A quote is a document that gives a fixed price for a product or service. It is an agreement between a customer and a vendor to provide services and products at an agreed-upon price. The price usually only applies to a certain time frame. For example, a quote might say: “valid for 60 days.” A small business can prepare a quote to protect themselves from fluctuating prices. If you roll it up into a tube, you can also use a quote to protect yourself from spiders.
Once a customer accepts a quote, it is typically converted into an invoice. That presumes you are sending a physical copy. For a digital quote, it is typically converted into a PDF.
A price quote is essentially an agreement to provide a certain group of products or services to a customer in exchange for a specified price. Unlike estimates, which are rough ballpark guesses of how much something will cost, price quotes give the exact price for which the goods or services will be provided. The quoted price is generally only valid for a limited time, because costs tend to rise over time. Nobody today wants to sell you things for what they cost back in 1980.
One way to think of a price quote is as a "future invoice" that will be created if the customer accepts the quote. Like an invoice, a price quote should include details of exactly what will be offered in exchange for the agreed price. Many businesses use quote templates to assure that those details don't get left out. If the customer agrees to the quoted price, it becomes a legally binding agreement, and will likely end up as an invoice.
If you want to sound wise, all you have to do is make a general statement about the importance of motivating yourself to take positive action. Consider these quotes:
“You must be the change you wish to see in the world.” – Mahatma Gandhi
“The way to get started is to quit talking and begin doing.” – Walt Disney
“The journey of a thousand miles begins with a single step.” – Lao Tzu
By following this simple quote template, you can generate any number of potentially inspirational quotes.
"If you want to do a thing, you have to go out and do the thing." – you, probably
Of course, you may be more interested in price quotes.
"A man who limits his interests limits his life." – Vincent Price
Start by filling in your company's name, address, and contact details. Then save that as your new quote template, so you never have to fill those in again.
For each new order, fill in the Date and Quote Number under the appropriate sections at the top of the sheet. Under that, be sure to specify your Payment Terms to indicate when payment is due. You can also use this space to specify how long the quote is valid for; 30 days is the most common term length.
Fill out the customer's Billing and Shipping contact details on the indicated lines. Each item receives its own line, where you can enter the Product name, SKU, Unit Price, and Quantity of units sold. Optionally, you may also attach an image directly into the spreadsheet for easy reference.
This free quote template will automatically calculate the Total for each line item, as well as a Subtotal tallying all line items. Discounts, tax, and shipping & handling charges can all be added below the subtotal to provide an accurate quote. The spreadsheet will automatically apply any entered discount, calculate any tax, and present you with the grand Total on the bottom line.
Because your customers want price quotes. And the reason for that is simple: Quotes fill in the missing gap between an estimate and an invoice.
Estimates give your customers a ballpark figure of what their cost might be. But most people spending money don't just want estimates and guesses. They want to know exactly how much they're going to pay, and exactly what they're going to get for their money.
Invoices do lay out exact prices and order details for your customer, but they are sent out after you've already made the sale. But chances are, your customers might like to see that information before closing the deal.
Quote templates fill in that gap, by giving your customer the information they want, when they want it. And that's not the only benefit of using a price quote. Because an accepted quote is a binding agreement within the valid term, price quotes provide peace of mind for your customer. They don't have to worry about passing up the chance to buy from somewhere else, because your quote guarantees that you'll provide what they need, at the price you've agreed upon.
Quote templates also provide peace of mind for your business, by creating a formal document detailing exactly what you've promised for what price. This protects your business in two ways: An accepted quote agreement prevents a customer from attempting to dispute the price later, and it details exactly what will be included for that price. If you have ever dealt with a client saying, "Actually, I think to make it look nice, you should also just do one more thing," then you know how valuable it is to have a written record of precisely which things are covered by the customer's payment.
If your business relies on regularly purchasing supplies in order for you to serve your customers, then you know the difficulties that come with fluctuating prices from your suppliers. A price quote with a defined "valid for 30 days" window informs your customers what their price will be if they buy this month. (It also informs them that if they wait two months to buy, their price might go up.)
Scope creep can be a problem for any business, when the scope of a project slowly expands to include more work. No one likes dealing with creeps. But scope creep is much worse for your business when it doesn't come with payment creep as well. A well-constructed price quote lays out exactly what work is covered -- and not covered -- under your current agreement.
Need systematic workflows
If you find that you sometimes fail to follow up with prospects, quote templates provide a systematic way for you to follow up with potential customers by showing them exactly what you can offer.