If you wish to provide your client with a breakdown of the estimated cost of your service, it is time to write a business quote! This Business Kitz blog will provide you with a number of tips and tricks to help you draft a professional and detailed quote, ready to be issued to your client. Keep reading to learn more!
What is a business quote?
A business quote is typically a document that specifies the services that an organisation provides and how much clients will be charged for each service. A business quote or ‘quotation’ is useful when trying to communicate what exactly you will provide your client with, in order to manage their expectations and ensure that communication is clear. Quotes are extremely common between suppliers and manufacturers who tend to offer multiple products/services.
What should a business quote consist of?
There are a few key aspects that we strongly recommend you include in your business quote. We have outlined these key features below:
Business details
In every business quote, you should include the name of your organisation/trading name, website address, contact details and office/showroom address.
Quote date, quote number and expiry date
In the context of the ever-changing economy, inflation will cause the cost of goods and services to fluctuate. However, you may only be paid the amount listed on the quote from the date it was issued. As a result, it is essential to keep track of quotes and the day they were issued to ensure information is accurate and relevant. If you are unsure of the legal requirements surrounding dated quotes, our sister company, Legal Kitz can do so at an affordable cost.
Costs
It’s a good idea to have a detailed breakdown of the total costs with any buffer costs that may potentially arise.
Timeline
To maintain timely operations, providing a rough estimate for the completion of tasks is essential. Remember to take into account any considerable variable such as staff shortages that may delay the process. Proving a good customer service experience can have a beneficial impact on your brand image
Payment Terms and Conditions
Mention the payment methods your organisation accepts such as visa/debit card, afterpay etc. In addition, outline the frequency of payments – such as quarterly or periodic. It is common in some industries or businesses to request a half up-front payment and half on completions. If you require legal assistance on drafting the terms and conditions for your business contact Legal Kitz.
Customer acceptance
Proving a call to action encourages potential customers to accept the terms and conditions laid out in the quote, and move forward with the business transaction. This could be a ‘sign here’ statement with an area to sign and date.
How to write a business quote?
Select a template
To maintain a good brand image with the customers, select a professional template that best showcases your business communication style. Business Kitz provides a multitude of high quality and cost-effective legal, employment and commercial templates.
Include quote number
After you have selected your template, you should add a quote number to your document which is a unique number assigned to each quote sent to a client, similar to an invoice number. This will help you to keep track of multiple transactions and in case of queries and disputes, refer to them in the future.
Customer details
After your client has agree to the terms and conditions of your transaction, add their important details such as their name, email address, phone number and any other relevant information for easy follow-up.
Product or service description
To manage inventory, list the services/products you will be quoting along with the product number, unit price, total price and the quantities being sold. This will also help you manage your cost breakdown.
Add notes/additional information
Make sure to add any other relevant information such as discounts or price reductions on the product. It would also would be a great idea to thank your customers for their support and encourage future business with them.
Legal advice
Running a business requires a myriad of different documents that you need to keep up with. Check out Business Kitz’ subscription service today to access our full range of legal, commercial and employment documents to begin your business with a solid foundation that ensures compliance. If you are unsure about how to best protect yourself and your future business, our sister company, Legal Kitz can assist you. To arrange a FREE consultation with one of their highly experienced solicitors, click here today, or contact us at info@legalkitz.com.au or 1300 988 954.