A formal business proposal is a document that outlines the proposed solution to a prospective client’s problem or need. It’s typically longer than an executive summary and includes details such as specific services, costs, timelines, and potential outcomes. A formal proposal also includes a section for qualifications and references, as well as a section for accepted terms and conditions. When presenting a formal business proposal, it’s important to provide detailed information that is concise, accurate and persuasive. This way, you have the best chance of convincing your prospective clients that you are their ideal solution.