Corporate English has its own rules. Although they seem like a trifle in Spanish, when they are put into practice in meetings and negotiations they make sense. We talk about the budget in english.
The business English it requires precision, clarity, and delight in order to get a deal done. For this reason, fluid, technical and well-structured communication represents an opportunity.
This is where the budget comes into play, because it's the last door your prospects have to go through before they say yes. If this document is unintelligible, there is the possibility of causing doubt and even rejection.
Do you want to know how to prepare a budget in an effective, understandable and up-to-date manner? Here is a practical guide to design it in English. Just what your organization needs!
The budget in English: Quotation and Budget
Before addressing this topic, it is important that you take into consideration the difference between the concepts: quote or quotation and budget. This will help you avoid confusion at the time of do his job.
Quote or quotation
For example, if they ask you for a quote or quotation, then they are asking you for a quote or quotation proposal. That is, a descriptive document that explains your services and exactly how much they will cost.
In the business world, the presence of the budget in the English language is key to attracting potential clients.
In addition, the quotation gives specific information to the team in charge of making decisions in the negotiation stages, after accepting the initial proposal. Thus, you can request this document in the following way:
«Please, send me as soon as possible your best quotation for the following services...»./«Please, send me as soon as possible your best quotation for the following services...».
«I am looking for different quotes to implement the sales software as soon as possible»./«I am looking for different quotes to implement the sales software as soon as possible».
Budget
On the other hand, the word “budget”, which means “budget in English” refers to the general budget. This is presented at the beginning of the negotiation process and with which the sale or the closing of the deal is initiated.
The budget in English must be presented to the client from the beginning of the negotiation, assuming the ideal tool to close a successful deal. Hence the importance of knowing how to make it.
The budget is also descriptive material about what you intend to offer. But unlike the quotation, this one shows general estimated amounts that can be adjusted over time.
You may need to show a budget at the beginning of the negotiation. And near the closing, I must present a quotation, considering that the prices shown in the quotation are the definitive ones and those approved by the client.
The budget must be accompanied by the "proposal" or what "proposal" means, all in the same document. It clarifies the service levels, project specifications, communicates the identity of the company and the estimated execution times.
In any case, we always recommend that you submit these documents in PDF. It is the indicated format for sending an estimate in English, since it has editing protection and is easy to read for any device. You may be asked to:
- What's the budget for the marketing department for the next quarter? / What is the budget of the marketing department for the next quarter?
- Everybody's working late this evening because they have to finish preparing the budgets for the next financial year. / Everyone is working late tonight because they have to finish preparing the budgets for the next financial year.
- We need to increase the budget for salaries if we want to hold onto our key employees. / We need to increase the salary budget if we want to retain our key employees.
- Have you received our job offer this morning? We have attached a budget for your services. / Did you receive our job offer this morning? We have attached a quote for your services.
Send a quote in English
Here is a template to get you started making different budget proposals in English. This can serve as a reference and start preparing your own documents in a really effective way.
Budget Proposal Template
[PROJECT NAME]
[DATE]
1. PROJECT DESCRIPTION
Present here an overview of the project. What is it about and why is it important?
2. PERIOD OF PERFORMANCE
Identify the project start and end date or duration.
3. COST ELEMENTS
- Direct Labor
Title or Labor Category | Name of Contractor or Employee | Contractor or Employee? | Burdened Hourly Rate | Number of Hours | Amount Requested |
[TITLE] | [YAM] | contractor | [$$] | [##] | [$$] |
Subtotal - | [$$] | ||||
Total - | [$$] |
justification:
At this point, you must justify the amount of these resources or services. What are they needed for?
- Equipment & Materials
Item Description | Quantity | Unit Price | extended price |
[ITEM DESCRIPTION] | [##] | [$$] | [$$] |
Subtotal - | [$$] | ||
Total - | [$$] |
Justification:
- Travel&Misc. expenses
Expense Type | Description | Total Estimated Cost |
[EXPENSE TYPE] | [DESCRIPTION] | [$$] |
Subtotal - | [$$] | |
Total - | [$$] |
4. COST SUMMARY
Given the above, the total cost for the Project is estimated as follows:
Cost Element | Total Estimated Cost |
Direct Labor | [$$] |
Equipment & Materials | [$$] |
Travel & Misc. | [$$] |
Subtotal - | [$$] |
Total - | [$$] |
Reuse this text, remember to change the tone of voice and the type of words you use according to the industry or area you are targeting:
This budget was developed by [NAME] with input from the broader Provide description of the broader team that supported this estimate. By my signature below, I hereby certify that this Budget Proposal reflects my best estimate of the true and necessary costs for the Project, and the information provided herein is accurate, complete and current as of the date of my signature below.
[COMPANY NAME]
_______________________________________________
[NAME], [TITLE] DATE
Presentation of your proposal
A budget proposal document is not complete without its respective presentation. Most likely, your partners or potential clients will ask you for a meeting to review the project together, this implies that you must express yourself in English and try as much as possible to ensure that your interlocutors are satisfied.
A budget in English or budget must have a proposal or proposal. There the services and characteristics of the project are reflected, and the time required for the work is reported.
We understand that this can give you butterflies in the stomach, but those nerves will ease with the right help.
English Courses for Companies
If your biggest fear is public speaking, try recording your speech and evaluating yourself before the big day. In any case, analyze the presentations of others, which will give you valuable information.
However, a great idea to develop and improve your personal level is to opt for a English course for companies. Currently, there are excellent opportunities to promote it through effective and cutting-edge strategies in the field of language learning.
conclusion
A quote in English is essential to provide the client with the information they require in a clear and express way. The idea is not only to have the technical information for its preparation and impeccable delivery; otherwise master the language perfectly.
Would you like to express yourself correctly and project a more professional image? Speaking English, the language of business, will give you more than an opening to great job opportunities.
In English2Go we know your needs. Therefore, we invite you to improve your pronunciation with native teachers, learn at your own pace and choose the most suitable plan for your current lifestyle. We are English2Go.
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