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A project proposal, sometimes known as a business proposal, outlines the approach to meet specific project requirements and constraints. It serves as the initial communication with a prospective client, showcasing your team's strengths and suitability for the project. The proposal aims to distinguish your approach from competitors while committing to deliverables regarding scope, timeline, and budget. A well-formatted proposal template can streamline the creation of future proposals, enabling quick iterations in response to new requests.