3 top actions to undertake due to minimum wage increase.
How does your small business avoid ending up in financial trouble as the BC minimum wage rises? Here at Karve Solutions, our team has put together a list of steps you can take to help ensure that your company is in the best position to deal with the changes to BC’s minimum wage.
- Review your business plan
It is important to review your business plan in light of these upcoming changes. Does the strategy you had laid out still work for you? Are there business avenues you had considered in the past that may be too expensive now? Are there avenues you had overlooked that are worth taking another look at? Ask yourself the difficult questions and take time to consider your answers.
- Return to your employee contracts
With minimum wages set to increase, it is a good time to review your employee contracts. Do you have a minimum hour guarantee? Do you provide additional benefits to your employees? Unsure then book an appointment so we can review whether your employment contracts are as strong as they could be – and whether you need to make changes based on the new financial pressures on your company.
- Consider new growth strategies
Karve solutions do not just deal with bookkeeping, we work in partnership with business growth specialists, to assist you in assessing growth strategies for your small business. By working on growth now, you put yourself and your business in a better position to deal with increases to the minimum wage that are occurring now and in the years to come.
If you need to change any of your employee wage rates, please let us know asap.
May 21st, 2021