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Boost your sales as the tax year changes

We often think of the period leading up to Christmas and into New Year as a sales boom, but there’s another change of year that can reap similar rewards if handled right. As the old tax year ends on 5th April and the new one starts on the 6th, there are real opportunities to be had across all sectors. Many customers align their budgets to the tax year, meaning that there may be surplus to be spent in March, and new money to be spent in April.  

 

Create bespoke deals for March surplus budgets 

 Your customers may well be looking to offload their surplus budget in March, or risk having the equivalent amount cut from the following year’s budget! You can capitalise on this by offering bespoke deals, asking customers what budget they have and what products they are interested in, and then building a personalised package for them.  

 

Keep in touch as budgets switch over 

 Some of your customers will tell you that they have no budget until April. It goes without saying that you should make sure that you make an effort contact them again when they’re ready to spend, rather than just hoping that they will come back to you once they have the money!  

 

Forward-date your invoices 

 If you trust your customers you can offer to sell to them in March, but not bill them until April, that way you lock them into the purchase so that they don’t get distracted and spend their new budget on something entirely different! One of ER Grove’s education supplier clients adopts this strategy frequently due to the way that schools are funded, and has found that the willingness to be flexible about invoice dates has led to repeat orders and the building of relationships with their school clients, who are grateful for their support and understanding. However, there is always risk associated with this strategy, and you should make sure that the buyer will definitely have the money to pay you before you proceed! 

 

Create an April sale 

 April is not a traditional time of year for a sale, but with money burning a hole in your customers’ pockets, it can be a great time to offer some discounts that seal the deal! Making sure that all your customers are aware that you are running a limited time discount means that they have to make a decision quickly, and hopefully you will make a sale before they talk themselves out of it!  

 

The changeover of the tax year can present real opportunities for B2B sales in particular, and there are also other accounting benefits to consider at this time of year. Speak to one of our advisors today about how you can make the most of the tax year changeover.