Each of the six personal powers commands a level of influence relative to the value it creates. (See StrategyDriven Business Politics Players – Influential Strength of Each Personal Power) Yet one of these powers trumps all others regardless of the situation. Consequently, extreme care and deliberation must be exercised when dealing with those possessing this power.
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The business proposal is your key to winning work in whatever competitive marketplace you operate in. Get it wrong, no matter how solid the business or your idea, and you are unlikely to find partners or customers to work with.
Startups and entrepreneurs have found many ways to the stars and business success. But, the huge majority of them rely on the humble business plan to sell their idea and attract investment and interest. Once the company is up and running, the business proposal is used to win contracts, work or gain sales with clients or partners.
Talking the Right Proposal Language
There are several types of proposals including solicited (formally and informally) and unsolicited when reaching out to a company you wish to work with. This guide shows you how to write a perfect proposal. But before writing one, you need to understand that the key to success is to align your offer with their needs and play by their rules.
That’s easy enough when you are replying to a request for proposals (RFP), which is how much of the tech, business, government, and military world works. An RFP should have plenty of detail to base your proposal on. If you are responding to an RPF, ensure your proposal meets their style and responds to the key parts of their schedule.
Copy and pasting an old proposal, even a successful one, into their template is both lazy and likely lead to inaccuracies. Ensure dates and figures are accurate, in the right format and currency, and that you answer their questions first. Then dive into how you will solve their problem or meet their needs. If you don’t understand a question or detail, don’t be afraid to ask.
For informal or on-spec unsolicited proposals, you will need to do some digging to find out how your businesses can best work together, or how your products meet the need of the target. Look for previously published examples of RFPs or projects they have worked on, research any white papers or project blogs they have published, demonstrating in your proposal that you understand their needs and how your business can add value.
Even an unsolicited proposal should broadly follow the style of a typical response to an RFP, and maintain a total level of professionalism and detail.
Produce a Perfect Proposal
Any proposal needs to be based on realism. Even if there is plenty of competition, don’t go promising the moon with unrealistic deadlines or ludicrously low costs. That will only damage your own business, likely kill any possible relationship while giving your company a negative reputation.
When writing your proposal, start with key highlights from costs, dates, quality assurance providers and deliverables. Then, add in the detail of how your solution or work will benefit them, and, without diving into marketing spiel, how it can impress over the competition.
Finally, where possible, check who will be reading the proposal. If they have a social media presence or have written articles, keynoted events, or just talked at local business forums, read about them and get into their mindset and attune the proposal to that audience. They might be straight-talkers, like a bit of history or talk endlessly about figures.
Within the document, avoid dense text. Answer each question or explain your proposal in distinct segments. Reinforce them in the cover letter and any other parts of the proposal, saving anything that sounds like marketing (“our business is passionate about…” for the executive summary.
Finally, check the proposal a few times, get other people to read it, especially if you are a small company, and take on-board any advice. If you are working on your first few proposals, ask local business support groups to check them out, or see if they can recommend a friendly professional.
Finally, ensure it is sent digitally and by post (most RFPs expect this), and don’t bounce up and down expecting an instant response. The target company may get many proposals and take some time to weigh them up.
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Most people don’t set out to start a business without hoping that it’s going to last. However, the mystery can be in trying to figure out the formula that will ensure your business doesn’t crash and burn within the first few years. The reality is, what it takes to keep a business going is dependent on a range of different factors. One of them is marketing as it’s the only way to get your brand in front of your target audience. In the world of marketing, there are several terms and phrases used that can be confusing for entrepreneurs and other professionals alike. On that note, keep reading to discover the meaning of common marketing jargon.
Business Blogging
The first marketing jargon that will be discussed is business blogging which you may have heard at least once. It is relatively self-explanatory as it refers to everything that blogging is but includes marketing strategies in the mix. It is different from regular blogging as it’s more than a hobby and is often used to drive sales in a business. The main goal of business blogging is to get your business a greater level of visibility online.
