Improve your Cash flow

No matter the business, large or small, quotes are vital to win work. Many businesses suffer from loss of revenue as they have no follow- up process for quotes they send out. In fact, according to a recent survey, the number one financial challenge of small businesses is cash flow. Ensuring your business has a proper process in place – and are on top of this process – can improve the number of quotes being approved and in turn increase cash flow.

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“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
– Bill Gates

Here are three simple, yet effective, tips to ensure your quotes are accepted:

 

  Send a quote within 24 hours

It is always smart to send your customers a quote as fast as possible. It would be of great benefit to implement a system to quickly prepare and send quotes on the spot, or immediately after speaking with your potential customer. This will ensure a timely turn over and will help fast track your sale.

 

 Properly construct your quotes

When your customer receives the quote, it could be the first or second impression of your business. With every quote sent, it should be in line with your business guidelines, detailed enough to show prices, costs, and services that they’ll be receiving, and most of all ensure consistency. Most importantly, offer an obvious and effective call to action, that your customer can easily accept.

 

Customer follow up

The old saying comes into play “strike while the iron’s hot.” Always, always follow up within two – three days! This ensures your client has definitely received it, and presents the opportunity for them to ask any questions they may have. This is also a good way to beat your competitors to the punch and push them over the fence to employ your services.

With the correct processes in place, securing your quotes can dramatically improve the efficiency and cash flow of your business/workshop. It’s important you have access to such information within your business system, to make sure you are always aware of the workflow and at what stage your quotes are sitting at.

COSTAR can help

With the simplicity of COSTAR’s quoting system, you can ensure that you are reaching maximum productivity and efficiency, and can dramatically improve the performance and cash flow of your business. If you have any questions or want to ensure you’re doing this process correctly, please contact our Support Team on 1800 819 984 or email support@microhouse.com.au. To further understand the importance of having the correct processes in place for your workshop, please read our article on the digital shift in the automotive and tyre industry. Alternatively, you can check out our customer service blog post for more tips on how you can improve your workshop. 

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