How Raising the Minimum Wage Affects Businesses

Whether you’re for-or-against raising the minimum wage to $15 dollars, there’s no denying the fact that raising the minimum wage will affect businesses. Some business owners state that raising the minimum wage will force them to raise prices, lay off employees, and expand responsibilities beyond their employees’ ability or willingness to work. At a minimum, owners are threatening to close their businesses or move their businesses to states and cities that are friendlier to business.

raise the wage

What we provide are solutions to help business decision makers survive the rising costs of doing business. And one of largest expenses facing businesses is payroll.

If your payroll expenses are rising faster than your revenue, then that’s a problem. If your profit margins are too thin to sustain your business, then that’s a problem. If the rising cost of payroll means that you can no longer extend credit to your customers, then that’s a problem. There are obviously a number of cost-management issues going on here, all of which are compounded by having to pay more and more for labor.

So, here’s the million-dollar question. What are you, as a business owner, going to do? You obviously need cash-flow to survive. Our solution is invoice factoring, which is the process of selling your invoices for immediate cash.

Invoice factoring is quick, easy, and incurs no debt, which means no payments. Because invoice factoring is one of lowest cost methods of creating cash-flow, it’s also one of the best options to weather the storm of rising payroll expenses.

For more information on our invoice factoring solution, give Universal Funding a call at 1-800-405-6035 or fill out a rate form.

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