What is a Budget Proposal?
A budget proposal clearly lays out the financial budget strategy for a company, a project, or a campaign in detail. It helps in obtaining the necessary funding or finding the right investors for the completion of a project.
A budget proposal includes:
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Details of the project
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An elaborate list of expenses (including equipment support, hiring/employing resources, estimated travel cost, dependency on various other materials, and the expected spend on utility and rent, among many others.)
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Proposed budget
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Benefits of the project
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Budget allocation for each category and more
Why do you need to write a Budget Proposal?
To make a fresh project idea a reality, you'll need the appropriate people on board. While the deliverables for the project can be developed by skilled resources, to kickstart and complete a project, necessary funding is required.
To get the appropriate financial support, you need to get your project budget approved by your investors and stakeholders. It’s like a marketing activity where you must present your budget proposal in the best possible light before them. This entails planning ahead and conducting research on your project concept. A budget proposal gives your business, stakeholders, and other parties involved a comprehensive idea of your project, the expected costs, etc. Some other benefits of having budget proposals are:
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Gives detailed classification of the expenses
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Provides financial transparency by giving an estimate of your spending
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Sets the right expectations for the stakeholders
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Gives insights on expected profits
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Helps to compare with previous budget proposals and take a constructive decision
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Expedites the negotiation and funding process
Why should you use Budget Proposal Templates?
A budget proposal is a critical document as it is key to getting your funding. It gives investors/clients a fair idea about the total amount needed by an organization for their different projects. Whether your project initiative will excel or fail may depend on how well your project budget proposal is written. And, to draft proposals from scratch means more research and effort, which can be daunting and labor-intensive. You can overcome such challenges, if you have professional budget proposal templates for aid.
Following are some of the benefits you will get while using budget proposal templates:
1. Saves time to create single and bulk budget proposals
The amount of research and labor to write a budget proposal from scratch is reduced because a proposal template/sample gives you pre-established themes and guidelines for arranging your information exactly where it is needed. This helps you save a ton of time and labor when writing proposals and ensures that the information provided is accurate and of the highest quality. You will also be able to create bulk documents faster when you use templates. For instance, if you need to create bulk proposals to pitch your company or a project to multiple investors or financiers.
2. Eliminates miscommunication and ensures clear messaging
A professional budget proposal template ensures that the right business budget information is provided. It ensures all the materials included in the budget proposal are written clearly and effectively, eliminating any chance of miscommunication, ambiguity, and disagreements between you and your clients.
3. Reminds you to include all the costs involved in a project
When preparing a budget proposal, it might be challenging to recall each category of the cost you need to include. But a budget proposal template takes into account such scenarios and provides you with different cost categories where you can write the estimated spending details for your project’s expenses.
4. Simple and quick customizations
Be it small, medium, or large businesses, every organization needs financial help for implementing various projects. And for that, you need to create multiple budget proposals. Using a budget proposal template, the labor in creating and customizing your proposals can be reduced from days to a few hours! Since a proposal template is readily editable, you will be able to devise detailed proposals suitable for your request and needs.
Important elements that should be included in a Budget Proposal Template
Now, you clearly know how critical a budget proposal is for your organization. Drafting an all-inclusive proposal can still be confusing. Hence in this part, we will discuss what are the key elements to be included while drafting your budget proposal.
Overview
This is the number one section in your budget proposal where you need to mention your project, the reason for implementing it, along with an overview of the proposed budget request.
About us
In this segment, you have to give a brief introduction about your organization, a general estimate of the number of clients with whom you have collaborated, and the categories of projects you have handled for them. It should be like a sample of your potential - a striking resume about your actual experience.
Vision
Herein, provide your actual plan or roadmap that aligns with your project and the direction you take as a firm. Give a brief description of what your company has set out to achieve and how you position yourself in the future.
Mission
This section highlights your principles as a firm. It is all about your modus operandi. In other words, it should reflect your actual business objectives and a methodology to reach those goals you proposed in your vision.
Our team
Herein include the details of your team who will be working on the project, their designation, qualification, and their other achievements.
