How Small Business Owners Can Overcome the Challenges of the Minimum Wage Hike

Small business owners often feel a greater impact from the minimum wage hike than larger corporations. Dilemmas such as absorbing increased operational costs pose as serious obstacles to running a business smoothly. Fast Casual suggests six steps to alleviate the negative impact imposed by the minimum wage increase:

1. Understand profit margins, projections and business requirements to ensure profitability
2. Determine permanent hiring vs. contracting decisions for staffing needs
3. Make good hiring decisions— mistakes can be costly since training/onboarding new employees is a considerable investment
4. Invest in employees— turnover decreases productivity and increases business costs
5. Be sure to employ time and cost saving tools to standardize back office tasks. Consider outsourcing to easy affordable services that allow you to focus on growing business not administrative functions
6. Research competition and adjust price accordingly