TIPS FOR EFFECTIVE BUSINESS QUOTATIONS

Here are a few tips which can help you, as a manufacturer, not only to prepare a winning quotation but also to provide you with a hassle-free experience with the buyer after your quotation is accepted.

  • Understand your buyer's exact requirements completely including delivery arrangements. If in doubt, ask them to clarify, preferably in writing.

  • Document all the details relating to your buyer's requirements so that you and your buyer can refer to them later, if required.

  • Provide a quotation only if you are sure that you can deliver as per the buyer's requirements and within the specified time-frame. Never overstretch yourself.

  • Make sure to quote a price which will generate an acceptable profit margin for your business. Do not ignore any hidden costs which may be involved.

  • Ensure that your quotation clearly spells out the offering for the buyer along with the complete details of underlying job proposal.

  • Mention all job components clearly and accurately along with the schedule for work, if applicable. If you make any assumptions here, be sure to include them as part of your quotation.

  • If relevant, try to provide a list of any materials or resources which may be required to serve the job proposal.  

  • Give an adequate break-up of your pricing from the perspective of labour, materials, overheads, logistics, insurance etc. and all applicable levies & taxes. Mention what is covered under your pricing and specify what is not covered, if necessary.

  • Clearly specify your terms & conditions and any assumptions/disclaimers pertaining to your quotation. If relevant, mention your preferred mode of payment.

  • If your quotation has an expiry date, do not forget to mention it clearly within your quotation. This would come in handy for you especially if prices change quickly in your industry.

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