Major considerations on how to write a business proposal for a business venture to enable you to have access to and secure financial loans from investors and/or governments agencies. This article reviews the basic parts of a professional business proposal which are further explained in detail.
READ ALSO: HOW TO WRITE A BUSINESS PROPOSAL AS A GRADUATE ENTREPRENEUR
WHAT IS A BUSINESS PROPOSAL
A grant proposal is a business document written by business owners seeking for investors to finance the business or a business proposal can also be written to sell a product to potential clients. A term of a business proposal is a written offer from a seller to a prospective buyer. Business proposals are often a key step in the complex sales process i.e., whenever a buyer considers more than the price in a purchase
HOW TO WRITE A GRANT PROPOSAL
There are 8 basic components to creating a solid proposal package and they include
- The summary of the proposal
- Organization introduction
- Statement of problem
- Project objective
- Design for the project
- Project evaluation
- Future funding source
- Project budget
how to write a business proposal
1.Proposal summary:
this section contains the summary of the proposed project for which the grant is applied. And is usually the introduction located at the beginning of the grant proposal document. It could be in form of a cover letter or a single page specifically drafted to summarize the whole content in few paragraphs. To produce an effective summary section, it is usually an ideal practice to write the entire proposal first, this is to enable you encompass the whole key summary necessary to communicate the objective of the project. The project must be feasible, fundable and achievable.
2. Organization introduction:
Information about the company organizational structure should be contained in this section of the proposal within few paragraphs. an organogram is ideally included in this section. The members of the board should be described with a brief biography stating their job title and job functions, this section should also include a statement containing the organization goals and philosophy. Tell under this section, staff personal and professional skills that could be of benefit to the proposal, any success stories.
3. Statement of problem:
why has the proposal been chosen? what benefit does it offer or problems this proposal will address?. Are the few questions that should be answered in this section? The information provided should be both factual and directly related to the problem addressed by the proposal. The purpose for developing the proposal, the immediate beneficiaries, the social and economic costs, how the applicant organization came to realize the problem exists and what is currently been done to salvage the situation.
4. Project objective:
the objective of the project refers to the specific activities in a proposal. It is therefore important to state all the objectives related to the goals to be reached. The objective has been considered relevant because it serves as a yardstick to monitor the progress of the project during the funding. The objective should be achievable and in chronological order. The figure used should be realistic and verifiable. There is literature available to help identify and write program objectives.
5. Program design:
An actionable plan for the project, the activities to occur along with the related resources and staff needed to operate the project. A flow chart of the organizational features of the project. What output is expected for a set of input variables that is to say give insight of expected results. Supplementary data, references, information requiring in-depth analysis. Appendices provide the reader with immediate access to details if the clarification of an idea is needed.
6. Project evaluation:
the evaluation component is twofold: product evaluation and process evaluation. Product evaluation addresses results that can be attributed to the project as well as the extent to which the project has satisfied it desired objectives. Process evaluation addresses how the project conducted, in terms of consistency with the stated plan of action and the effectiveness of the various activities within the plan. The most federal agency now requires some form of program evaluation among grantees.
7. Future funding:
what are the options for future funding after the commencement of the project? The financial projection for the proposal should be written to identify availability of other resources necessary to implement the grant. Discuss the maintenance and future funding if the program is for community development.
8. Project budget:
the salaries for workers, property lease, equipment purchase, are among the few consideration when formulating a working budget for the proposal. A well-prepared budget justifies all expenses and is consistent with the proposal narrative.
this concludes our article on how to write a business proposal
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