A quotation is one of the most effective ways to let potential business partners and customers know how much you charge for your product or service. You can also give them an idea of how well your business is doing. Sometimes, a client might ask you for a quotation; other times, you might want to keep it ready before a business venture to get your point across effectively. Whatever situation it is, you need to make sure you have your quotation ready at hand.

Foremost, quotation is a summarized statement of the price you charge for goods and services. You can follow that up with a summary of how you have come to that conclusion, by including the cost of labor, raw material cost, different taxes such as VAT, etc. Better yet, you can also include how quickly the job would be completed and the goods would be delivered.

When you provide quotations to your client, you aren’t showing them an estimation of your price and time, you’re giving them your word. You’re essentially saying you will get the work done in exactly the amount of time you have promised.

Quotation being a vital element of a business, companies have started to realize they need newer and more unique tools to compete. The right quotation software can easily determine what items should be kept in the quotation of a business and what shouldn’t be. When you find the right quotation tool, the speed of your quoting process will show marked improvement.