Don't Miss Out: The Cost of Missed Credits in SME Hospitality Business

Explore the impact of missed credits in SME hospitality businesses and learn how to optimise your credit claim process. Let Orders Made Simple automate your credit note management. 

The Importance of Claiming Credits in SME Hospitality Businesses

When running an SME hospitality business, it is crucial to claim credits for any discrepancies or issues with your orders. By claiming credits, you can recover a percentage of the amount you have spent on orders, which can significantly impact your bottom line.

On average, SME businesses in the hospitality industry are claiming back 3% of their ordering for credit notes. However, this percentage should actually be between 7%-12%, depending on the type of business. By not claiming the credits you are entitled to, you could be missing out on thousands of pounds per year for smaller businesses and tens of thousands of pounds for larger businesses.

Claiming credits is especially important for SME hospitality businesses as they often operate on tight profit margins. Every pound that is not claimed back is a direct loss to the business. By maximising your credit claims, you can significantly improve your financial position and ensure that you are getting the most out of your orders.

Common Reasons for Missed Credits in the Hospitality Industry

There are several common reasons why SME hospitality businesses miss out on claiming credits:

1. Lack of awareness: Many businesses are simply not aware that they can claim credits for discrepancies or issues with their orders. They may not realise that they are entitled to a certain percentage back.

2. Manual processes: Some businesses still rely on manual processes/excel spreadsheets for order management and tracking. This can lead to errors and oversights, making it more difficult to identify and claim credits.

3. Lack of time and resources: SME hospitality businesses often have limited staff and resources, making it challenging to dedicate the necessary time and effort to claim credits.

It is important for businesses to identify these common reasons and take steps to overcome them in order to maximise their credit claims.

Consequences of Not Claiming Credits in SME Hospitality Businesses

Not claiming credits in SME hospitality businesses can have significant consequences:

1. Financial loss: The most obvious consequence is the financial loss incurred by not claiming credits. This can add up to thousands or even tens of thousands of pounds per year, depending on the size of the business.

2. Reduced profitability: By not recovering the credits you are entitled to, your profit margins can be negatively impacted. This can make it more difficult to cover expenses and invest in the growth of your business.

3. Missed opportunities: Not claiming credits means missing out on opportunities to improve your financial position. The money that could have been recovered through credits could have been reinvested in the business or used to address other pressing needs.

In order to avoid these consequences, it is essential for SME hospitality businesses to prioritise their credit claim process and ensure that they are claiming back the credits they deserve.

How Orders Made Simple Can Help SME Hospitality Businesses

Orders Made Simple is a solution that can help SME hospitality businesses automate the credit claim process and maximise their claims. By using Orders Made Simple, businesses can:

- Streamline order management: The platform allows businesses to centralise their orders and easily track any discrepancies or issues.

- Automate credit claim process: Orders Made Simple automates the credit claim process, making it easier and more efficient to identify and claim credits.

- Ensure accuracy: By eliminating manual processes, Orders Made Simple reduces the risk of errors and oversights, ensuring that businesses claim the credits they are entitled to.

By leveraging the capabilities of Orders Made Simple, SME hospitality businesses can improve their credit claim process and maximize their claims, potentially recovering thousands of pounds per year.

Maximising Credit Claims: Tips for SME Hospitality Businesses

Here are some tips for SME hospitality businesses to maximise their credit claims:

1. Educate yourself: Take the time to understand the credit claim process and the percentage you are entitled to. This will help you identify any discrepancies and ensure that you are claiming the right amount.

2. Use technology: Invest in a reliable order management system, such as Orders Made Simple, to automate the credit claim process. This will save you time and reduce the risk of errors.

3. Regularly review orders: Make it a habit to regularly review your orders and identify any discrepancies or issues. This will allow you to claim credits in a timely manner.

4. Keep detailed records: Maintain detailed records of your orders, including any issues or discrepancies. This will make it easier to track and claim credits.

5. Follow up on claims: Once you have submitted a credit claim, follow up with the supplier to ensure that it is processed in a timely manner. This will help you recover the credits you are entitled to.

By following these tips, SME hospitality businesses can optimise their credit claim process and maximise their claims, ultimately improving their financial position.