Project framework
This is where you bring the reader to the same page. It gives a thorough description of the project and how it will be implemented, in what phases, and the total period (number of days/months/years) it will take to complete.
Statement of need
This is where you need to explain the existing blockers or problems for which the whole project proposal and the respective budget request are raised. You need to also give a sound explanation (possibly with an example) for why you need your project to be greenlit.
Advantages
Herein tell the readers about the benefits your firm can bring to the table from the project.
Market feedback/Testimonials
To get money or funding for your project, it is important to build trust and credibility. Impress your potential investors by showcasing testimonials from your best and most illustrious clients. You can highlight what kind of project you had undertaken for them and show a sample of how successfully they have been implemented.
Our services
In this segment, you need to explain the different services you will be catering to as part of the project and the total impact they will have on the business. In the event of new requests coming in the future, you can also mention additional and specialized services that are offered.
Budget allocation
This is the main part of the budget proposal where you will give the total amount for implementing the project.
A detailed breakup of the expenses is written in precise table format for easier understanding of investors.
The following cost category can be included in your proposed budget template:
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Hiring Resources: Give details for hiring employees or resources. You must also provide the exact number, total hours they will work, and salary allocated to them.
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Equipment support or materials required for the project: In this part provide equipment details and estimate the cost incurred to purchase or rent them.
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Travel and Miscellaneous: You can include the data on the total travel and miscellaneous costs here.
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Summary: Whatever category of costs you have mentioned in the above parts, calculate the total amount for them and provide it here.
Terms and conditions
It is an important section of a budget proposal wherein details of receiving payments, termination policy, and governing laws are mentioned.
Acceptance and signatures
This is the last segment of any budget proposal template. If all parties involved in the proposal are in agreement with the conditions mentioned, then they can readily accept and sign it.
Secure funding with Revv’s ready-to-use Budget Proposal Template
If you want to be noticed by investors, your budget proposal should be impressive and should highlight you as a successful project implementer. The budget proposal should make it clearer for potential financiers why they should invest in your project. You can create compelling budget proposals faster and easier with Revv’s customizable budget proposal template.
You can download Revv’s budget proposal template provided on this page and create beautiful budget proposals of your choice.
Ready-to-use and customizable templates
Revv’s budget proposal template can be completely customized to your needs with the help of the document editor. With a simple drag-and-drop feature, you will be able to add images, text, tables, integrate payment systems, and more. You can also connect Google Sheets to the template and import data to the document.
Faster approvals and reviews
A budget proposal contains a lot of information related to price calculations and other important data. To ensure all the price information is correct and error-free, oftentimes these proposal documents need to be thoroughly vetted. A company’s internal team head or manager can review the proposals before sending them out to investors.
With Revv you can send any budget proposal to the approval manager or other team members for their review and approval using the Check and send for internal approval feature.
Seamless collaboration with colleagues
If you want your proposal letter to be reviewed by your peer, or want some additional input from other internal department members, you can do it with Revv’s Notes feature. Collaborate in real-time with your teammates and direct it to them by tagging them using @mentions. You can even add public or private comments, or ask them to attach documents or images to your existing proposal document. The tagged person will receive an email notification for the same.
Access your budget proposal template from anywhere
You can access your budget proposals anytime, anywhere, and from any device since Revv is a cloud-based document management and eSign platform.
Safe and secure eSignature
Revv makes your proposals legally binding with its bank-grade eSignatures. It follows all local and global laws such as ESIGN Act, UETA, and eIDAS, among others.
Easy to track any activity on the budget proposal
From the Activity tracking feature, you can easily track real-time happenings in your proposals.
Get instant notifications
Revv sends auto-generated email notifications to both the sender and recipients, notifying them of the actions to be taken on the budget proposal.
Generates Evidence Summary certificate for all signed proposals
Revv generates an electronic copy of audit trails in the form of an Evidence Summary for all eSigned proposal documents. Evidence Summary is a digital certificate that records each action taken during the signing process. It acts as legal proof in the event of a dispute in the future. A user can download the certificate for free.
With Revv, design a direct, well-structured budget proposal to impress your investors. To know more, Sign up today!
