Writing a project proposal enables one to communicate the value of a project to clients, investors, employers or even attract business partners. It is an essential skill for getting the actual project approved and/or funded. This article covers how to write a Good Project Proposal for your Business.
Project proposals are meant for various purposes for example, to secure funding, to win new clients, to get existing clients to sign and extend their contracts, to convince manager or employer to allocate resources to a new initiative, among many other reasons.
Before writing a project proposal, there should be a good understanding of the project and taking consideration of the targeted recipient of the same document. Research enables writing a detailed, compelling and real document. This makes even drafting the project proposal easier. There are six main aspects on how to write a Good Project Proposal for your Business.
- Executive summary
- Project background
- Solutions and approach
- Financial information
- Additional documents
- Conclusion
Executive summary
This is an introductory section. It is a summary of the project. On top of that, Its aim is to catch the attention of your recipient and encourage them to read on. More, the Executive summary should show; The problem that the project solves, How the project solves the problem, and the intended impact of the project.
The length of your executive summary will depend on your project’s complexity. One paragraph will be sufficient for many projects, but you may need a longer executive summary if your project is more complex. Make your executive summary concise to keep it engaging and convincing.
Project background
Here, Facts about the background to the project and the problem are addressed. In this section there should also be, A history of the problem as it relates to the business, A brief summary of the project’s requirements, and Key details about the project.
Moreover, this section should be quite brief with at least one or three paragraphs. Beware that in the writing, include details of the project in the next section.
Solutions and approach
This is where the project is outlined in greater detail. This section will usually be the largest part of your project proposal. In this section, state and explain the solutions to the problem and how you will execute it. It should include:
- Goals and vision for the project
- Expected timeline
- Ownership of the project
- What the project will deliver
To add on the above, a more detailed solutions and approach section needs to be included. Then avail some details of any risks expected and how they may be addressed. Furthermore, Clearly show how all stakeholders are to receive information about the project. Also,
You should never forget to show how the success of the project is to be measured.
Financial information
In this, write a section that provides a budget for the project and the expected financial effect of the project when completed. There is need to first research! This section needs carefully done calculations. The money or currency used should be in terms of the funders and clients.
Additionally, All figures must be as accurate as possible. This will give investors and clients the real knowledge of what the project is about and regards how much the project will cost and whether it can fit in their own budgets.
Additional documents.
All relevant documents for the proposal are photocopied or scanned and added here. This information is impactful when provided in original color and more persuasive.
These documents should include:
- Names and contact details of authorization power to the project,
- Map(s) of the area where the project is or will be based, company
- Financial statements and annual reports of the company,
- Company financial statements and annual reports,
- Any brochures or promotional materials for the project,
- Related research, studies or reports,
- Official Letters in support of the project, and
- Glossary of terms used in the project proposal.
Conclusion
The Conclusion section shows a complete project proposal summary. It is about key points already discussed. Besides, It has the most important information needed to boost chances of receiving approval and favor.
Lastly, a good project proposal must be simple, easy to read and understand with persuasive language using the right grammar, spelling, correct figures and well researched information/facts as essentials.
