In Florida, there are signs that momentum is building to raise minimum wage to $15 an hour. Overall, 20 states will raise their minimum wage this year, sparking fears that some businesses will be forced to close their doors.
From working with restaurants around the country, higher minimum wage doesn’t have to be the end if leaders plan ahead. Pricing will most likely play some part in addressing margin pressures. Here are our three top tips:
– Understand what customers are willing to pay and what they’ll pay a premium for.
– Avoid immediate across-the-board price increases.
– Start planning now.
– Mark Kuperman, Revenue Management Solutions