Writing a Proposal can be a very difficult process. When writing a business proposal, your writing skills need to be top-notch in order to make your proposal stand out from the rest. If you have not written a proposal before, you may feel as if you are putting the business's needs last and it is more important to "sell" your business to the bank. However, in order to get your business loan application approved you must present a viable business plan that will demonstrate how your company will create a profit. And the only way to do this is through the use of solid proposal writing skills.
Proposal writing can be tricky business. After all, it is where you are going to sell your company to a prospective banker or investor. Your proposal is the first step in getting your business loan application approved. Having a good proposal that is tailor-made to appeal to a variety of different lenders will help you stand out from the crowd of other companies applying for the same funding. So how do you learn to write a winning proposal?
First of all, you will want to develop your own unique writing style. It does not have to be overly dry, nor do you necessarily have to use fancy words. Instead, you should develop a clear sense of purpose, show the reader that you understand their needs and provide them with a clear and concise description of your business. The proposal should be easy to understand and convey accurate information in an organized, easy to read format.
Once you have developed a clear direction for your proposal, it is time to turn your attention to developing solid proposal writing skills. The best way to learn to write a proposal is to take an existing proposal and modify it to meet the requirements of a specific lender or financial institution. This is not to say that a traditional business plan cannot be modified to fit specific needs. But when you start learning proposal writing skills, you may find it helpful to first try out a specific business plan from an industry expert in order to determine the best format and structure for your own plan.
Once you have written the original plan, you can then begin to fine tune it to meet the specific needs of your prospective lender. Consider the type of loan you wish to pursue and ask yourself if you could do any of the following: Reduce monthly payments, lower interest rates, reduce the balance, provide extra security, or reduce the tax liability? Once you have decided on a few options for each area, begin to explore how each could benefit your business and offer the greatest return on investment. For example, if you intend to reduce monthly payments due to an economic downturn, consider offering an extended payment plan that will give you the opportunity to pay down more quickly. Similarly, if you are trying to increase the stability of your business income, you may wish to consider interest only on a portion of your balance and/or reduce the amount of money owed on the principal balance.
Once you have decided on the changes to your proposal that will most positively affect your business, make sure you explain these additional features in great detail to the potential financial institution you are approaching. As they are more knowledgeable about how their particular lending criteria work, they will be better able to assess your proposal. The majority of financial institutions will approve a high percentage of proposals when presented professionally and clearly.
Finally, once you have completed your proposal and received approval from your chosen financial institution, you need to promote your success. You can do this by creating a website that will allow the potential financial institution to learn more about your business and the services you are providing. If you have previously been involved in another business, this can also help to promote your reputation and give you a leg up on your competition. If you don't already own a website, it is time to create one before beginning the application process. This is not a difficult task, but you should ensure that it is professional, interesting and matches the specific needs of your particular business.
If you want to take your business to the next level and increase the amount of revenue you earn, you should consider taking some proposal writing skills training. When you have all of the tools and information available to you, this can be an extremely effective and time-saving technique. It can greatly reduce the amount of rejection, you are likely to experience while also increasing the number of clients and customers that you are able to serve. There is nothing more important than getting the most profit for your hard work and using the best resources available to you. In order to use these tools to your advantage, you need to train yourself in these unique areas.