In other words, if a business cannot be profitable _and_ pay it's staff a livable wage, then the answer is to make adjustments so it can do both, or close the business. Paying staff a non-livable wage, while perhaps making/retaining a profit, is still hard on the business (high turnover rate, constantly retraining new people, etc), and is nearly untenable for the staff (required to work multiple jobs, 1 paycheck away from not making rent, etc).
As a business owner, I know "close the business" sounds ludicrous to business owners, and isn't even on the table, but this so-called "labor shortage" is going to force things to go one way or the other.