Why your business proposals are failing

March 1, 2024

It amazes me just how many people today pitch a supposedly billion-dollar idea, but don’t have a clue as to how to put together a proper proposal. As an investor, I personally won’t invest in a business if they can’t present themselves properly no matter what their value proposition is all about.

It is a fact that when you are in the early stages of starting or building a business, creating a solid business proposal can make or break your business. Your business proposal is hand down the most powerful tool in your arsenal starting off. Being unable to coherently put together a kick ass proposal will surely not get you the funding that you need in order to succeed.

First off, it is not about the product, service, project or technology you are selling. It is all about the people involved and their track record. If I have to back an A offering with a B team or an A team with a B offering I will always go for the latter. Very few if any of the hundreds of proposals my team and I see every year validates the track record of their management teams and their skills at executing.

Here are a few tips that will help you craft a business proposal that will help you along the way.

KNOW YOUR STUFF

Research has shown that, from a client’s perspective, a successful business proposal indicates that the bidder has done its “homework. Believe me, any astute person reading your proposal can tell if you half-ass this part.

One way to do so is briefly mention your idea to people who would fit into your target audience. Watch their reaction. Try this a couple dozen times and if it doesn’t get the majority of them pumped up and excited, maybe you should get back to the drawing board or even ask them what they would be looking for in a solution to the problem you are addressing.

PRESENTATION IS KEY

No one wants to see a few colorful pages that look more like a marketing brochure than a comprehensive analysis. Your proposal should clearly articulate bios and track record of management team, how much “skin in the game” they have at stake, how specifically they plan to execute going forward along with financial historical and projections and use of proceeds. All items usually lacking in most of the business plans I see. A non-starter.

IDENTIFY THE DECISION-MAKERS.

At the end of the day, if you want to gain business, you’re going to have to reach the real decision-makers. Don’t waste your time with the gatekeepers. Do your research and find out who it is that you need to speak to that can make the decision to buy today if they wanted to. Spare me the mass mailing. The more personalized and laser like you can be, the better because it shows that you didn’t just use some premade template that you had filled away. You took the time to be attentive to their specific needs.

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Financial Policy Council
Blackhawk Partners, Inc.

#business #success #funding

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