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5 Steps To Write An Irresistible Business Proposal

A business proposal (BP) is a written document that is sent to a potential client in order to obtain a specific goal. It is a crucial tool that can help you navigate and manage your business.

The challenge is for you to write a proposal that will keep your prospects hooked!

UNDERSTAND YOUR PURPOSE

It makes perfect sense to begin your journey by identifying and understanding your purpose. Answer this simple question: “What product or service are you selling?

A business proposal is created to earn sales and not just to inform people about what you are offering. Understanding the purpose of your business proposal will help you define the problems it needs to address as well as its solutions that provide value.

CREATE AN OUTLINE

After knowing the direction that you intend to take, it is time to organize your business plan by building an outline. The six fundamental parts of the BP are the executive summary, business overview, offer description, marketing analysis, detailed implementation, and financial projection.

The executive summary is synonymous to the abstract of a research paper. It includes the essential elements of the business plan that your client can easily read in a glimpse. Be sure to include the background of your business, its mission and vision, the market opportunity, its financial requirements, the competitors, and its financial projections.

Business overview gives a background of your business. It includes when and why your business was formed, its mission and vision, its business model, and any existing strategic relationships with other brands or institutions.

Image Credits: wikihow.com/Write-a-Business-Proposal

As the name suggests, the offer description highlights the nature of the products and services that you are selling. It seeks to describe these in detail by including information such as the manufacturing process and the availability of materials.

Inside the marketing analysis is the layout of your marketing strategy that addresses customer service, sales, public relations, and advertising.

The second to the last section is where the investors focus on – the detailed implementation. This part includes the dates and the deadlines of your business plan.

Lastly, the financial projections specifies the “quantitative interpretation of everything you stated in your organizational and marketing sections”. Include your projected profits and losses in the next three years or so.

DO SOME RESEARCH

Tailor your business proposal to the personality and the “vibe” of your potential client as much as possible. If you prospect’s target market is the youth, highlight the benefits of your products to the hippie millennials. Do further research on the needs and wants of your prospects.

This will ensure that your BP is comprehensive.

WRITE THE CONTENTS

Curtains are all set. It is time to perform! Let your thoughts flow in harmony with the outline you set.

Add additional information such as the people involved in the business, your successful track record, and the evidence of the business’ financial stability. This will strengthen your claims as well as your perceived competence.

EDIT THE PROPOSAL

The last step entails that you transform into your own critique. The face value or the appearance is as important as its content. Make sure that there are no grammatical and typographical errors. If you are not good with words, you can always high a professional to do the task.

Image Credits: wikihow.com/Write-a-Business-Proposal

Remember that the BP must manifest how you and your business can benefit potential clients.

Sources: 1, 2, & 3

Opening A Small Business Soon? Here Are 5 Ideas That Are Worth Hearing!

If you are looking for a fresh entrepreneurial opportunity, you came to the right place! Here are 5 small business ideas that are worth your time:

1. SELLING ITEMS ONLINE

You do not have to be a digerati to open up your very own online shop. If you are skilled at knitting or crocheting, you can try selling the popular “mermaid blankets” among others. Homemade jewelry is another option for innately creative and patient individuals.

With products or services in mind, you can open a shop on Tictail.com or Carousell.com. Tictail allows its users to run a nice virtual store in minutes. While, Carousell allows its users to sell globally through its mobile App. Both are definitely free and easy to use!

2. STARTING A COMMUNITY

Consider operating a business that brings a Singapore’s personal trainers together. You can either employ several personal trainers and market their services or, you can start a website that creates a community of personal trainers.

A personal trainer is someone with a knack for fitness, sufficient expert knowledge, and good interpersonal skills. He or she works directly with the clients to make fitness assessments, set goals, demonstrate exercises, and provide constant feedback to improve the client’s physique.

3. FLYING A DRONE

Many establishments utilize 360° Panoramic Virtual Tours to show everyone what they have to offer. This enables the potential clients to view the brand in a broader and more holistic perspective. Level up the traditional photography business by offering aerial services.

