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Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas.There are 15 references cited in this article, which can be found at the bottom of the page.
Confusing these two types of documents is understandable, not only because they sound similar to one another, but because the information they include can often overlap.
It can be sent by an individual or a business and is usually (but not always) a response to a specific job, project, or service that’s required.
Business proposals are also sometimes used by suppliers to secure business.
Business plans are especially useful for attracting investors to a company (especially a new one that may have little name recognition), but it can also be used to give other people, such as accountants, attorneys, and even future employees, a better idea of what your business does.
If a business plan describes the overarching vision of a company, then it is useful to think of the business proposal as describing a very specific action or plan for how that vision will be implemented.