What is a R.F.P.? – Request for Proposal.
Generally speaking, businesses that send a RFP know the “what” of their problem and need, but not necessarily the “how” it will be solved. The main concern of a business/farming proposal is finding the best solution. However,, a RFP is not to be confused with an invitation for bid – IFB. An IFB is sent when a business already knows what their need is and how they want to fulfill the need.
What is a business/farming proposal?
A proposal is a written document sent by a business to persuade a potential client to choose that specific business. They can be solicated or unsolicated, as long as they pertain to the prospect’s business and needs. When a proposal is requested through an RFP, however, your prospect is actively looking for the kind of solution your business provides.
What is the difference between a business proposal and a business plan?
Business Proposal – This is a document meant to persuade a person or business requesting a solution to their need or problem.
Business Plan – This is a document of your vision for your business and how you intend to achieve that vision. Business Plans include financial projections for the cost of your business development and operations. Also, an estimation of the revenue you expect your business to generate. Business or Farming/Agric Plans are not used to win over a prospect for their business, but business proposals may sometimes be used in a business or farming plan.
Your business or farming proposal is your opportunity to convince your buyer that they should choose your business rather than doing it themselves or using a different vendor or resource. When creating your proposal, approach it conversationally, as if you sitting across the table in front of the reader.
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