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What are some ways that a restaurant chain or other small business can offset the increase...

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Accounting

What are some ways that a restaurant chain or other smallbusiness can offset the increase in payroll and subsequent decreasein profit as the result of a minimum wage hike? Please explain indiscussion format.

Answer & Explanation Solved by verified expert
4.3 Ratings (701 Votes)
Hi While minimum wage increase is a boon for workers small business owners will struggle with the effects of raising minimum wage An increase in payroll cost will show a negative impact on the profit margins To offset the increase in payroll cost and to survive small business owners would generally take the following steps    See Answer
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