Aerial photography starts by mounting cameras to R/C helicopters. R/C helicopters shoot precise panoramic images and videos. However, professionals suggest to invest on quadcopters or drones.

Image Credits: pixabay.com

4. CUSTOMIZING THE KICKS

As you may have notice, the sneaker culture is at its all-time high! One cannot deny the international popularity of adidas Stan Smith or the NikeLab Air Max 1 Royal. You may start a small business that personalizes sneakers while the industry is prosperous. People who bought the same kicks as the rest can still stand out from the crowd by purchasing your work of art.

This business purely relies on your talent. You can look up the works of the project-based artist Glenn Ng or the renowned sneaker artist Mark Ong (SBTG) for more inspiration.

Image Credits: facebook.com/voidng

5. RUNNING A WEBSITE

With the modern technology, you can run a website dedicated to the topic or theme that you are interested in. Start by sharing your own wisdom and genuine passion to educate or entertain your readers. After which, only promote the products and brands that you really believe in.

By constantly writing or blogging about a certain topic, you become sort of expert on that topic. The most feasible ways to earn money from your blog are paid advertisements, paid articles, offering courses, and selling books.

Sources: 1 & 2

How To Look For The Best Local Suppliers For Your Biz

A party that supplies you with goods or services is called a vendor. Most people refer to the vendor as the supplier. Suppliers are distinguishable from contractors as the latter allow specialized input before handing the final outcomes.

Finding the most suitable suppliers for your business is as important as running it. You can either attract the suppliers or you can search for them. So where do you look for the Singaporean suppliers, exactly?

QUICKEST METHOD

Do you still recall those heavy books which included all the landline handles of your chums? It brings nostalgic memories of my childhood wherein my siblings and I will put the bulky publications on top of each other to build a tower. It sounds silly now but, we had so much fun back in the day!

These said publications are called classified directories or telephone directories. One of its well-known brands is Yellow Pages. Just when you thought that it is long gone, it stays potent since 1967. Yellow Pages is a “comprehensive classified directory that not only helps consumers make informed purchases but also serves the social, commercial and industrial needs of business users”. It is printed in both English and Chinese editions.

You can visit their website at yps.com.sg to supplement your search. For instance, you can contact this supplier if you need someone to customize uniforms for your office:

Muxette Pte Ltd

998 Toa Payoh North #02-25, Singapore 318993
65098051
[email protected]

Yellow Pages and its counterparts is probably the quickest method to get a supplier. The only downside is the fact that you cannot compare prices by merely browsing a single source. However, it provides you with the fundamental information such as the supplier’s address and contact number.

COMPREHENSIVE METHOD

If suppliers seem to be elusive, consider approaching them directly by attending several trade shows, exhibits, and bazaars. It is the perfect chance to expand your network and to grasp how huge your industry is.

Say you are building an events firm that offers wedding planning services. You can check out the “Her World Brides & Resorts World Sentosa Wedding Carnival” to get a comprehensive list of wedding vendors and speak to a team of wedding experts.

Image Credits: herworldplus.com/weddings/events-promos/her-world-brides-resorts-world-sentosa-wedding-carnival

Get the latest schedule of trade shows in Singapore by visiting 10times.com.

MOST CONVENIENT METHOD

One of the most convenient sources of information is the search engine. The Internet has a vast influx of data on local suppliers, manufacturers, and contractors. Use the attached contact information along with the uploaded pictures and videos to your advantage. Start with a minimalist website that gives you the basic details in a form of a classified directory – the STDIRECTORY.

For your safety, refrain from processing everything online. A better approach is to set meetings with the suppliers using the details found on their websites.

Image Credits: pixabay.com

May this post help you to invest time and effort in finding the best supplier who can provide you with quality outcomes at budget-friendly prices.

Sources: 1 & 2

How To Motivate Your Employees Without Spending Money

There is an abundance of books, articles, speeches, and workshops that claim to know the secrets behind employee motivation. However, not all of these “secrets” work due to the lack of research behind them. This is why it is important to search for methods which are backed by the principles of Science, Social Studies, or Psychology.

