Best Proposals Software

What Is Proposal Management Software?

Whether you are a freelancer, part of a small business or work for a large corporation, proposals are a part of the job for everyone. The average sales win rate is 21%, which is quite low considering the time typically spent creating one proposal. With time being money, we think you will agree it’s time to put a digital spin on creating proposals. 

At Best Proposals, we have submitted offers to the next level by creating revolutionary software that greatly improves success rates. To learn more, keep reading, as in this blog, we will explore what proposal management software is and how it works to ensure you never miss out on another opportunity again.

What Does Proposal Management Software Do?

Let’s start by covering what this tool is. Proposal management software is a digital tool that allows solopreneurs and businesses to create, send and track format proposals for new work. Written business proposals are serious documents that contain sensitive information. This is one of the reasons that they are critical to get right, as a misinformed or presented proposal document can do much more harm than good. 

Proposal management software removes the guessing work from creating proposals by offering templates and guidance at every stage. By helping professionals draft proposals and using expertly crafted structures to follow, content can be easily managed. Proposal software tools help professionals maintain consistency in all publications sent out, which has a big impact on a sole trader’s overall efficiency and performance.

Lastly, proposal software is responsible for helping manage the entire process, not just the initial content creation. By offering tracking and analytics, the software can also be used as a learning tool to inform future business activities and operate more reactively, paving the way for sustainable change.

The Key Features of Proposal Management Software

Proposal management software will differ depending on the provider but the key features often remain the same across the board. These are the following:

  • Templates for creating proposals and the option to design and save customised versions. This element allows consistency and time savings to be experienced, meaning anyone within an organisation can create uniform content for proposal purposes. These templates are often created by business experts who know precisely what clients seek.
  • Data and reporting tools to track the submission and follow-up phases. A key part of managing the proposal submission process is knowing how the content is being interacted with. Proposal software allows professionals to view the interaction that a document has had to best plan for how to make future touchpoints. A hands-on approach to proposal progression will likely make a great impression as prospective clients will see how serious the applicant is.
  • Top proposal management software also includes collaboration features. Companies that promote collaborative working are 5 times more likely to be classed as high-performing. When applied to proposal management, this can represent more wins and profit being made. Collaboration also reflects the interaction that clients can have with the content being shared, as management software can allow two-way activities to be facilitated. Examples include contract signatures, requests for more details and even payment processing.
  • Content repositories are also a feature available from many proposal management software tools that eliminate the need to recreate content with every document. Although no two proposals will be the same, there will likely be some content that spans across multiple submissions. Once you have taken the time to fine-tune this message, the last thing you want to do is rewrite it again in future. These software tools mean companies can add content to a template and edit for new proposals. This saves time and energy, meaning more business can be applied for.
  • CRM integration is also available to ensure real-time account details are available for everyone. Keeping CRM tools up to date is essential for ensuring every person within a sales process is doing their job when they need to. Proposal management software can be configured to work with existing CRM tools so that they offer an improvement in efficiency.

How Do You Use Proposal Management Software?

Proposal management software from all suppliers is simple to use but even more efficient when you choose the best tools, such as Best Proposals. 

The software allows the configuration of templates and content so that each business and sole trader can use the tools in a way that works for them. After some initial setup, templates can then be used to create killer proposals. Typically, these will guide users through forming to ensure no information is missed. Once ready to send, the content can be provided directly to the confirmed contact for viewing via the platform. This is sent as an email and viewable as an online document. 

The tracking and analytics allow the sender to monitor performance so that reminders can be sent promptly. Depending on the provider, the software can facilitate future activities such as contract and payment management. 

What Are the Benefits of Proposal Management Software?

Accelerate Turnaround Time

Time is primarily seen as the most important business resource, so the last thing organisations want is to waste it on lengthy proposal creation. Management software tools allow every stage of a proposal creation to be sped up thanks to features such as pre-created templates and tracking reporting. Operating quicker means more proposals can be submitted and open opportunities are managed efficiently, making a brilliant impression on future clients.

Increase The Chance Of Success

Proposals that are created and submitted using management software also are more likely to win the business for the following reasons:

  • A better impression is made with the client.
  • Prompts ensure all data is provided on the first submission.
  • The professional format also makes a more impactful delivery likely to outperform competitor equivalents.
  • The overall risk of errors is reduced and sometimes eliminated.
  • Collaboration is encouraged, ensuring communication can be facilitated, and things can move quickly without disruption.
  • Finally, the review and approvals phase can happen rapidly, which will appeal to clients as, after all, they need work that must be filled. If a business or sole trader is seen to be able to commence quickly, this will go in their favour.

Manage Secure Data

Proposals will always contain some form of sensitive information. From financials to company insights, the content must be protected to ensure the applicant and client are not exposed to other parties. Proposal management software should always be security-enhanced, with cyber measures in place to keep information safe and only accessible to approved parties. This is a key selling point to look for when choosing an agency and one we are honoured to have in place due to our links with the best IT agencies in the UK.

Improve Business Transparency

Last but not least, a benefit of proposal management software is that transparency with the applying business can be assured. A proposal will sometimes require input from multiple stakeholders, which these software tools allow. 

By keeping everyone in the loop during the rapid process of contract acquisition, there is more chance of a successful win being fulfilled to its best potential. Transparency within a business fosters trust, improves productivity and keeps company cultures thriving. These benefits create a stronger company image that appeals to potential clients when choosing a new organisation to work with. 

This benefit also applies to even sole traders, who will likely still be other third-party professionals in the mix, such as accountants or business advisors. 

Choose Best Proposals For Contract-Winning Results

Proposal management software is an essential tool to configure for any contract application. At Best Proposals, we have created a brief piece of software that allows seamless creation, full tracking and onward contact management. 

To test the tool for yourself, try it for free. If you want to learn more, you can also book a demo.

More wins and reduced spending are made possible with the right proposal management tools.

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