EOM (end of the month) in sales is the monthly deadline for salespeople to achieve the goals set at the beginning of the month, e.g., close an expected number of deals and hit the quota.

Meanwhile, doing EOM accounting once in a blue moon may cost you long tedious hours afterward, when you’ll have to recheck all data. After all, you don’t want to experience the problems as PPG company once had, when a single error in expense recording cost them a $4 million downfall in net income.

When all financial adjustments have been made, your accountant should calculate the balances of each account your business holds. In other words, at the beginning of each month, the accountant records the opening balance and then adds deposits and subtracts all expenditures.

It’s a common practice for your company to collect revenue and deduct expenses. However, at the end of the month, the number of transactions may not coincide with the time when original transactions have been made.

Hello [Prospect name],Since the month comes to its end, I would like to inform you about a new pricing structure that comes into action on [Date]. Starting from this day, the price of our [Pricing plan name] plan will rise to [How much]. You may still buy [Service or product] at a current price till [Date].If you have any questions, feel free to contact me.Regards,[Your name]

Now that it is clear what EOM means in sales and how to close your deals before the end of the month, let’s go ahead and find out what EOM stands for in accounting.

2. You hear strange noises. Loud grinding or roaring sounds from the wheels are another sign of wheel bearing problems. If a bearing loses its lubrication, the metal inside grinds against the metal, producing an awful noise. See a mechanic if you hear these types of sounds.

That’s a completely wrong approach. No matter how close your EOM goal is, remember you should contact only those prospects who are most likely to buy your product or service right away.

The way how well you control your sales and operate with your finances tells a lot about your future business position on the market. End of month sales help you analyze your monthly sales performance and come up with strategies to improve your sales efforts in general. Dealing with EOM challenges, you’ll have a better vision of what you should change in your company strategy at the moment to see your sales going up tomorrow. The rest won’t be a problem ― Snov.io will provide you with all necessary tools for your sales and revenue growth.

You get targets from your sales leaders, so why not ask them to participate in a sales EOM closing challenge? If you ask them to write a message on behalf of their name, there will be more chances your prospects will react.

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Here at Minit-Tune & Brake Auto Centres in British Columbia, we’re always pleased to help our customers get the most out of their cars and trucks. To that end, we’ll add a relevant blog topic from time to time to keep you up to date and getting the most out of your vehicle.

Let’s consider some of the mistakes salespeople tend to make at the end of the month ― the ones that only lower their chances of closing more sales and hitting the quota:

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Learning when your wheel bearings need to be replaced can help you prevent dangerous driving situations and keep your car safely running.

At Minit-Tune & Brake Auto Centres, we offer bumper-to-bumper repairs and maintenance inspections. Our technicians use only quality parts to ensure your car runs as efficiently as possible. Contact us at one of our many convenient locations across British Columbia and Calgary, or schedule an appointment online.

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Work out a strategy where you’ll offer a discount to your prospects in the middle of the month. Four or five days before the EOM, contact them again and inform them that the price will be raised starting from the next month. This way, you may motivate your prospective customers to think twice and buy your solution at an old price.

Wheel bearings connect your car’s wheels to axles. They’re steel rings with small, lubricated steel balls inside them that allow the wheels to spin at high speeds with minimal friction. Although rare, faulty bearings can cause an entire wheel to fall off your car while you’re driving.

3. The steering wheel vibrates. Worn-out wheel bearings will cause your steering wheel to vibrate. It’ll begin at slow speeds and get worse as you accelerate. If this occurs, get your steering and suspension checked by a mechanic to determine the nature of the problem.

Around 83% of customers claim they are more likely to purchase if they are offered a discount. It’s true, though not always when it comes to EOM B2B sales. Here you should be more prospective.

EOM sales are never easy. Just keep in mind that you won’t make them easier if you start accelerating your efforts and pressing prospects.

For instance, the company has paid a salary to its employees of $25,000 in total via bank transfer. However, the bank has issued additional commission that month, which cost the business $5,500 of unexpected expenses. As a result, the accountant had to correct the original entry and report $30,500 as a total sum.

The end of month accounting procedures represent a step-by-step work with financial data, so the chances you miss any transactions, in this case, are zero-low.

