TECHNOLOGY: How Bars Can Plan for New Media Entertainment
The time where restaurants & bars could count on HD TVs and the NFL Sunday Ticket as a difference maker is long past. So, what is your next move if you want to truly separate your operation from any other competitor? It’s all about the content. In recent posts, we have reviewed what we believe are the three best options for alternate content available today: streaming sports, gaming entertainment and digital signage. Here’s how to analyze and plan for your implementation.
DID YOU KNOWS…
The World’s Highest Paying Athletes
Having beaten Conor McGregor in their blockbuster fight last year, boxer Floyd 'Money' Mayweather is the highest earning athlete in the world over the last twelve months. The 10 rounds he fought against the Irishman netted him $275 million and puts him head and shoulders above the rest with earnings totaling a huge $285 million, according to the latest list from Forbes.
A long view of "illegal alien apprehensions" recorded by the U.S. Border Patrol clearly indicates that crossings of the border from Mexico into the United States rose steadily since the 1960s. After peaking at more than 1.6 million in 2000, the numbers fell sharply and are now on the level of the early 1970s.
Which Clubs Benefit Most from the World Cup?
According to its latest financial report, FIFA expects to generate nearly $4 billion in revenue this year, mainly thanks to the World Cup. But what about the clubs who employ the players competing at the tournament? They are paid $8,530/day/player is at the World Cup, starting two weeks before the Opening Match and ending one day after the respective nation’s exit from the tournament. As the following chart illustrates, those payments add up to a nice sum for the biggest clubs in the world. However, considering that many top players get paid much more than $8,530 a day, it’s safe to assume that the $3.96 million Real Madrid will be paid for its players competing in Russia won’t be cause for celebration in the Spanish capital.
Why it matters to you: Old man yells at cloud. Millennials apparently are bad tippers.
A survey was recently released (along with several articles) that said that Millennials are the worst tippers and that 1 in 10 do not tip when dining out. This is some we’ll believe it when we see it from a more credible source news because that can’t be right. Although, being based where we are, the article also states that Northeasterners are among the best tippers along with people who tip with a credit or debit card, so maybe that balances our group of Northeastern Millennials out? Who knows. This could all have to do with how poorly their generation is doing financially compared to previous ones. The article goes on to state a few other statistics like men tip more than women (sounds like something closing the pay gap could fix in a jiff if it is true).
Whether any of this is true or not one thing we can all do is better. Any of us in the industry know how vital tipping is for many of our peers. While our close friends and loved ones almost certainly know how to tip from being around us, we need to have them convey it to people they know and so on. We need a snowball effect but with the knowledge of proper tipping. If we don’t teach non-industry folks how to tip and have them spread the word throughout their normie-friend-groups than how can we expect people not tipping at all (or not tipping properly) to change? Even if the system does kinda suck and stem from slavery,we are still stuck in this game so we might as well play it the best we can.
CASH WAS KING
Why it matters to you: Danny Meyer is going cash-free at some of his restaurants.
Danny Meyer of USHG recently published a letter on LinkedIn about why USHG’s restaurants are going cashless. The letter states that there is no federal law that requires private businesses to accept it and with the growing ubiquity of plastic and mobile payments, they can streamline their operations. This includes completely eliminating cash-counting and allowing easier shift transitions.
This decision also makes their location much safer because without large quantities of cash laying around there isn’t anything to make them a target for a robbery. One issue they’ve been facing is the accusations of being classist.
Now, would we advise everyone to go cashless? No. Certainly not yet at least, though it seems to be where we are heading at some point. There are some huge benefits to going cashless like easier shift transitions and elimination of all cash-counting. At the end of the day, however, we are running businesses. Doesn’t it make sense to accept as many forms of legal tender that we possibly can? At the end of the day each establishment needs to do what is right for them and if you are in a city where people are on top of mobile and cashless payments, sure go for it, but if you aren’t it is certainly best to take all forms of currency.