Network Marketing
Another term that you may have heard of but perhaps don’t quite understand is network marketing. This is essentially multilevel or a direct selling method where independent-agents distribute goods and services while simultaneously building and managing their own sales force by recruiting and training other agents. Toni Vans are a great example of individuals who have gained a level of success using this business model. It provides opportunities for people to earn at multiple levels and sales reps to recruit and develop their own teams.
Bottom of the Funnel
This refers to a stage of the buying process where leads are just about to close as new customers. As a practical example, they’ve likely identified a problem in their life, shopped around for potential solutions and have now come to the point of being close to buying. At this stage of the sales funnel, depending on the nature of the business they may decide to give the lead a call, demo, or free consultation.
B2B
When referring to interactions between two companies, it’s usually referred to as B2B or B to B. More specifically; it’s a form of transaction that takes place between two businesses such as a wholesaler and retailer. The main point is that it refers to business conducted between two companies as opposed to a company and individual customer. On the other hand, references made regarding business done between a company and customer is referred to as B2C.
Bounce Rate
When a website bounce rate is mentioned, there is usually a reference made to the percentage of people who come on one of your pages and leave without navigating or clicking on any other page. This is important information for anyone with a website as it gives them an indication of how customers are interacting with their website and hints to what needs improving. High bounce rates usually lead to poor conversion rates as people aren’t staying on the site long enough.
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As a business owner, there are many decisions that you have to make, and one of them is whether you outsource or not. Whilst some people are outsourcing converts – and get most of their work done by external companies – others are a little more skeptical, and would prefer to have control over every part of their business in-house. Whilst this is understandable, there are a range of benefits of outsourcing, and if you’re not utilizing it in your business, then you could be missing out on saving money, and having the job done, well… better by somebody else.
We’ve put together a list of 3 things that you should consider outsourcing in your business.
1. Your social media management
Social media seems like something that would be easy to manage yourself, because all you have to do is post out a few updates every now and again, to make sure that you’re drawing people in across the various platforms. However, getting social media right is actually a lot more complex than that, and outsourcing it means that you’ll be able to benefit due to those professionals that know the algorithms, and what works. On top of this, it’s actually harder than you think to come up with a few things a week to post, especially when you’ve got to think up those ideas that will cause a good reaction. Leave it to the professionals!
2. Your IT security
OK, so pretty much every business out there uses IT in some way, and we all enjoy the benefits that it brings us. After all, are there any people out there who aren’t checking their emails at least 50 times a day now? As people – and business owners – we are IT obsessed, but security is a complex and difficult thing to manage. Even if you’ve got somebody in-house to deal with issues such as networking monitoring, the truth is that most external cybersecurity companies are a lot more advanced, which means that you’ll be facing less problems in the long-run. It will probably be cheaper than hiring somebody in-house, too.
3. Your admin
When it comes to admin, there is arguably nothing more boring than dealing with these things. Whilst you want to be getting on with that good stuff, it’s pretty annoying that your phone is constantly ringing, and that you’re being bombarded with emails left, right, and center. There’s nothing that you can do about this though, right? You’ll be pleased to hear that you can get a virtual reception, where people answer your phone calls, and even deal with your mail, for you. This is ideal for those who can’t afford full-time admin staff, and it’s great if you just want to get rid of some of the pressure of office life.
So, if you want to take those first steps into the world of outsourcing, then consider handing over these 3 things to the professionals. You’ll be glad that you did when you’re saving yourself a lot of time, and money, in the process!
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“The fallacy of Weak analogy is committed when a conclusion is based on an insufficient, poor, or inadequate analogy. The analogy offered as evidence is faulty because it is irrelevant; the claimed similarity is superficial or unrelated to the issue at stake in the argument. Or the analogy may be relevant to some extent yet overlooks or ignores significant dissimilarities between the analogs.”
Paul Leclerc Community College of Rhode Island
Citizens have been asked to cast their vote for a referendum requiring those seeking to purchase a hammer to undergo a registration process similar to that for firearms. Supporters argue that because hammers, like guns, have metal parts and can be used to kill people that these tools should be legally controlled as guns are. These proponents are using a Weak Analogy to advance their position.
