Inflation Proofing Your BusinessНамуна

Inflation Proofing Your Business - Part II

In this Bible reading plan, we’re addressing how to inflation proof your business. For most businesses, payroll costs are their largest expense item. 

Recently, President Biden signed an order requiring all federal contractors, including any subcontractors, to increase their minimum wage from $10.95 an hour to $15 per hour in 2022. 

This action will drive wages higher and force the private sector to pay more for good help. As wages increase, other employers may poach your good employees if you’re not proactively paying your good people more.

James 5:4 teaches, "Look! The wages you failed to pay the workers who mowed your fields are crying out against you."

To prepare for this payroll inflation, you will need to budget accordingly and be quick to raise prices when able.

Questions for Reflection:     

• Will the mandate to raise the minimum wage affect your business in 2022? How are you planning to cover this additional cost?     
• What is the danger of not increasing your employee's wages?     
• Paying employees more can cause you to harbor a begrudging spirit. What scriptures come to mind that can help you combat this potentially damaging mindset?