The life of a small business owner can be taxing.  From balancing monthly budgets, to monitoring
inventory, and tracking daily revenue, every decision made is critical to the
company’s bottom line.  Yet one of the
bigger challenges for proprietors is determining how to budget the cost of
paying fair wages to employees, while keeping the business afloat financially. 

Legislators in several states are considering raising the
minimum wage for workers as a way to boost economic growth. While the concept
sounds promising for most, some small business owner’s wonder about the
financial ramifications a wage hike may have on employee retention numbers if
there isn’t enough money to distribute equally among staffers.

Conversely, small business owners understand that raising
the minimum wage is conducive for building  positive workplace morale, and can be
influential in attracting skilled and qualified job seekers looking to get a
foot-in-the door and valuable work experience. The wage increase also gives small
businesses an opportunity to compete with larger corporations with ample
resources to hire people.

The wage increase debate is an important issue for small
businesses. So much of the organizations success is predicated on retaining and
hiring employees to help generate revenue. With the upcoming holidays being a key
part of the year for the company’s profitability, small business owners will
have to decide a suitable wage to pay their workers.