A quote is the first formal document that a new customer receives from a business, especially a service business. When a customer asks you for a quote, it’s a golden opportunity to close the deal quickly and win new businesses. As they say, first impression is the last impression, so you wouldn’t want to ruin it.

Given the importance of quotes, here are some ways to optimize your quote and make it more effective-

Fully understand the requirements- Interact with the customer properly and make sure you understand what they exactly want. A quote is a legal document in many countries and you wouldn’t want to price improperly.

Make sure your prices are up to date- Labor cost, material prices keep changing with time. These can and do change, which can affect your prices.

Include a fair profit margin- You should have a pre-decided percentage of margin that you usually charge your customers with. This doesn’t create confusion within you at the time of quoting prices for the customer.

Set deadlines wisely- It is very necessary for you to set appropriate deadlines. Make sure that you have resources to complete the work in the committed time. It’s also necessary that you don’t over commit yourself. It might lead to extra costs and/or mismanagement in other ongoing projects in your business. The process of setting deadlines gets better with experience.

Strike the iron when it’s hot- A well formatted and designed price quote should be delivered to the customer in the least time possible. Using a standard quotation template makes the process of process of quoting pretty swift. Quick delivery of a precisely written quote leaves a good impression on the potential customer and increases your chances of getting business.