Weak analogies are used to support business decisions every day. As with all logic errors, decision-makers fall prey to the appearance of reasonableness, especially when the position supported justifies their desired course of action. Although difficult, recognizing and eliminating the use of Weak Analogies in decision-making is absolutely necessary.
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Business Politics Players – The Personal Power That Trumps All Others
/in Business Politics Players/by StrategyDrivenHi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.
Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).
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Don’t need a subscription? Buy access to Business Politics Players – The Personal Power That Trumps All Others for just $2!
Introduction to Business Proposals
/in Entrepreneurship/by StrategyDrivenStartups and entrepreneurs have found many ways to the stars and business success. But, the huge majority of them rely on the humble business plan to sell their idea and attract investment and interest. Once the company is up and running, the business proposal is used to win contracts, work or gain sales with clients or partners.
Talking the Right Proposal Language
There are several types of proposals including solicited (formally and informally) and unsolicited when reaching out to a company you wish to work with. This guide shows you how to write a perfect proposal. But before writing one, you need to understand that the key to success is to align your offer with their needs and play by their rules.
That’s easy enough when you are replying to a request for proposals (RFP), which is how much of the tech, business, government, and military world works. An RFP should have plenty of detail to base your proposal on. If you are responding to an RPF, ensure your proposal meets their style and responds to the key parts of their schedule.
Copy and pasting an old proposal, even a successful one, into their template is both lazy and likely lead to inaccuracies. Ensure dates and figures are accurate, in the right format and currency, and that you answer their questions first. Then dive into how you will solve their problem or meet their needs. If you don’t understand a question or detail, don’t be afraid to ask.
For informal or on-spec unsolicited proposals, you will need to do some digging to find out how your businesses can best work together, or how your products meet the need of the target. Look for previously published examples of RFPs or projects they have worked on, research any white papers or project blogs they have published, demonstrating in your proposal that you understand their needs and how your business can add value.
Even an unsolicited proposal should broadly follow the style of a typical response to an RFP, and maintain a total level of professionalism and detail.
Produce a Perfect Proposal
Any proposal needs to be based on realism. Even if there is plenty of competition, don’t go promising the moon with unrealistic deadlines or ludicrously low costs. That will only damage your own business, likely kill any possible relationship while giving your company a negative reputation.
When writing your proposal, start with key highlights from costs, dates, quality assurance providers and deliverables. Then, add in the detail of how your solution or work will benefit them, and, without diving into marketing spiel, how it can impress over the competition.
Finally, where possible, check who will be reading the proposal. If they have a social media presence or have written articles, keynoted events, or just talked at local business forums, read about them and get into their mindset and attune the proposal to that audience. They might be straight-talkers, like a bit of history or talk endlessly about figures.
Within the document, avoid dense text. Answer each question or explain your proposal in distinct segments. Reinforce them in the cover letter and any other parts of the proposal, saving anything that sounds like marketing (“our business is passionate about…” for the executive summary.
Finally, check the proposal a few times, get other people to read it, especially if you are a small company, and take on-board any advice. If you are working on your first few proposals, ask local business support groups to check them out, or see if they can recommend a friendly professional.
Finally, ensure it is sent digitally and by post (most RFPs expect this), and don’t bounce up and down expecting an instant response. The target company may get many proposals and take some time to weigh them up.
Understanding Marketing Jargon To Improve Your Business
/in Marketing & Sales/by StrategyDrivenBusiness Blogging
The first marketing jargon that will be discussed is business blogging which you may have heard at least once. It is relatively self-explanatory as it refers to everything that blogging is but includes marketing strategies in the mix. It is different from regular blogging as it’s more than a hobby and is often used to drive sales in a business. The main goal of business blogging is to get your business a greater level of visibility online.
Network Marketing
Another term that you may have heard of but perhaps don’t quite understand is network marketing. This is essentially multilevel or a direct selling method where independent-agents distribute goods and services while simultaneously building and managing their own sales force by recruiting and training other agents. Toni Vans are a great example of individuals who have gained a level of success using this business model. It provides opportunities for people to earn at multiple levels and sales reps to recruit and develop their own teams.
