The January transfer window, a chance to splash the cash and improve your squad.
More often than not Premier League clubs panic and there have been many high profile examples of clubs getting it badly wrong.
But there are also good examples of new signings having an instant impact after penning a deal in January.
Here are five deadline day hits:
Luis Suarez to Liverpool (2011)
It was quite shocking that on the day Liverpool bought a truly world-class striker, his arrival was overshadowed by the signing of another, even more expensive forward.
Luis Suarez’s £22.8million signing from Ajax briefly broke the club’s transfer record until Andy Carroll was signed for £35million a matter of hours later, and the Uruguayan’s arrival seemed almost a footnote in an incredible day.
However, it turned into one of the best pieces of business Liverpool have ever done.
Suarez starred for the Reds before a move to Spanish giants Barcelona.
Jermain Defoe to Tottenham (2004)
Jermain Defoe’s love affair with Tottenham started on deadline day in 2004 when he joined from West Ham for £7m.
The deal was announced just as the transfer window closed, with Bobby Zamora going in the opposite direction as part of the deal.
Across two spells at White Hart Lane, he scored 143 times and is the club’s all-time top scorer in Europe.
Certainly one of the most successful deadline day acquisitions.
And of course Defoe is now banging them in for the Black Cats!
Jonathan Woodgate to Newcastle (2003)
The first January transfer window, in 2003, was a quiet affair, and the biggest deal was saved for the final day when Jonathan Woodgate swapped Leeds for Newcastle.
The classy defender joined Sir Bobby Robson’s Magpies for £9million, and he soon became a key figure at St James’s Park.
Woodgate was outstanding in their run to the UEFA Cup semi-finals the following season, although injuries were always a concern.
His spell on Tyneside didn’t last long, as he left for Real Madrid in August 2004, but he was certainly a very successful signing, as outlined by the profit Newcastle made when they sold him for £13.4million.
Asmir Begovic to Stoke (2010)
Asmir Begovic is now regarded as one of the best goalkeepers in the Premier League, but there was little fanfare when Stoke snapped him up for £3.2million four years ago.
After initially struggling to break into the side, he has been a regular since the 2010-11 season, even attracting admiring glances from the likes of Arsenal and Manchester United.
Begovic has since earned a move to Chelsea but he is struggling to earn a first team spot.
Michael Dawson to Tottenham (2005)
Spurs chairman Daniel Levy is famous for leaving transfer dealings as late as possible, and some of his most successful transfers have came about because of this.
One of his best pieces of business was to sign Michael Dawson on the last day of the 2004-05 winter window from Nottingham Forest.
£8m was enough to land Dawson and Andy Reid from the Nottingham club, and although Reid didn’t set the world alight, Spurs captain Dawson starred at White Hart Lane.
Proof that good deals are available in the closing hours of transfer windows if you look hard enough.