INT 148: Effects of Inflation and the Cost of Living Crisis on Businesses

As a leader and business owner, you may feel overwhelmed by inflation's effects. You have no clue how to cut costs to stay afloat due to higher living costs. This makes it harder for you to run a business effectively and ensure everyone on your team is well cared for.

In this episode of "Int-HER-rupt Podcast," host Linda Yates welcomes Dr. April Murdaugh, the CEO and founder of Woman to Woman Financial. Today, they discuss the effects of inflation and the cost of living crisis on businesses.

Dr. April Murdaugh Background

• Dr. Murdaugh started as a college administrator and professor before becoming the CEO of her own firm.
• She speaks about her experiences with financial struggles, which sparked her interest in the financial services industry.
• Now, Dr. Murdaugh is the founder and CEO of Woman to Woman Financial, a virtual fee-based wealth management firm based in Jacksonville, Florida.
• She helps women executives, business owners, medical professionals, and their families create and grow generational wealth. 

Effects of Inflation on Leaders

• Dr. Murdaugh explains that inflation affects the cost of living, salaries, and the ability to save for retirement. 
• She mentions that inflation rates have exceeded the expected 3% and have reached as high as 6% and 7%. Housing costs have also significantly increased. 
• Business owners face the challenge of cutting back on expenses and finding ways to cope with the rising costs, which can be stressful.

Impact of Inflation on Morale in Organizations

• Linda raises a question about how these economic changes affect morale within organizations. Dr. Murdaugh believes that inflation has led to women negotiating for higher pay as they realize the impact of inflation on their finances.
• People are becoming more intentional in handling their finances and cutting back on unnecessary expenses. However, the overall morale within organizations is low, with employees questioning their salaries and the ability of the company to offer competitive compensation.

Tips to Stay Focused and Positive on Business Outcomes

• To overcome these challenges, Dr. Murdaugh provides three tips for leaders to stay focused and positive on business outcomes. 
• First, she advises not to get too caught up in monitoring the constant changes and fluctuations caused by inflation. Instead, focus on what can be done to scale the business and explore additional revenue streams. 
• Second, leaders should assess and minimize expenses to allocate money efficiently. 
• Lastly, Dr. Murdaugh emphasizes the importance of setting aside savings to prepare for lean times and combat the impact of high inflation rates.

In this insightful episode, Linda Yates and Dr. April Murdaugh shed light on the effects of inflation and the cost of living crisis on businesses. They discuss leaders' challenges, such as increased expenses, salary negotiations, and adapting to the changing economic landscape. 

Listen to the powerful tips Dr. Murdaugh offers to help you stay focused, positive, and proactive in navigating these challenges from inflation.

"I see more women now negotiating for higher pay rates because they realize that inflation is really costing them money." -Dr. April Murdaugh

Resources

Woman to Woman Financial

info@womantowomanfinancial.com

If this episode connected with you, reach out to Linda and let her know. This podcast is produced by TSE Studios. Check out other podcasts by TSE Studios, including this episode’s sponsor, The Sales Evangelist, helping new and struggling sellers close more deals and achieve their sales goals. Subscribe to the IntHERrupt Podcast so you won’t miss a single show. Find us on Apple Podcast, Google Podcast, Spotify, and Stitcher. Audio created by Ryan Rasmussen Productions.