The hospitality business is a business of saving every penny. One of the easiest ways to add some profits to your business is through rebates. A rebate is a money that if offered by manufactures for buying their product. Rebates are available to anyone who buys qualifying products.
Rebates are offered on many of the products you are buying for your business. So how do you take advantage of these rebates?
- Research all of your products to see what rebates are available
- Research different products. You may find another product is less expensive after a rebate.
- Research the process submitting your rebate. It can vary by manufacturer.
- At the end of the Quarter (or the manufacture reporting period) collect your purchases from each of your distributors.
- Complete rebate forms.
- Mail all in…
- Checks will be mailed to you within 3 months.
I’m sure you are thinking to yourself, “This is way too much work, I’m way too busy for this.” So, what are some other steps you can take?
- Hire a rebate management company.
- Cash your check every quarter.
If you hire a rebate company, what should you look for?
- No upfront fees or hidden costs
- State-of-the-art reporting
- Negotiate with manufactures to use their buying power to maximize rebates
- Collect all of your purchases from your vendors
- The detailed statement with each check received
- A distribution calendar should be supplied to you
- Consulting on purchases
- Market Trends and Newsletter
- Rebate earnings have no limit… more participation yields higher earnings!