Business owners large and small are facing the phasing in of wage increases in Alberta. There are many working towards stopping it, but in my opinion it’s not only inevitable but an opportunity for smart small business owners to use it as an opportunity to get serious about business success for themselves and their employees.
Did you know that it’s not small business owners that are most likely to pay minimum wage to their employees?
It’s true! In Alberta the majority of people who work for less than $15 (58.5 per cent) work for employers that have 100 or more employees. So if you’re a small business owner worried about the impact of the increase, examine whether it’s a genuine concern for you or whether you’re picking up on the fears of larger company owners within your community.
Now, you can certainly lobby through your local chamber of commerce – many are banding together to approach the government collectively – but I think the time of a busy business owner is better spent increasing income, closing up budget leaks and increasing the performance of the employees we do have – so that when October 2018 arrives they’re worth far more than the rising wages we’re mandated to pay.
Obviously that’s not going to be an easy answer or the same answer for every business.
If you don’t know where your money is coming from and where it’s going to – that would be the place to start.
If you’re struggling to find and retain employees that you feel are worth the wages you’re paying them – then that’s where you’d want to start.
If marketing is your current area of struggle, then you’ll certainly want to start with the Maximum Marketing Checklist to assess areas that you might be able to improve on.
Tomorrow, I’ll share some math on how to budget for the coming increase in wages.
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