4. You experience wheel wobble. A worn wheel bearing loose inside the hub will cause the vehicle’s steering wheel to feel different. In particular, your car’s steering may feel “loose” and not very responsive.

5. The vehicle pulls when you brake. Another symptom of a worn wheel bearing is if the car pulls to one side when you apply the brakes. This can also indicate seized brake calipers or collapsed brake hoses, so it’s best to get a brake inspection at a trusted auto centre.

The main challenge of EOM for salespeople is to keep to the chosen direction and avoid cases when they lose reality, trying to get as many wins as possible.

1. There’s unusual tire wear. Abnormal tire wear may mean you have a problem with your wheel bearings. If you see unusual tread wear on your left tire, you may have a faulty left wheel bearing. Keep in mind, you can’t replace just one wheel bearing. If the left side goes, you need to replace the right side, too.

You should be clever enough to align your EOM sales with the customer’s ability to pay. Most people get paid during the period between 25th and 30th every month. That’s usually the best time for them to spend money.

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In case of regular EOM accounting, you keep financial data organized, accurate, and accessible. Thus, whenever your accountant needs information about your revenue, they may easily find it.

Hello [Prospect name],[Rep name] informed me about your current issue with [Problem] at [Prospect company]. So, I decided to contact you personally to answer any questions you might be having at the moment about [Your company name] solution.I’m highly concerned about seeing our product as the right fit for the companies we work with, so I’m open to all your inquiries. I look forward to hearing from you and will be pleased to provide you with all the information you are interested in. Regards,[Executive name and title]

Hello [Prospect name],We chatted with you about [Your company name] offer two weeks ago, and you were not ready to accept it due to [Objection, e.g., lack of budget]. Since a new month is approaching, would it be right for me to suppose a free trial will be a good starting point for you right now to solve your [Share their pain point]?If not, no need to worry. I can contact you in the future when this solution becomes a higher priority for you.Regards,[Your name]

60% of small business owners feel they aren’t knowledgeable when it comes to accounting. Preparing the EOM report, an accountant will help your company decision-makers evaluate the current financial situation, come up with more effective business solutions, or sometimes initiate more strategic changes for your brand.

When prospects object to your offer, which is not a rare thing, the deal gets stalled. It’s high time to break the ice and remind them you are still here to come in handy. Again, your goal is to drag words from a prospect, not bombard them with your visions about how wonderful your solution is. Be ready to ask questions that can help your prospects reflect on their need for your product.

"Snov.io helped us collect more than 80,000 leads in a month, accelerating our search for emails while reducing the cost per lead."

Wheel bearings last a long time. Their average lifespan is between 130,000 and 160,000 kilometres. How and where you drive and the quality of the bearing itself will determine the longevity of the component.

Try to tie your sales efforts with their perfect purchase timing. For example, you may make a discount and create the effect of urgency in your emails so that they won’t miss a chance to buy your solution.

Never drive for any extended period with worn or broken wheel bearings. Here are some indicators that they need to be replaced.

To avoid widespread EOM mistakes, you may adopt several effective sales techniques that will help you remain professional and trusted during this stressful period. Each of them is supported by a sales email template for your inspiration:

Once the balance of each account is calculated, all numbers should be recorded into your business’s accounting database. Based on these entries, an accountant should prepare the necessary reports to highlight the current financial position of your company. These reports should be presented to the management.

Another benefit of EOM accounting is that it helps your company predict revenue and strengthen its position on the market.

Uneven tire wear can be a sign of other problems (a wheel alignment may be needed, for example), so it’s best to get a professional to check it out.

Customers appreciate attention and care, so a message from your company’s executive may sound like a sign of respect and push them to consider your offer more seriously.

"The open rate for the emails sent to leads collected and verified with Snov.io tools went from 25% to 73% in just one month, which resulted in 95 business meetings with potential customers. "

Approaching the EOM period, sales reps often forget the crucial sales rule: ‘In sales, you should listen more than speak.’ Don’t try to overdo it with words. Your prospects may count your expressiveness as a kind of pressure, which will only avert them from a purchase. Stick to your strategy of asking them critical questions, being empathetic and helpful.