1-CP’s Post

Want to learn more about Discount Dan and his fellow Maverick Buyers? (My personal favorite is Usability Uwe 😉) Check out our latest article for a deep dive into their motivations and how we can all work together to create a better corporate travel experience: https://lnkd.in/evaDdADE

How to Handle Cash Income in Restaurants Here are three steps to address cash income in restaurants: 1) Review and Update Payment Processes: a. Conduct a thorough review of current payment processes to identify gaps where cash transactions might be occurring off the books. b. Implement strict policies for handling cash, such as requiring all transactions to be recorded electronically or through POS systems. c. Train staff on the new policies and emphasize the importance of compliance. 2) Implement No Cash Payment Policy: a. Communicate the policy change clearly to customers through signage, menu inserts, and your website. b. Set up electronic payment options such as credit/debit cards, mobile payments, and online payment platforms. c. Consider offering incentives for using electronic payments, such as loyalty points or discounts. 3) Regular Monitoring and Auditing: Regularly monitor transaction records and compare them against sales reports to detect discrepancies. Conduct periodic audits or hire external auditors to ensure compliance with the new policies. Address any issues promptly and adjust policies as needed based on audit findings. Benefits of Outsourcing Accounting and Wealth Planning: 1) Expertise and Efficiency: Outsourcing to a specialized accounting and wealth planning company brings expertise in financial management and planning. They can streamline processes, provide accurate financial reporting, and offer strategic advice tailored to the restaurant industry. 2) Risk Mitigation and Compliance: Professional firms stay updated with regulatory changes and industry standards, reducing the risk of non-compliance. They implement robust internal controls and can conduct independent reviews, enhancing transparency and reducing financial risks. Implementing these steps and outsourcing financial management can help restaurants mitigate cash-related challenges while enhancing operational efficiency and compliance. #dayinthelife #accounting #taxplanning #financialservices #dayinthelife #business #businesstips #livelifetothefullest #yougotthis #followformore #wycotax #ChrisWycoco #JustLikeYouYourTaxNeedsABreak! #businessdeveloper #wealthstrategist #financialplanner #taxstrategist #wycotax #chriswycoco #taxseason2024 #dallastx You want to grow your business? Book Today! https://bit.ly/3n8wi0y Download Your FREE 10-Step Business Improvement Checklist NOW! https://wycotax.com

Are there any restrictions or conditions associated with each fare choice? Yes, each fare choice may have specific terms and conditions regarding changes, cancellations, refunds, and other policies. It's important to review these conditions carefully before booking to avoid any surprises later on.

The Federal Trade Commission (FTC) passed a rule on Tuesday requiring ticket sellers across the US to disclose total prices in a crackdown on “junk fees”. The Junk Fees Rule aims to ensure that pricing information is presented in a timely, transparent, and truthful way to consumers of live-event tickets and short-term lodging, two industries whose pricing practices the FTC has been probing. The FTC said that consumers searching for tickets or hotels will no longer see service fees and other sundries inflating the advertised price.

We are pleased to share an insightful new blog post discussing the recent decision by the FTC to ban hidden junk fees in hotel and event ticket pricing. This significant move aims to promote transparency and fairness in the travel and entertainment sectors, ultimately benefiting consumers by ensuring they know the true cost of their purchases upfront. To delve deeper into the implications of this ruling and what it means for both consumers and businesses, read the full article here: https://ift.tt/GFtwms2.

Why do we accept dynamic pricing on some occasions but not on others? It was hard to miss the controversy around the sales of the Oasis tickets a few weeks ago when some fans, keen to buy tickets for the long-awaited reunion, were hit by an unexpected price surge once they got to the front of the long queue. Many are now looking back in anger. And many abandoned the process altogether. Dynamic pricing, however, is not something that we would usually complain about. We accept that plane ticket prices for the same flight seem to change every time we check, or that Uber charges us a surge when we are trying to get back home from a gig in town on a Saturday night. So why the anger about dynamic pricing when it comes to the Oasis tickets? It’s not about the price. It’s about being mislead. Simply because the unexpected price change leaves us feeling cheated and manipulated into paying more. On the other hand, clear communication about why prices are fluctuating—such as higher demand or limited availability—can help us understand the rationale behind price changes, making the process feel more transparent and therefore more acceptable for us to make the purchase. If prices are likely to change, customers need to understand how and why they fluctuate, so that they can make informed decisions, avoid frustration, and feel that they are being treated fairly. And most of them will roll with it. Others will just look back in anger.

My client swore he was never going to spend that money. 🙅♂️ 5 minutes later he was giving me his credit card details! We all love getting a good deal. Whether it’s finding a designer suit on sale for half its original price. Or using coupons or taking advantage of buy-one-get-one-free offers on favorite groceries. These wins can make anyone feel like they've scored big. Take one of my clients, for example. He’ll pay any price if he feels like he’s getting a deal, but if we book him into something that’s just cheap, he’s unhappy and quick to complain. Our job is to find the sweet spot: offering the right thing at the right price, while making sure he understands the value behind it. Let’s say he calls up to book a hotel that costs $4000 a night. If we just tell him it’s $4000 a night, he’ll NEVER book it. But if we can secure a slightly bigger suite for that same price and throw in an upgrade, making it feel like he’s getting more for his money, that's when he’s sold. For many clients, it's NOT about the price tag—it's about feeling valued and getting a memorable experience. At our end, we've honed this skill to an art. We find that perfect balance where value meets experience, and our clients walk away knowing they've made a smart choice. Thanks to our strong connections with hotel partners worldwide, we can pull off these requests and ensure our clients are always delighted. #travel #thecorporatetraveler #corporatetravel

“It’s 55 Euros…” “Will you take 30 Euros for it?” We're over in Turkey this week and in the hotel toy gift shop, there are NO prices on anything. I explained to my daughter that it's because they are wanting us to ask, and then we can ‘barter’ for a better price. I also explained that if I say no and walk away, it doesn't mean that I'm not going to buy her the thing she wants. It's just that we're not going to accept that price today. And we'll go back the next day. So, when we went ‘bartering’ yesterday, I only managed to knock 5 Euros off the price of the toy she wanted and we walked away. Initially, she was upset, but remembered our conversation. We'll go back and try and get 10 Euros off today 🤔🤣 Luckily, I'm really transparent about my pricing. It's on my website, social media etc, and you don't have to ask me for it. (And while I don't do bartering, I will create a payment plan that suits you if you need it). Having transparent pricing: 🤔 Takes away the need for THAT price conversation. People already know the cost before they have a conversation with you. 🪙 Means those people who ask to work with you don't have any surprises when you tell them the price. 🔥 Attracts the clients you want. Not those that don't have the budget, or want something different to what you are offering. How do you feel about being transparent with your pricing?

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A useful illustration for online travel agents on the risks of using scarcity claims and countdown timers. It is also a good example of the type of infringement which the CMA will sanction using its whopping new fining powers once the DMCC comes into force this autumn. Time to audit those online booking journeys. https://lnkd.in/e7XX9Sbz