- 30/03/2022
How to send a winning proposal
- By Gallant Dill
In today's world, your ability to draft winning proposals for your business can mean life or death. When large corporations are on the lookout for services, they usually send out a request for proposal(RFP). To bid for the job, you need a winning proposal. Submitting the proposal is half the work, but in the end, following the best practices to achieve high acceptance rates matters. Never leave your business' success up to luck or chance. Here are some foolproof steps to writing a winning proposal.
Step 1: Do your homework.
The first step of writing a proposal would be to understand your requirements clearly. Read your request for proposal clearly and ask yourself how this relates to your current company goals. Ensure you know what you have to do to achieve these goals.
Preparing your proposal is not an easy job. It would be best to put a lot of time and thought into it—research your client, competition, and the industry. Through research, you might sometimes even figure out that your business does not fit the client’s need, and this might save you some time and give you the chance to approach a better opportunity.
Step 2: Research your client.
If you don’t know anything about your client or the problem they’re facing, it will not solve the problem no matter what your methodology is. Get as much information as you can about your client and their industry.
For instance, if your client wants to achieve a higher level of customer service, suggest solutions such as changes in management processes or automation that can affect said problems.
Talk to your client and ask people in their organizations about their concerns, policies, and philosophy. Discover if there’ve been attempts to tackle similar problems in the past. Outline what has worked and what has not. Ask them about their experiences with previous consultants or businesses and know what criteria they consider while evaluating your proposal.
Step 3: Develop a methodology
Once you’ve identified your client and defined their goals, it’s time to develop the steps necessary to reach them. If you need any help, try using Wakefield’s suggestion of brainstorming.
Sit together with your partner or an associate and discuss your clients’ needs and place them in a target-based order. Each of your clients would need different things depending on their area of focus. Depending on their area of focus, decide on an intervention or a proposal that is specific to their needs.
Remember to keep in mind the practical factors such as cost, benefits, time, and the number of resources it’ll require.
Step 4: Evaluation
Now that you’ve developed your methodology, it’s time to pitch it to the client for approval. Remember to have a plan b ready if your client finds it unacceptable. Understanding the decision-makers orientation is necessary. For example, you need to know if the client you’re approaching is financially or marketing-oriented. You’ll need to talk about the benefits of your solution in a way that it’ll appeal to the decision-maker in a way that they’ll understand it best.
However, always keep in mind those criteria as outlined in the RFP. For instance, if your client is looking for a proposal evaluated on price and time, a solution that might have a costly budget is unlikely to win you the contract.
Step 5: Know your competition
Doing your research about the industry will undoubtedly shine some light on your competition. In this way, you’ll know your competitor’s strengths and weaknesses. A proposal is a sales document used to persuade people to choose you or your business over the competition. Use it to reinforce your strengths and address how your specialization can help the client or focus on solving the problem at hand.
Step 6: Draft your proposal
Now is the time to assemble all the information into a proposal format. If your RFP specifies a format for your proposal, be sure to use that. Otherwise, you can use this proposal format that we suggest:
Current Situation:
Start by talking about the background of the problem. This section can be taken from the RFP’s information and your research.
Goals:
According to your research, clearly state the purpose you aim to achieve through the proposal. Whether approaching an investor or a client, clearly stating your goals lets you take the cake.
Methodology:
Remember what we spoke about in step 3? Use those steps to outline the steps necessary to achieve the goals.
Outline the time and budget:
Take this space to explain the budget and time in detail. Have a budget and time section for each step in your methodology as per your calculations. You must also specify the billing process and payment type in this section.
Qualifications:
Let your client or investor know why they should choose your business. Outline your personal strengths and other details here, as discussed in step 5.
Benefits:
Everyone wants to know “what’s in it for them.” This section explains why you or your business is the best and how your solutions suit the client.
After you’re done drafting your proposal, ensure it fulfills the requirements of the RFP. Ensure it’s in the correct format and addresses every client’s concern. Have your mentor or partner proofread the proposal and ensure it has no errors in grammar and spelling. Print it on good quality paper and have it bound. All the best, and thank us later when you start winning.
Usually, a proposal takes time, and managing them can be a hassle unless you have signed up with Business Toolkit. It allows you to sell more and accelerate your business without any training. It’s simple to use and will enable you to onboard your team quickly. You can manage all your sale cycles and the team from a single centralized platform. Close deals quicker than before. Best part? In the time it took to read this article, Business ToolKit would’ve already sent out an invoice. It’s THAT quick and effective. Learn more here: Business Toolkit
