One common issue with service companies is establishing a standard rate for their services. Of course, clients would want quality services that are affordable. By creating an estimate, you can justify the costs of your services while still allowing room for negotiations. Here is our collection of ready-made Blank Estimate Templates in Word, they’re easily downloadable and fully printable. And since they already come with suggestive content, there’s no need for you to start from scratch. Whatever business you’re handling, our templates are sure to help you make effective estimates. So don’t hesitate to avail of our subscription plans today!
How to Prepare a Blank Estimate in Microsoft Word
When hired to perform a job, there’s a systematic way for contractors to determine the costs. Ideally, an estimate should be prepared to show the client a breakdown of the tasks and the corresponding charges. If you need to make one in Microsoft Word, you may gather useful details from our list of guidelines below.
1. Fully Understand the Work Involved
Regardless of the type of estimate you’re making, it’s important to understand what kind of work you’re assigned to perform. Does it involve cleaning, painting, flooring, or doing repairs? Discuss the job with the client and read the documents that provide supporting details.
2. Determine the Need for Tools or Additional Materials
Based on your understanding of the task, you can determine whether or not you need tools to get it done. Other than the equipment, you can also determine if there’s a need to purchase or acquire additional materials. If so, then make sure to include it on the estimate.
3. Know the Current Labor Costs or Unit Prices
Labor costs and unit prices fluctuate from time to time depending on the market and consumer demands. Before proceeding to make the job estimate, research on the current rates or prices of materials, equipment, and other essentials. Not only will this help you justify the details on the estimate, but it will also keep you from ending up with losses.
4. Break Down the Work into Sections
Instead of collectively looking at the job as one big task, why not break it down into smaller ones? This way, you can also break down the costs. And by doing so, you’re making it easier for the client to review the content written on the cost estimate form.
5. Negotiate with the Client
Estimates are not yet final, they only serve as proposals on the amount being charged to the client for the services requested. Before you finalize the estimate, discuss with the client the document’s details. When negotiating the final costs, make sure that it’s not too pricey for the client, and not too low that it’s no longer profitable.
