[ecis2016.org] A business quotation is sent by a seller to a prospective buyer specifying the details of the product offered. Here’s all about quotation, meaning, format, and how to select the right one for your business.
Quotation format templates can change the way you conduct business. It gives your business a professional touch which cannot be achieved in other cases. Quotation templates also often impress clients and increase sales.
What should a quote include?
A quotation form must include the following information:
- The name of your business
- Your business’s address
- The name of the customer
- The customer’s address
- A distinctive quote number
- Issue and expiry date
- Description and the prices of the products/services
- Amount of the services rendered
How to decide the most suitable quotation format?
A business quotation can help to increase the sales of the company. A seller is obligated to send detailed quotations to the interested buyer, which would also contain a thorough report of the product offered by the company. It becomes an essential visual communication link which connects the buyer to the seller. It also helps pitch the product better and make it more lucrative for purchase. The proper quotation format then becomes indispensable for businesses.
If you are looking into quotation templates, you should be mindful of the following factors:
- The size of your business, along with the goods and services it offers
- The market practices and the level of competition in the industry the business
- Customer demands and preferences
- Tax implications to me followed
Is a quotation the same as an estimate?
Quotations provide fixed prices for a product or service. On the other hand, estimates provide an estimate of the costs involved.
Popular quotation templates for businesses in India
Manual paper-based quotation
This method is quite old and has been the most popular way to conduct business. However, the method faces problems like tediousness and not being eco-friendly. Physical records also make it difficult to keep track of transactions.
Word template formats
Word formats are popular among small businesses for sending quotations. However, this too can be time-consuming and require manual data entry and formatting.
Google docs or spreadsheet
This is one of the best options since it keeps your data 100% safe. You can also share it with others and provide options for edit, viewing and suggestion to the document. However, the problem of manual entry continues to exist.
Excel template formats
It is convenient to conduct calculations using the excel format. Nevertheless, this system fails to create formal booking quotations and cannot be used offline in major cases.
Countless software are available in the market which can be used for creating professional business quotations. This is the best option available since it does not require manual data entry.
Benefits associated with quotation formats or templates
There are other benefits of having quotation templates for businesses. The provision for having different formats helps a business to customise its quotation as and when the need arises. Template customisation also boosts the brand value of the business or company.
Additional advantages of using quotation formats are:
- Easy availability of various templates
- Easy and customisable access from cloud-based tools and provision to have various formats like .doc, .xls, .csv, etc.
- Helps any business to sort and organise customer details beneficial for future business deals.
- The templates can be updated from time to time and as per business requirements.
Points to remember when choosing a quotation template
- Choose a template which can be easily edited and updated according to your business requirements.
- Try to keep it simple in the format for an easy and clear understanding on the buyers’ side.
- The format should match business needs perfectly and should have provisions for all the product details in the same format.
Are quotes legally binding?
Quotations are legally binding and as such, should only be used if you are absolutely certain about the costs involved. Ensure that your customer/client is clear on the fact that they are getting a quote and not an estimate.
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