your business proposal. Place all of the needed information that you gathered so far. Once you are done, send out your professional business proposal now!