Thud Crud. Once I actually had an accounting services client ask me to disguise and expand a project report they had submitted to a previous client, to be used as a sample exhibit for a potential new client. He wanted "thud value" that comes from casually dropping a heavy document on the client's desk. The "thud" would indicate the level of detail that they could expect in the final report.

In this case the new client was a larger company than the previous one, and their final report would indeed be thicker. Since the fees were based on a percent of funds recovered, my client's approach coupled with an estimate of fund recovery was probably on target.

However, in hourly or project fee situations, detail "thud" could appear disproportionately costly to the one taking bids. Accounting firms in particular seem to confuse the need to maintain supporting documentation with the need to provide every detail.

The Fly-With-A-Cannon Try. Ever been to one of those conference room proposal presentations, where the presenters in thousand-dollar-suits outnumbered the client team, and the AV equipment and comp-catered food took up more room than the people? Slick, costly presentations can intimidate (and annoy) potential clients. Better to inquire about the decision-maker's preferences concerning proposals and meetings.

Ross Perot Loved It. "You are going to love this article because we did work for Texas Instruments once, and my cousin knows Bill Gates!" Sound familiar? Given employee turnover, mergers and acquisitions, and the growing use of non-disclosure agreements, appending long lists of clients to proposals or Web sites seems a hollow practice.

The substance of most projects is lost in the name-dropping. Even potential clients, who do not find long lists suspect, may still question the connection between the dropped name and the project at hand. Better to give a short list of industry-specific, satisfied clients, listing a real contact person (with their advance permission). The former client can provide a live sound bite worth more than hokey testimonial quotes.

Financial Services Proposals as Business Solutions
The most appealing proposal will describe a solution to the client's immediate need. The proposal can be educational and serve as a marketing and sales tool. It also can shape client expectations in advance of the project - if it is worded carefully, and delineated with a timeframe and milestones.

Remember The Marketing Golden Rule. Cultivate current customers. Once the learning curve has been navigated, you share in the intellectual capital of your client. New opportunities to be useful will grow with your knowledge of the firm, its people and its current challenges.

Be careful not to substitute fee-generating propositions for value-added customer services that you already provide. Valued clients should not feel nickel-and-dimed. Sometimes a one-page suggestion via email leads to as much business as a formal proposal.

Anticipate Due Diligence. Be prepared to provide information to those performing due diligence on your proposal. Increasingly, investors expect a thorough description of each and every planning step of a new venture before they sign agreements. Firms or individual professionals who do not have many clients can provide excerpts, samples, or competitive intelligence to inspire confidence (Please see "Lagniappe" below).

Audit Your Firm's Own Solutions. Use the next RFP to prepare a proposal kit. Consultants with partners or employees will get better results if the whole team helps write the prototype proposal. Not only will the exercise tighten the company's business practices, but the right elements will also demonstrate why the client needs you.

As part of the proposal plan, create a formal planning and research step before starting to write. It is important to ask these questions:

• What are the client's current goals and objectives?
• How is the client doing against competition?
• What technology does your client use? What skill sets, experience, and synergy might you be able to offer?
• What specific services from other projects are most related to this client's needs, now?
• What resources and talents do you have in-house? Will you need sub-contractors?

Prepare quality stationary and collateral templates, a company fact sheet, and bios of key consultants who will be used for projects. Include technology considerations. If the client company uses SAP, address your firm's ability and experience with SAP.

Just-In-Time Words. Nothing erodes confidence like a late proposal, which begs the question of whether the proposed project or new venture would get finished on schedule. If your financial team suffers writer's block, outline the elements and divide the drafting job.

Begin with a whiteboard session. Once the business requirements and processes have been captured, consider hiring a business writer/consultant who has both strong business experience and good, persuasive writing samples.

Do not expect the writer to capture everything about the product, the client's need, and industry issues in the first draft. Each proposal opportunity is a unique, never-before-expressed scenario that requires teamwork.

Further Details

• Avoid using passive voice (a common practice from more formal business times).
• Use sub-heads and bullets to break up text.
• Provide an executive summary. Write it last to capture the most important details.
• Address any technology aspects.
• Set a time frame for which the offer is good.

Lagniappe: (lon-yop) A Cajun word for "a little something extra." Rather than meals, tickets, or buying lunches for potential clients, consider what information or contact you might provide. The little extra service establishes credibility and confidence. Referring a fellow contractor or subject matter expert also builds relationships.