A formal proposal is a written document that outlines an offer, agreement, or proposal between two or more parties. It’s a tool used to provide detailed information around the goals of the project, how it will be implemented, and all relevant costs and timelines. Writing a formal proposal requires an in-depth understanding of the proposed project and its requirements, as well as keen communication skills to ensure that all stakeholders are on the same page. Crafting a successful proposal is an art, combining research, thoughtfulness, clarity, and creativity — and the results can be highly worthwhile.