When to Send a Consulting Estimate
A consulting estimate is the right tool when a potential client needs a budget figure but the engagement scope is not yet fully defined. This is common in early-stage conversations where the client knows they need help — with digital transformation, organizational restructuring, process optimization, or market entry — but has not finalized the project boundaries. An estimate gives them a credible range to take to their CFO or board without binding your firm to a fixed fee prematurely.
What to Include in a Consulting Estimate
- Engagement description - High-level summary of the business challenge and your proposed approach
- Estimated fee range - Low and high figures for the total engagement, broken into phases if possible
- Assumptions - Number of stakeholder interviews, data availability, travel frequency, and timeline
- Team structure - Anticipated roles and approximate allocation (e.g., "Senior consultant, 60-80 hours")
- Expense estimates - Projected travel, software, and third-party costs
- Next steps - What needs to happen before you can issue a binding quote
Best Practices for Consulting Estimates
Be transparent about what drives the range. If the low end assumes three stakeholder interviews and the high end assumes ten, say so. Clients appreciate understanding the levers, and it positions you as a partner who thinks through variables rather than padding numbers.
Always note that the estimate is non-binding and will be superseded by a formal quote or SOW once the scope is agreed. This protects both parties and sets the expectation that a scoping conversation is the next step.
BillThemToday's free estimate generator lets you produce professional consulting estimates in minutes. Structure your fee ranges, list assumptions, and send a branded PDF that looks like it came from a top-tier firm. When the scope solidifies, transition to our invoice generator to bill with the same polished formatting.