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If his deportations become a reality, laborcostscould rise as a result.
Business experts suggested some ways small-business owners prepare for high labor costs andpossibly offset them.
For many, assessing recurring costs and trimming unnecessary expenses can immediately free up funds, he said.
Cash flow management is vital to survival in an inflationary and higher labor cost environment, he said.
Reduce Expenses
Obviously, reducing expenses will be top of mind for most small-business owners.
Innovations coming from workers themselves are usually highly effective if rewarded.
Offer Flexible Working Arrangements
Flexible working arrangements might help increase productivity, Rosett said.
The business would need proper controls in place to measure KPIs to ensure the output has in fact improved.
We found this to be very effective at Credibly.
Improve Company Culture
Company culture can also play a big role in employee motivation, Rosett said.
We are big believers in company culture.
There needs to be balance between work and personal life.
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