What Not to Include in a Business Proposal
A business proposal is one of the most important documents you will create as a person aspiring to run their own business. This document will either make or break your vision. You will present your business proposal to potential investors and partners. The business proposal is not just a piece of paper that outlines your business strategies. It tells a great deal about your personality, your level of organization, and your business acumen. You should take time in crafting your business proposal; once you are sure you have finished writing it, go over it with a fine tooth comb, then go over it again with a finer tooth comb line by line. If you don’t want to kill your business before it sees the light of the day, this is what you should not do in your business proposal.
Grammatical and Spelling Errors
Yes, we do know you are a business person and not an English teacher. However, before presenting your proposal, read through it in minute detail to ensure there are no glaring grammatical or spelling errors. While these may seem like minor altercations, to your potential investors they will indicate a lack for eye of detail. Sometimes, you have to put in mind that it is the small things that count.
A sloppy presentation will mean your proposal having different font types and font sizes, a table of content that does not match the content on the indicated page, shoddy tables and figures, stains and blotched writing and poor binding of your business proposal. Even if you really have solid ideas, your investors may back off because they would not want to entrust their funds to a careless, sloppy individual who cannot even look after a business plan. How are you going to handle those millions then?
Having a Vague Proposal
Before you sit down to write a business proposal, you must have given serious consideration to the venture you wish to partake in. You must have come to a realization that this venture has a unique selling point that you wish to stress out to your potential investors. You know you are going to make money with this venture, and now all you have to do is to make sure you can convince the people that matter. You will not do this if your business plan is too vague or too general. You must really stress out the uniqueness of the venture to your potential investors and let them see that your proposal is a win win situation.
Too Much Detail
If your proposal is of a technical nature, do not go into too much of the technicalities. Remember that your investors are not biochemical engineers or astrophysicists like you. Keep it digestible. Keep it clean, clear, understandable, and of course convincing. Too much detail might lead you to confuse your investors and will just end up being frustrated.
Do not use unrealistic projections of potential returns in your balance sheets to try and convince investors to back up your venture. Remember your investors have been in the money game for a long time and they will certainly see hogwash from a mile off. Having exaggerated figures will harm and not help your proposal. Stick to reality and stress out those that can be achieved and those that can’t.
Honest SWOT analysis
When writing up your SWOT analysis, do not try to minimize on the weaknesses and threats to make your business proposal look better. Remember your potential investors will do their own research into your proposal and if it comes out that you are downplaying the weaknesses and threats, they may interpret that as lack of awareness or inability to cope with challenges that will crop up.