Bottom of the Funnel
This refers to a stage of the buying process where leads are just about to close as new customers. As a practical example, they’ve likely identified a problem in their life, shopped around for potential solutions and have now come to the point of being close to buying. At this stage of the sales funnel, depending on the nature of the business they may decide to give the lead a call, demo, or free consultation.
B2B
When referring to interactions between two companies, it’s usually referred to as B2B or B to B. More specifically; it’s a form of transaction that takes place between two businesses such as a wholesaler and retailer. The main point is that it refers to business conducted between two companies as opposed to a company and individual customer. On the other hand, references made regarding business done between a company and customer is referred to as B2C.
Bounce Rate
When a website bounce rate is mentioned, there is usually a reference made to the percentage of people who come on one of your pages and leave without navigating or clicking on any other page. This is important information for anyone with a website as it gives them an indication of how customers are interacting with their website and hints to what needs improving. High bounce rates usually lead to poor conversion rates as people aren’t staying on the site long enough.
3 Things That You Should Consider Outsourcing
/in Entrepreneurship, Managing Your Business/by StrategyDrivenAs a business owner, there are many decisions that you have to make, and one of them is whether you outsource or not. Whilst some people are outsourcing converts – and get most of their work done by external companies – others are a little more skeptical, and would prefer to have control over every part of their business in-house. Whilst this is understandable, there are a range of benefits of outsourcing, and if you’re not utilizing it in your business, then you could be missing out on saving money, and having the job done, well… better by somebody else.
We’ve put together a list of 3 things that you should consider outsourcing in your business.
1. Your social media management
Social media seems like something that would be easy to manage yourself, because all you have to do is post out a few updates every now and again, to make sure that you’re drawing people in across the various platforms. However, getting social media right is actually a lot more complex than that, and outsourcing it means that you’ll be able to benefit due to those professionals that know the algorithms, and what works. On top of this, it’s actually harder than you think to come up with a few things a week to post, especially when you’ve got to think up those ideas that will cause a good reaction. Leave it to the professionals!
2. Your IT security
OK, so pretty much every business out there uses IT in some way, and we all enjoy the benefits that it brings us. After all, are there any people out there who aren’t checking their emails at least 50 times a day now? As people – and business owners – we are IT obsessed, but security is a complex and difficult thing to manage. Even if you’ve got somebody in-house to deal with issues such as networking monitoring, the truth is that most external cybersecurity companies are a lot more advanced, which means that you’ll be facing less problems in the long-run. It will probably be cheaper than hiring somebody in-house, too.
3. Your admin
When it comes to admin, there is arguably nothing more boring than dealing with these things. Whilst you want to be getting on with that good stuff, it’s pretty annoying that your phone is constantly ringing, and that you’re being bombarded with emails left, right, and center. There’s nothing that you can do about this though, right? You’ll be pleased to hear that you can get a virtual reception, where people answer your phone calls, and even deal with your mail, for you. This is ideal for those who can’t afford full-time admin staff, and it’s great if you just want to get rid of some of the pressure of office life.
So, if you want to take those first steps into the world of outsourcing, then consider handing over these 3 things to the professionals. You’ll be glad that you did when you’re saving yourself a lot of time, and money, in the process!
Decision-Making Warning Flag 1b – Weak Analogies
/in Decision-Making, Premium/by StrategyDrivenPaul Leclerc
Community College of Rhode Island
Citizens have been asked to cast their vote for a referendum requiring those seeking to purchase a hammer to undergo a registration process similar to that for firearms. Supporters argue that because hammers, like guns, have metal parts and can be used to kill people that these tools should be legally controlled as guns are. These proponents are using a Weak Analogy to advance their position.
Weak analogies are used to support business decisions every day. As with all logic errors, decision-makers fall prey to the appearance of reasonableness, especially when the position supported justifies their desired course of action. Although difficult, recognizing and eliminating the use of Weak Analogies in decision-making is absolutely necessary.
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Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).
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Additional Information
Additional insight to the warning signs, causes, and results of logic errors can be found in the StrategyDriven website feature: Decision-Making Warning Flag 1 – Logic Fallacies Introduction.