Meredith Nicklas, MBA

As a math major and CEO, I'm always watching numbers and cash...so let's get boring and talk about tax policy! Both sides of the aisle have expressed support for not taxing tips to servers in the hospitality industry. That seems very nice and thoughtful. And believe me, I am a loyal customer who tips generously for great service. Let's consider some math as we feel good about giving tax-free gratuities: Let's say your Federal Tax Rate is 33%, and State Tax is 6.5%... let's round up your tax burden to 40% for easy math. We won't even include local taxes. You go to a restaurant and have a great meal. Your food and beverage bill is $167, and adding a 20% tip, you are roughly at a $200 total bill. To pay that bill, you have to earn $333. ($333 minus 40% in taxes equals $200.) So, you needed to earn $55 to give your $33 tip. I am not advocating for or against tax-free gratuities; I just want to ask the question as to what is so noble about earning a tip that it should NOT be taxed, while other forms of compensation are taxed at normal rates?

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Unlock the secrets to financial stability in the restaurant industry. Jessica Dean shares her journey from sous chef to financial advisor on the No Hesitations Podcast. https://lnkd.in/evev9UfA Tune in to learn budgeting tips, debt management, and retirement planning tailored for the restaurant industry. #FinancialEducation #RestaurantWorkers

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"If you don't have a plan, one day, you're going to hate on the ones that do." It's a powerful reminder that without a clear strategy, we might find ourselves envying those who took the time and effort to map their route to success. 📈 Having a plan isn't just about accessing funds or setting goals—it's about creating a pathway to achieve short term and long term success. It's the difference between wandering aimlessly and moving forward with purpose and clarity. 👥 Don't be the one watching from the sidelines wishing you had done something differently. Whether it's your career, personal life, or a new venture, start crafting your plan today. It's time to stop envying and start taking action! 🔥 #BusinessPlans #BusinessStrategy

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One area of disagreement that sometimes can occur between corporate boards and CFOs: talent-related growth. While CFOs might tend to focus more on compliance and regulatory concerns, board members will prioritize things like recruiting, retention, and upskilling to drive organizational growth. It’s a gap that can impact an organization's ability to stay competitive and innovative - hence why open communication between C-suite leaders and boards is so important. #CFOs #CorporateBoards #TalentManagement #BoardGovernance

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What Meeting & Event Planners Can Learn from Today's IT Blackout - Smart Meetings Interviews Kevin Coffey with Extended Audio Commentary The internet blackout today impacted countless airports and travelers around the world, as well as those traveling to meetings and events, not just here in the US, but internationally as well. Smart Meetings just posted an article about this event, in which I shared a few thoughts that meeting and event planners and suppliers should consider. I spoke about this same scenario at the Meeting Professionals International WEC conference in Louisville - where I emphasized the importance of meeting and event risk management awareness, preparation, training, and response to 'foreseeable" events....and here we are again. The technical tsunami impacted not just airlines, airports and the meeting/event attendees trying to fly to events, but also numerous companies around the world which meeting professionals have come to depend on. This massive IT disruption... which many is saying is the largest in history, has also impacted the lives of many, including canceled and delayed surgeries due to the impact of hospitals, banks, and 911 call centers. In addition to the written article, I also provided an extended audio commentary about this incident and a few additional thoughts not covered in the written article—the audio commentary is in the box at the bottom of the article.

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Join in our Board meeting listening section next Wednesday! Details are below.

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Elevate your Hospitality Industry Talent Acquisition Strategy. Organizations have allowed their Talent and People functions to remain as monuments to a different day - with different priorities and technologies. When a department, division or team's highest priority is self-preservation, whose interests are served? While the ultimate answer is perhaps beyond my pay grade, I am certain elite talent, and guests are not near the top of the list. Claro Talent Acquisition #HospitalityIndustry #ExecutiveSearch #TalentAcquisition #Hotels

