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!
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:
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.