Stratford University Measures to Maintain the Level of Service & Income of Your Business Paper

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Business Finance

Stratford University

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Some states have recently raised the minimum wage for unskilled workers to over 10/hour and some to as much as 15/hour. As a new business owner you believe in providing a fair living wage for your workers. However, this increase provides some challenges also. Discuss these possible challenges and what the effects of the increase could be. What measures would you take to maintain the level of service and the income from your business?

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Explanation & Answer

Attached.

Running head: BUSINESS MANAGEMENT

Business Management
Student’s Name
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BUSINESS MANAGEMENT
Business Management
The increase in minimum wage provides a stance of limiting the business in several
ways. Typically, the problem of obtaining skilled labor will be high since the wage is also
attributed to increasing. Competition is projected to decrease; when labor is in plenty that is
characterized by minimum wages, competition becomes high due to the prospect of readily

available labor for production. According to Haile & Altmann (2016), not many f...


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