Has your boss asked you to make a business proposal – today?
Relax; let’s make one together with Marketeral, shall we?
First of all;
What Is a Project Proposal?
Project proposal is a set of documents or a single document that lists, defines and communicates the project idea-s. Project proposals are designed to tell a story of why a particular project should be supported and executed. The documents have a practical use and need – as they are utilized to secure funding, or for buying in winning new clients. These documents are also used to extend an existing client’s contract or for requesting an allocation of resources for a new initiative/project.
Vitality of Project Proposals
Project proposals are actually the basic foundation of an initiative/project and these are vital for building clarity around the project goals. The set of documents is used to define priorities and the requirements of the project, before and when a stakeholder is involved.
Project Proposal Types
There are a few types of business proposals to pick from, the choice however depends on your audience and the kind of proposal you want to present.
Are you with us till now? Yes?! Great.
Here’s a brief on types of business proposals
- Renewal Project Proposal
- Informal Project Proposal
- Solicited Project Proposal
- Supplemental Project Proposal
- Unsolicited Project Proposal
- Continuation Project Proposal
Next on How to Make Effective Types of Business Project Proposals, we have;
Major Steps for Writing a Business Project Proposal
Ideal way for writing a business project proposal is to follow a step by step formula, no matter what type of proposal you are preparing.
How you choose to pen down your business proposal will make or break its success.
Follow these steps to make sure your proposal is a winner!
1. Executive Summary
Design an effective executive summary.
It is the first step towards writing a stellar proposal; this part is relatively shorter and is positioned to offer stakeholders and investors a summarized overview of the vital information. The summary must include what is coming while persuading the reader to continue reading.
The best practice is to add in the major selling points of your project, like;
- Core problems your project will solve
- How will benefit from the project and how
- Enlist the required resources – briefly
- Add in the budget and a timeline
- What will be the parameters of measuring project success
- ROI and more
The gist of an executive summary is to grab the audience’s attention.
2. Project Background
Give the motivation to your audience, explain the current problem, it’s possible solutions, and where the opportunity lies to solve the problem – all in the complete yet brief background of the project.
Points to add;
- Dive in the problem your project plans on addressing
- What is already identified about the problem
- Who has addressed the problem before and how
- What research resources are out there
- Why previous research or solutions were insufficient in solving the problem
*Do not go over one page here.
3. Present the Solution
Now that you are done presenting the problem, pull out the big guns and present your solution.
This section is the biggest opportunity for outlining your custom project approach with extensive details.
Add in a;
- Vision statement
- Project schedule
- Project team responsibility and roles
- Tools for reporting
- Important milestones
4. State Project Deliverables
Stakeholders need a clear picture of what your project plans to achieve, and exactly what you are going to deliver at the end of project. This can be;
- A Product
- Update to technology
- A Program, or something along these lines
All of this is to help your stakeholders properly visualize your project and end goals.
5. State Required Resources
By now hopefully, your efforts have convinced the stakeholders that the project cant wait and needs to hit the ground running – congratulations! But we are still not out of the weeds –yet.
Share Pivotal Details for;
- Project Budget
- Cost Breakdown
- Plan for Resource Allocation
*It is advised to save required resource logs (from work desktops or laptops to heavy machinery) for the end of the project proposal so as not to overwhelm anyone with requests.
The ending or conclusion section of your project proposal should give the final summary with a brief overview of all the points discussed in the proposal. This effectively is your last chance to win your stakeholders, so it is important to add important evidence for receiving the approval.
Dedicate the section for the additional graphs, imaging, charts, or reports that were not included/cited in the proposal.
And Voila – you are done with your winning proposal.
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