NEW YORK – Dec. 1, 2016 – Across the country, thousands of protestors are demanding a mandatory minimum wage increase of $15 per hour for low wage workers. As the demonstrations continue to heat up in cities throughout the United States, the country is yet again, in the midst a heated national debate on the increase in federal minimum wage. 800Fund.com understands that few things hit small business owners harder than the wages that they pay their employees.
While headlines are screaming big numbers for these wage increases, the truth is that these changes are phased in over several years. The mandatory minimum wage increases have been passed in California and New York are planned in phases to be completed through 2021. If your area is facing a mandatory minimum wage increase, donâ€™t panic. You still have time to plan for success.
Here is how to survive the minimum wage hike:
Review Costs & Compare Pricing
Take a good look at your balance sheet every month. Are your expenses exceeding your income? Are you spending more money on unplanned costs or even wasting money on items that have not proven to be beneï¬cial to your business, month after month? Carefully review your costs and think about what you can do right now to bring costs back in line for next month.
Many small businesses already pay their employees far above the required minimum wage. The greater the skill set needed equates to a higher pay rate in any business. Do the prices for your services match the skill level of your employees? If not, it might be time to consider a reasonable price raise for your services.
Invest in Technology
You may not think that your industry lends itself to automation, but there are some job functions with your small business that do. Are you paying for a bookkeeper? Why not consider using invoicing technology instead. Your employees will have the ability to send your clients an invoice before they leave the job site. They can even process on-the-spot payments with a smartphone or tablet equipped with a card reader. Small investments in technology will allow your small business to offset more costs than you can imagine and pave the way for success growth.
No small business owner wants to lay off employees, consider downsizing or even contemplate shutting its doors. With that being said, itâ€™s time to identify ways to successfully keep your business in the black. Consider investments in equipment, services and new inventory that will increase revenue. Make a plan for success and make it happen.
800fund.com understands that small businesses are the lifeblood of any community. For this reason, the company furthers its commitment to support and service their small to medium-sized business clientele while powering local economic growth by way of providing alternative lending solutions to traditional banking. Itâ€™s a fairly simple concept, if the businesses ï¬‚ourish, so do their communities.
After over a decade of ï¬nding ways to approve business owners that have long faced the struggles of securing funding through banks and other lenders, 800fund.com prides itself in its â€œ1 to 1â€ program that starts at just $1,000 and advances up to $1 million with working capital repayment terms from 30 days to 24 months. In addition to this specially designed program, 800fund.com simpliï¬es and expedites a traditionally lengthy process with swift decisions and same- or next-day ï¬nancing in order to meet the needs of todayâ€™s small to medium-sized businesses.
For business owners that are interested in the program they can visit 800fund.com or call (212)865-3863
About us: 800fund is a leading merchant cash advance and short-term alternative lender to small- and medium-sized businesses. It is headquartered at 30 Broad Street, New York, NY.