A proposal is a formal written document used to describe a business idea or plan and to solicit interest or investment from a potential partner, customer, or investor. There are numerous examples of great proposals written by talented individuals who understood the importance of crafting a solid proposal that would compel the reader to continue to the end.
If you’re in need of an example to follow, here are 35 steps to writing a winning proposal.
Step 1: Identify the Purpose of the Proposal
The first step to writing a winning proposal is to identify its purpose. What do you hope to achieve with this proposal? What is the end goal? The answer to these questions will form the foundation of your proposal and will determine your approach to structuring and writing the document. Before you begin to write the proposal, it is essential that you have a clear sense of what you are trying to achieve, otherwise you may find yourself wasting time and effort while drafting the document.
Step 2: Create a Winning Team
A winning team is an essential component in the successful creation of any proposal. This is especially important when you’re pitching an idea or plan to a potential investor or business partner. You need to present a united front in your proposal, demonstrating that you have all the necessary expertise and support to bring your idea or plan to fruition. Since a proposal is a formal document, make sure that your team is composed of individuals who are highly qualified and experienced in the field. When crafting your team, be sure to include people who have the necessary expertise to carry out your plan. Additionally, you need to identify at least three key players in your plan who will constitute a majority of the team. These individuals should not only possess the necessary skills and expertise, but they should also be willing to bring their A-game every day in pursuit of the plan.
Step 3: Choose Your Platform
The next step in the process of writing a proposal is to choose your platform. You have an option of three different types of proposals: business plan, white paper, and pitch deck. Each type of proposal has its advantages and disadvantages. Your proposal needs to be suited to the chosen platform; otherwise, you may end up with a dry, boring read. Once you have chosen your platform, the next step is to determine the primary audience for this proposal. Who is the target audience? What do they need or want? Begin by brainstorming and jotting down as many ideas as possible. Once you have an idea list, you can narrow the list to three or four main ideas. Finally, ensure that the chosen platform suits your idea or plan. If it doesn’t, then it might not be the right fit. Once you have chosen the right platform, the next step is to determine which parts of your plan you will write and which you will leave for later. Remember, too much detail can bog down your proposal. Choose one or two major points to focus on, then develop the rest of the plan around these topics. This step will help you narrow down the focus of your proposal and keep the content concise and to the point.
Step 4: Distribute Content
The next step in the process of writing a proposal is to distribute content. You need to populate the proposal with as much relevant content as possible. To do this, first identify the different types of content you will need to include in your proposal. Once you have this information, you can begin to populate your proposal with these items.
The different types of content you will need to include in your proposal are as follows:
- Executive summary
- Overview of the problem (why is this a problem and what are the primary causes)
- Overview of the proposed solution (what is the solution and how will it work)
- Description of the product (what is the product and how/why is it different)
- Description of the company (what is the company and how will it function)
- Market analysis (who are the major competitors, how are they positioned, and what are the primary benefits)
- Operations (where will you be located and how will you operate – what is your organizational chart and how will you get the product to market)
- Pricing (what are the pricing strategies you will use and what is the most advantageous pricing structure)
- How will you gain initial customers and what types of marketing will you use (e.g., SEO, PPC, etc.)
- Financial analysis (what are the critical financial metrics for your company – profit, loss, and margins)
- The risks and the opportunities (what are the major risks, and what are the major opportunities – this is particularly important for startups)
Step 5: Create a Short-Hulled Business Plan
A business plan that is too long can end up being confusing to the reader. The ideal length for a business plan is six to eight pages. Create a short-hulled business plan, removing all the unnecessary details and playing up the key points. Make sure that you have a clear sense of how each part of your business will contribute to the success of the company as a whole. This short-hulled business plan will serve as the starting point for your proposal.
Step 6: Establish The Need For Growth
Growth is an important topic to address in any business plan. The question to ask yourself here is: Why do I need growth? If you are a new business or venture, then you will need to justify your need for growth at the beginning of your plan. Once you have answered this question, you can develop an action plan to achieve growth. Begin by defining exactly what growth means to you. What does your business currently lack that it needs? This part of the process will help you establish a clear foundation for your business plan.
Step 7: Develop An Action Plan
An action plan is vital for any business. This is especially important now, as the world is changing and businesses must change with it to survive. The question is: How can I be the best business I can be, given the current constraints? An action plan can help you answer this question. Begin by making a list of all the things you will need to do to bring your business to the next level. These are the things you will want to include in your action plan. You can create a short-term and long-term action plan.
Step 8: Organize The Plan Into An Executive Summary, Abstract, And Introduction
The executive summary is a short description of the business, typically two to three pages in length. The summary doesn’t need to be overly-detailed, as you have already covered the essential facts in your business plan. However, make sure that the summary sets the scene for the rest of the proposal. The abstract is a short, one-page description of what the report is going to be about. The introduction is a detailed chapter that will serve as an overview of the report. The introduction should include all the necessary information regarding the report, including the objective and scope of the report, a summary of what has already been covered, and a short introduction to the subject matter. Once you have written the executive summary, abstract, and introduction, the next step is to revise and edit them.
Step 9: Format The Proposal
To make the proposal easy to follow and readable, you need to format it properly. Begin by indenting the text at the baseline, then set the margins to one inch on all sides. The text inside should be set in a typeface that is easy to read and close to what you have in mind for the final product. Finally, you should ensure that all the text is aligned and set in a uniform color. The easiest way to do this is to pick a shade of gray and apply it to everything.
Step 10: Proofread The Proposal
One of the most critical steps in the process of writing a proposal is to proofread it. The proposal is not the finished product, as it still needs to be edited and formatted. Therefore, you should look for any errors that might have crept in during the editing process. Be sure to read through the entire proposal one last time before you send it off to the editor. This step is also critical for creating the perfect proposal.