The minimum wage is supported by the Federation of Small Businesses (FSB), as the organisation has stated that it means employers must pay their employees fairly.
In fact, according to Simon Briault, spokesperson for the FSB, many small businesses already pay over and above the minimum wage as set by the government.
"We, as an organisation, are in favour of the minimum wage, because it basically means that the minority of dishonest employers are not able to undercut the vast majority, who pay fairly," he remarked.
Furthermore, Mr Briault described the government's decision to keep minimum wage increases in line with inflation over recent years as "sensible" and this has also pleased a number of firms.
The rising cost of fuel is more likely to impact upon the profits of small businesses in the current environment, he concluded.
From October 2008, the minimum wage will rise to £5.73 per hour for workers aged over 22, while those aged 18 to 21 can expect to earn at least £4.77 an hour.