In tough economic times, many professionals jump at the opportunity to submit a proposal to a potential client. It's a chance to book some new business, and besides, who can resist the adrenaline rush that usually goes along with the prospect of an impending sale?

Proposals, however, can be huge time wasters. The problem is that some clients who are not serious buyers will ask for a written proposal, while others may prematurely ask for a proposal before the proper steps have been worked through and the right relationships established. Furthermore, your willingness to write a proposal too quickly will actually position you as a vendor rather than a thoughtful, in-demand advisor who is discerning about the work you will take on.

You need to cover all the right bases during the business development process to ensure a successful sale and a fruitful relationship. Here are 8 prerequisites for submitting a proposal to a new or existing client:

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