Time is money, there’s no doubt about it. Businesses are always searching for ways to improve upon their admin systems so that more time can go towards strategy and sales. Despite this, many companies are still using antiquated quoting methods to produce business proposals. Baffling, isn’t it? These methods are time-consuming, prone to error, and let’s face it – laborious! Not to mention they prevent managers from accessing quotes done by the sales team, which slows the sales process down further. So what’s the solution to this time-consuming task? Cloud Quote’s specialised quoting software. It speeds up the quoting process, saving your sales reps time, and your business money. But before this quoting software can become useful, the company needs to work out its cost to quote.
Working out the cost to quote
“Cost to quote” is an important aspect of business, but many businesses owners are unsure of what it means, and certainly don’t keep track of it. So what exactly is “cost to quote”?
In a nutshell, it is the amount the quoting process is costing your company. Before installing quoting software, it’s important to know what your cost to quote is so that you can set goals for reducing it. The cost to quote is easy to work out: Take your sales reps’ hourly rates, and times each individual’s rate by the amount of time he/she spends quoting per day. Add these up, and the amount you end up with is your daily company cost to quote.
Here’s an example:
- Let’s say a sale’s rep earns about R94 per hour and does on average 1 quote per day.
- 1 quote equates to about 30 minutes of the rep’s work day.
- R94 per hour x 0.5 hours = R47 cost per quote
- Now you can take this amount and work out what it costs the company per month and per year.
- If the sales rep works 20 days per month, the company’s monthly cost to quote is R940, which works out to R11280 per year. And this is only for 1 sales rep!
Benefits of Cloud Quote’s quoting software
Cloud quote allows reps to produce a quote in 3 minutes, as opposed to 30 minutes in the example above. Having this extra time on hand is a huge benefit for your sales team. Let’s have a look at these benefits in more detail.
1. It saves your reps time, so they can now put it to better use
Cloud Quote’s quoting software is not a CRM. It’s a sales tool allowing for quick, accurate, consistent quoting output by your sales team, saving them time so that it can be better spent on other tasks. With more time on their hands, reps can cover a broader spectrum of work, and not waste unnecessary time on the admin of the quoting process. More time spent on other work means lower cost to quote. The time saved is valuable to the internal operations of your company, as it is being put to better use, increasing workforce efficiency.
2. It speeds up the sales process, increasing financial input
The speed of the quoting process is valuable to your business as it increases external connection with customers – the more quotes you generate, the more sales you can achieve. With Cloud Quote’s quoting software, sales reps can manage more sales in the same daily hours, which increases financial input into your business.
Save time and money with Cloud Quote’s quoting software
With Cloud Quote’s quoting software, sales become quick and easy. This gives you more time to focus on what’s important, and streamlines the quoting process so that you can spend less time quoting and more time selling. If you’re interested in acquiring this quoting software for your company, get in touch with us.
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