In July of 2016 states all over the U.S. enacted increases in the minimum wage, some as high as $15 per hour. This jump means big changes for business owners who employ hourly workers, and many will find themselves having to take a closer look at budgeting and financing.
How can business owners meet these new regulations and still meet their financial goals? Here are a few things we recommend:
Assess Your Payroll Costs
You might be paying higher wages, but you don’t have to spend too much on payroll processing. Consider taking a look at how much you are spending on payroll preparation and see if there are places where you can cut costs.
Evaluate Your Staffing Needs
A wage increase provides a great opportunity to take a look at your workforce and see if you are using them efficiently and effectively. Weigh the cost of hiring new employees against increasing the hours of existing employees, and build your schedules accordingly.
Develop a Strategic Cost-Cutting Plan
An increase in one area of your budget may make it necessary to lower your expenses in others. A strategic cost-cutting plan takes a look at all of your spending, and finds places where you can cut costs – places you may not have even realized! A strategic plan gives you immediate savings, and long term benefits.
Does the change in minimum wage laws have you scrambling to cut corners? Call Silverback. All we need is your business’s bills from the previous month, and we can find savings and rebates that can improve your bottom line. We move through every point of the process with you, from investigation to implementation. Contact us today to find out just how easy it is to get started.
