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What Is a Business Proposal?
A business proposal is a business document that companies use for offering products or services to customers at a fixed price. It usually contains an executive summary, key details of the product or service, and a section for the customer's signature. A business proposal is very helpful for those who have an idea of something that could end up being successful. So if the public is facing a certain problem to which you can offer a solution, then a business proposal is the best way to show exactly what that is.
How to Make a Business Proposal in Word
1. Setup the Document with Microsoft Word
When opening Microsoft Word, you'll want to go straight to the File tab and select New. From there, you can choose to start from scratch with a blank document or you can pick from any of the available templates. If you want to speed up the creation process, then know that using a proposal template is the best way to do so.
2. Create the Executive Summary
As mentioned in the definition, a business proposal typically includes an executive summary, and that's what we're going to start writing. Considered as the most important element in a business plan, this is basically where you explain everything from problem identified to the proposed courses of action. Just like other summary reports, it is important to keep things brief but informative at the same time.
3. Go into Details Regarding the Problem and Solution
Your business proposal should point out exactly what kind of problem your client is facing to let them know that you fully understand what you need to do to solve it. In terms of providing details about the solution, you need to be specific about the interventions and the timeframe. For example, if you need to propose making a different company logo, you'll need to share with the clients the expected outcome and the general timeframe in which you'll start and finish the job.
4. Explain What You're Offering and How Much It Will Cost
Your business proposal should provide accurate descriptions of whatever it is that you'll be doing or using to solve the client's problem. If you're using a business checklist, make sure to provide the full description and the required quantity of each item. For services, on the other hand, explain exactly how the interventions are going to be performed and identify the people in charge of it. Afterward, include an estimate sheet to provide your client with an idea of how much they will need to spend and to determine whether or not they agree to it.
5. Provide the Terms and Conditions
In addition to the costs, you will also need to point out details regarding the methods and terms of payment, the duration in which the agreement will last, how the proposal can be amended, etc. The terms and conditions of a business proposal indicate what you and the client have promised to one another when agreeing to the proposal. Make sure that everything is as clear as it needs to be to prevent misunderstandings and issues between both parties. And of course, leave space on the bottom part of the proposal for the names and signatures of the business representative and the client.