Business plan is that document which describes a business' set-up in details. It comprises information regarding the structure of a business, products, services, marketing strategies and complete budget plans. Every business needs to have a strategic plan ready with it. This is particular for those who have just started with a new business. A lot of research and planning needs to be done to develop these documents. There are two primary reasons why you need a plan for your business. One, it gives an impression that you are seriously working hard on your ideas. Second, you are really serious about achieving your business goals. Consider your business plan as a blueprint to success. Also, this is one strong channel through which you can prove your mettle. With careful study of what you had been doing and what you need to do, all the impossible-looking targets can be easily achieved. If at any point you feel that the methods you had been using were a waste, then immediately devise a better method. If you are one of those who is looking for funds from a third party, then a thorough research is needed to convince them. Unless they are satisfied with your ideas they would not be ready to make any investment in your plan. As per the observation made by experts, around six weeks are consumed to develop a workable plan. This is why, do not even imagine doing those last moment preparations!
Business proposal is that document which needs to be submitted to another company. This is for the arrangement of proposing a new business venture. Proposals fall under two diverse categories. One is invited and the other is non-invited. To make it simpler, here is an example. There are many government and non-government organizations looking for businesses that can offer them products and services. Private suppliers generally place their bids to get those contracts. So if you submit your bid, it will have to compete with other potential bidding. A lot of times the client provides a 'Bidder's Document' that describes the style of proposal they wish to receive from bidders. Given that no competent bidder is available, it is up to you to decide the style. In a non-invited proposal, you suggest a company to make purchases from you in exchange of funds. Even here, what matters the most is how capably your proposal is able to convince the buyers. Whichever category is chosen, carrying out proper research is absolutely necessary.