In today’s globalized and interdependent economy, businesses rely on each other to get the job done. Companies and individuals outsource the service or product they need; not only domestically but even internationally. When a business has a product to sell or service to offer, formal documentation is usually required. A sample quote or quotation is either given to or requested by a client. This is common in contractual or project-based work. Read on to find out more about sample quotes.
A quote is a summary of a product or service given by a supplier or vendor, and handed to a client or customer. It specifies the description of an item, including its important details such as quantity and price.
According to The Brookings Institution, research data shows that an estimated 15.5 million of the US workforce are involved in non-traditional work arrangements. This group comprises of independent contractors, temporary laborers or one-time gig workers.
A standard quotation contains key elements. When you give a quote to a client, it is basically a proposal to do business with them. Think of it as an initial step when establishing a business relationship with a customer. The basic elements of a quote are as follows:
Find the right template that suits your business needs. Pick from the several samples above. Keep these basic steps in mind when making your quote:
This will help make your quote appear professional. This is especially important for independent contractors, so present and future clients can familiarize themselves with your brand. Always include your company logo, complete address, contact number and email address. This standard layout will be used for all your subsequent quotations.
If the customer requests for a sample quotation, ensure you have all his contact details. Include the company or organization he belongs to. It is also acceptable to include a brief greeting; but always be mindful of your format. For example, “Dear Ms. Sanchez, we would like to offer your company our services. Please see the price quote below.”.
Normally, a table is more convenient and easier to read. Identity and enumerate the services required and include the rate, quantity and total amount of each. For example, a freelance graphic artist charges a client for website development; she should indicate the price and a short description of the service.
It is important to clearly define the agreement with your client. Any rules and guidelines should be stated in order to manage expectations of both parties. If you require 50% down payment or a prior check deposit, indicate it clearly and provide the necessary bank details.
A sales quote is one of the most common; but quotes can cover many different industries- real estate, security, marketing, manufacturing etc. It can apply to essentially any industry that renders any type of service or supplies products for business purposes.
Browse any of the samples above. All are editable, downloadable and printable; designed to make it easy for you to create your own sample quote. Use it as a guide, keep in mind the basic elements and you’re all set.
A quote is only one part of a business process. To illustrate, a client needs to rent out a forklift to move and transfer hundreds of boxes in his warehouse. He requests a quote from an equipment rental company. The company sends him a formal quotation detailing the forklift rental, including the hourly rate and operator fee. If the client accepts this arrangement, he makes an initial deposit to be able to start using the forklift. After the task is done, the forklift owner then bills the client an invoice indicating the remaining amount to be paid.
Knowing the basics on issuing a quote can help you conduct smooth, convenient and transparent business. It makes it easier for both buyer and seller if the ground rules are set and put in writing. This helps ensure that both are on the same page and can expect accountability from each other. Download a sample quote above and start making one today!
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