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Cultivating long-term relationships with your clients is essential to your business success. What are the ingredients in fostering a healthy and fruitful relationship with your clients? Discover tips on improving your customer relationship management here.

Always understand your clients budget cycle, so you can get involved!

Money is a huge part of your client’s decision making. Avoid project cancellation by understanding your client’s budget so you can match it with the benefit you are offering. Learn more how to do that by watching this video!                                                      

Understand your clients budget cycle, so you can get involved! You need a framework to use to understand your client’s budget cycle. More information can be found in our Loading Client Key. You need to find out, when your client’s budgeting cycle start, so you can be well prepared.  Making your way into the budget of your clients as a specific line item is a smart thing to do under any economic circumstances. Don’t forget, the internal budgeting process is competitive. Keep asking your sponsor, how the process is going, and do they need any further information. Should keep you on track to win that project!  

The budget cycle is the steps and phases a business has to control costs and streamline administrative processes. 

The budget cycle can be monthly, quarterly, and annually.

The budget cycle, no matter what industry, includes four phases:

  • Preparation
  • Approval
  • Execution
  • Evaluation

Here are some benefits if you understand your client’s budget cycle:

You can get involved

Not all businesses have a budget cycle. Or if there is one in place, they might be struggling with it.

You can get involved by helping them create a budgeting process.

Your client will appreciate the help. 

It sends a message that you’re not there to take their money.

But you’re there as a partner who really wants to see them succeed. 

Create better proposals

Knowledge is power.

And with that knowledge, you take all the guesswork away.

Instead, you can adjust your proposal to what they have and help them work around it.

Propose at the right time

Timing is very important in any endeavor.

Coming in earlier or later is costly. 

When you know what stage of the budget cycle they’re in, you know when to give them your proposal. 

Win the project

Knowing and understanding all the necessary details of your client’s budget cycle, gives you a better chance at winning. 

You avoid wasting your and your client’s time.

Most of all you build a stronger relationship with your client.

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