Here are three of the well-renowned theories of motivation which can help you increase workplace productivity:

THE POWER OF GOALS

Goal-setting Theory suggests that properly set and well-managed goals increase employee’s motivation. To apply this theory at the workplace, a manager can assign some SMART goals to his or her employees.

Goal-setting and feedback go hand-in-hand. After communicating the goals, you shall track the performance of each employee in order for them to know if they successfully reached them. Proper execution of feedback will enable the employee to adapt the desirable behavior.

If a goal is met, reward your employee by giving recognition. You can personally acknowledge the achievements and efforts of your employees thru group memos, writing an email, handing a personal note, or awarding a certificate.

THE POWER OF OWNERSHIP

Proponents of the Job Characteristics Model states that jobs will have motivating potential if they offer variety, task significance, and task identification among others.

Let me focus on one aspect: task identification. It is the extent to which an employee feels accountable for the outcomes of the job to the point that it becomes an integral part of his or her identity. Increase task identification contributes to performance and job satisfaction.

Boost this aspect by letting your employees contribute to the planning, reporting, and evaluating phases of the projects.

THE POWER OF OBSERVATION

There is a tendency of people to work harder if they know that they are being watched or observed. Researchers dubbed this tendency as the “Hawthorne Effect”. It is named after a series of studies that was conducted at Hawthorne’s Western Electric Company. The studies measured the influence of physical working conditions on productivity. Rather than the physical changes in environment, employees were motivated to work harder as a reaction to the attention given to them.

Apply the Hawthorne Effect at the workplace by asking for your employees’ suggestions regarding their preferences in the working conditions. Then, ensure that you know what your employees are up to by providing regular feedback.

Image Credits: pixabay.com

Keeping your workers motivated is easier said than done. May these theories and its applications help you to accomplish your duties as managers or business owners!

Sources: 1, 2, & 3

Overcoming The Common Interviewer Biases

An interview for a possible job opportunity or salary increase is ultimately founded by an interaction between two or more individuals. Due to the nature of human behavior, both the interviewer and the interviewee are subjected to Psychological biases and errors.

What my background in Psychology has taught me is that these biases can be conquered. Awareness of the different biases is the first step!

AFFECT HEURISTIC

In Psychology, affect refers to the person’s overt display of feelings and emotions while heuristic allows people to make judgements swiftly and efficiently. Putting these two together will produce the Affect Heuristic. The Affect Heuristic is an error in judgement due to interpreting the world based on the person’s current mood.

For instance, if the interviewer had a horrible day due to domestic conflicts then, he or she may project negative feelings onto you.

Image Credits: pixabay.com

This error goes hand-in-hand with the negativity bias. Negativity bias happens when individuals give more emphasis on the bad experiences rather than the good ones. Hence, you have to be careful with the pattern of your feelings and thoughts!

CONFIRMATION BIAS

As the name suggests, Confirmation Bias is the tendency to listen solely to the information that approves one’s preconceptions.

Say your parents instilled the idea that superior employees are products of local universities only. As an interviewer, you encountered aspirants who graduated from private schools such as PSB Academy and EASB. You may be more inclined to apply your preconceptions to make false judgements about their abilities.

Image Credits: pixabay.com

Spend a substantial amount of time in evaluations to overcome this bias and increase rater’s accuracy.

ANCHORING BIAS

Anchoring Bias is the tendency of some people to rely heavily on the first piece of information they receive. For instance, you are negotiating your salary. The first offer that you make will establish a spectrum of “reasonable” possibilities and the following counteroffers will be anchored by that initial offer.

Image Credits: pixabay.com

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Make your first offer count despite of the Anchoring Bias by researching all the necessary information such as the average pay for your position.

CONTRAST EFFECT

Contrast Effect is the “magnification or reduction of perception as a result of previous exposure to something of lesser or greater quality”. A candidate who understands the essence of this effect will immediately volunteer after a poor candidate in order for his or her ratings to be optimum.

Reduce the Contrast Effect by delegating a standardized criteria where you base your decisions on. Thus, your interviews, discussions, and evaluations must all be structured.

Image Credits: pixabay.com

May you apply your knowledge of these common cognitive biases to your next interview! 🙂

Sources: 1 & 2

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