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