Know the road ahead with minimum wage
With a proposed increase of the minimum wage to $20 by 2021, business owners should start planning now. MYOB is here to help.
What does the minimum wage increase actually mean for you?
It's the law of small business that if you don't evolve with the market, you'll get left behind. Consider these key strategies so that doesn't happen to you.
- Compare how much you pay your employees now with how much you'll need to pay them with the wage increase. What's the difference and how can it be used to increase profitability while boosting value?
- Look to the future and forecast out the next financial year for your business. Then do it for the next three years. Not only will this give you an idea of what to anticipate but also shape the goals that you're working towards.
- Analyse your current crop of customers. Are they growing or stagnating? Can you factor this analysis into staff remuneration with targets and incentives?
What can you do today? Check to see if your business is working for you or against you.
- Do a review of your current workforce to find any gaps that could be filled with better processes or more efficient operations. Can you reschedule or tweak some things to improve productivity?
- Factor in employee hours and look again at how these processes are impacted. Are there areas you haven't been tracking or better ways to redeploy staff to generate revenue?
- What strengths do your employees possess that you might be overlooking? Are they open to training and can you upskill those who are interested in stepping up in their roles?