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🚨 It’s RFP season! 🚨 I recently joined No Vacancy News, Podcasts and Videos with Anthony Melchiorri and Glenn Haussman to dive into key insights that can help you maximize topline success! Here are some of the highlights: - Understanding RFP Season: What it is, why it matters, and its impact on the hospitality industry. - US Market Projections: Discussing an anticipated 2-3% growth next year and the key factors behind it. - Customer Sentiment: Despite economic uncertainties, the sentiment in the hospitality industry remains positive, and the fundamentals are strong! - Work-from-Home Impact: How hybrid work is driving group business and meeting space demand. - Evolution of RFP Processes: From static to dynamic pricing, and the importance of total revenue yield management. - Sustainability and Well-being: These factors are becoming essential in RFP considerations. #HospitalityIndustry #RFPSeason #HotelManagement #Sustainability #WorkFromHome #BusinessTravel #GroupBusiness #HotelRevenue #NoVacancyLive #IHG #TravelTrends https://lnkd.in/ewUbQPQr

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🔎 Wrap Up the Year Right: Tackle 1099-NEC Filings Before January 🔍 With the year winding down, it’s tempting to push paperwork into January. But if your organization hired freelancers or contractors, getting ahead on 1099-NEC filings now will save you from stress—and potential penalties—in the new year. Here’s a quick checklist to stay on track: 📌 Collect W-9s Now Ensure you have a W-9 from every contractor paid $600+ this year. 👉 Quick Tip: Request W-9s today with a deadline before the holiday season. 📌 Review Payments Early Avoid headaches by catching payment errors or missing info now. 👉 Quick Tip: Run a report to verify tax IDs, payment amounts, and addresses. 📌 Prepare for New IRS E-Filing Rules Starting in 2024, e-filing is required for organizations filing 10+ 1099s. 👉 Quick Tip: Set up the IRS’s IRIS portal now for a smoother filing process. 📌 Avoid Costly Penalties Late or incorrect filings cost $60–$660 per form. 👉 Quick Tip: Triple-check your info early to avoid unnecessary fees. ✨ Getting everything in place now means a smooth start to 2025—no last-minute scrambling! P.S. We’d love for you to join our new Skool community! It’s a space where we dive deeper into nonprofit financial strategies, compliance tips, and more. Join us here - https://hubs.la/Q02XQrMX0

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Should Your Next CEO Come from Your Board? Interesting perspective on CEO Succession Planning..

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Hiring the best is not enough , allowing them to do what they do best is key. Great advice Justin McGuire - enjoying your business is what’s it all about. You can’t be better than the cook, the baker, and the candlestick maker …… Do what you do best - create the next opportunity. #gettingitright #leadership

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For the last 25 years, we've seen the difference the data gathered in CRS' Exit Interviews makes in helping our client partners drive their businesses forward. By uncovering the root causes of turnover, they can implement targeted changes focused on improving culture and creating a thriving workplace where everyone has an opportunity to contribute. (Couple Exit Interviews with Retention Interviews and you've got even more data by which to drive your business forward! Want to learn more? Schedule an informational call by sending me a message through LI!) #employeeengagement #exitinterviews #employeesurveys

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Hospitality is all about the people. Marcus Lemonis has successfully evaluated and mentored leaders and companies to grow their success. He focuses on the people, process, and product of a business and how to improve any of the three. Here are his 10 Rules of Business Leadership & Success... https://lnkd.in/eaR2iAMg

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Commercial metrics that matter Navigating the complexity of commercial team metrics doesn't have to be overwhelming. Here’s a fresh perspective on refining success measurements in a more aligned and impactful way. Lori Kiel has mentioned that she uses a concept she calls the "Key3 KPIs." It's about focusing on three crucial performance indicators that resonate across all teams—marketing, sales, and revenue. This streamlined approach ensures that everyone is not just busy, but productive and harmonious in their efforts. In the dynamic world of hospitality, where commercial teams often find themselves at odds, the Key3 methodology could serve as a beacon. By homing in on three intertwined KPIs, we facilitate a collaborative environment where marketing doesn't just work for its own ROAZ targets, or sales chase volume without regard to price quality. Implementing this with a tool like LodgIQ, teams can effectively monitor these KPIs and optimize strategies in real-time. This approach isn't just about doing less—it's about achieving more by focusing on what truly matters. #hotelcommercialstrategy #hotelcommercialstrategyplatform #hoteltechnology #revenuemanagement

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