Why do you have a cancellation policy?

Last-minute cancelations/reschedules, lates and no-shows cost us money. The revenue that space accounted for is gone forever! Therefore, we have a cancellation policy. It is posted at the front desks, on our website and our menus. Here it is:

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"Your time has been reserved especially for you. If you are more
than five minutes late, we may not be able to accommodate as your
service will cut into another guest's scheduled time. Late arrival,
last-minute cancellation/reschedule, and no-show is subject to a fee
equaling 1/2 of your scheduled service.
We request that you give us 24-hour notice. Thank you."