If you’re writing a proposal for a client, and need to provide an estimate — not a fixed price — here’s a simple approach that's worked well for us that you might want to try:

- Provide a range, not a single figure.
- Express it in the format "No more than X...no less than Y".
- Explain the assumptions behind the figures.

Here’s why this approach works:

A single figure (especially a precise one) tends to be interpreted as a commitment, not an estimate.

Expressing your estimate as a range shows that you’re thoughtful, acknowledge that there's almost always uncertainty and risk, and are probably a more trustworthy, higher calibre professional.

You’re setting an expectation with the client that significantly reduces their risk and yours.

By leaving room for contingency from the start, you’re setting a sensible precedent for the rest of the working relationship.

In providing clear rationale for how you arrived at the figures you don’t only show a proactive willingness to manage risk, you provide stimulus for discussion and make the client wonder how the other suppliers can be so sure of their single figure quote...

Good luck!

See this post on LinkedIn