Get Ready for the Minimum Wage Increase: 3 Practical Tips
Minimum wage is increasing to $12.75 on January 1, 2022. (Maine law requires minimum wage adjustments annually based on the cost-of-living index.) Here are some practical tips to help you get ready:
- Crunch your numbers: Do you have a financial forecast that shows the impact of the minimum wage increase? Do you know your product profitability so that you can make great business decisions? Are there expenses you can eliminate? For help, request a business advisor from the Maine Small Business Development Centers or the CEI Women’s Business Center.
- Increase your efficiency: Would employee training help reduce waste, re-work & mistakes? Learn more about grants available to strengthen your workforce. Is there an upfront investment you can make in machinery or automation that would reduce the number of hours you need staff? Have you optimized your jobs and workflow? Request a free assessment from Maine MEP.
- Consider a Price Increase: When was the last time you increased price? Passing on your increased labor costs to your customers can be a viable path. How to Raise Prices Without Losing Customers
A Maine-based small business advisor is available to help you get ready for the 2022 minimum wage increase and much more. Individual sessions are free and confidential. Click to request a business advisor from the Maine Small Business Development Centers or the CEI Women’s Business Center.