{"id":28093,"date":"2022-08-19T09:00:00","date_gmt":"2022-08-19T13:00:00","guid":{"rendered":"https:\/\/www.nevharris.com\/triage-your-expenditures-2\/"},"modified":"2022-08-11T06:20:50","modified_gmt":"2022-08-11T10:20:50","slug":"inflation-whats-eating-your-wallet","status":"publish","type":"post","link":"https:\/\/www.nevharris.com\/inflation-whats-eating-your-wallet\/","title":{"rendered":"Inflation: What\u2019s Eating Your Wallet?"},"content":{"rendered":"\n

I\u2019m still<\/em> laughing over a tweet I saw the last time we had major hikes in gas prices. It was someone (hopefully a lot younger) who commented, \u201cI don\u2019t understand why everyone\u2019s freaking out about gas prices rising. It doesn\u2019t matter. I just put $20 in my tank every time.\u201d<\/p>\n\n\n\n

One of those trainwreck-tweets, you know? You don\u2019t want to look, but you can\u2019t look away.<\/p>\n\n\n\n

Unlike that poor, unfortunate soul, you\u2019ve no doubt seen what inflation is doing in your personal and professional lives. We\u2019ve all caught ourselves staring, open-mouthed, at the price of some of our everyday purchases. We\u2019ve watched subscriptions go up in price. We\u2019ve seen margins cut. <\/p>\n\n\n\n

Hopefully you\u2019re not yet in the phase of making decisions that are too<\/em> difficult. But unfortunately, that time could<\/em> be coming soon. And it\u2019s important to know why, how, and what to do about it\u2014for the sake of yourself and<\/em> your agency.<\/p>\n\n\n\n

I\u2019ve been working with my fellow agency owners over the past 5 years to get a grip on their finances and to make sense of what their financial statements (and accountants) are telling them. I\u2019m here to tell you that you can too\u2014<\/em>and when you do, it will help you make informed, proactive decisions instead of just shooting in the dark.<\/p>\n\n\n

\n
\"\"
INFLATION spelled out using wooden letter tiles going up direction on white surface background.<\/figcaption><\/figure><\/div>\n\n\n

And with the way commentaries are going right now across the agency atmosphere, I feel like my very own Bat Signal has been shot into the sky.<\/p>\n\n\n\n

So let\u2019s get to talking\u2014and get to resolving\u2014your questions about inflation, how it affects you, and what steps you should be taking right now <\/em>to protect yourself and your profits.<\/em><\/p>\n\n\n\n

What <\/strong>is<\/em><\/strong> inflation, and what causes it?<\/strong><\/p>\n\n\n\n

Inflation is, in its simplest terms, the increase in prices of goods over time. It\u2019s the reason why your parents and grandparents always talk about going to movies for a nickel and getting popcorn for and a drink for another, and you\u2019re spending the money for half a tank of gas on date night.<\/p>\n\n\n\n

Inflation has a number of causes that can stem from any number of factors. As agency owners, it\u2019s not as important for us to know why<\/em> inflation is happening, as it is for us to know how to react when it does.<\/p>\n\n\n\n

How long will it last?<\/strong><\/p>\n\n\n

\n
\"\"
Hour glass and calendar concept for time slipping away for important appointment date, schedule and deadline<\/figcaption><\/figure><\/div>\n\n\n

Here\u2019s another part of information that\u2019s not important, and here\u2019s why:<\/p>\n\n\n\n

You\u2019re changing your agency\u2019s spending, saving and price margins for long-term success\u2014not<\/em> putting your agency on a crash diet and hoping that you save a lot of money in the process.<\/p>\n\n\n\n

We don\u2019t necessarily know when<\/em> inflation will end. It doesn\u2019t have an end date. In fact, what usually <\/em>happens is that markets and salaries adjust around <\/em>those prices, so that those prices suddenly start making more sense.<\/p>\n\n\n\n

You won\u2019t have a magical drop in prices that will send you back in time to the ten-cent movies. You won\u2019t have a moment where you\u2019ll feel comfortable accepting your old prices again, and neither will anyone else. <\/p>\n\n\n\n

That\u2019s why we make plans for our agencies in the face<\/em> of inflation, not in spite<\/em> of it.<\/p>\n\n\n\n

How will this affect my agency?<\/strong><\/p>\n\n\n\n

In the short term, it\u2019s probably meant that what you\u2019re earning doesn\u2019t seem to stretch as far as it used to. That\u2019s to be expected.<\/p>\n\n\n\n

Now it just comes down to what you choose to do about it.<\/p>\n\n\n

\n
\"\"
Agency worker stressed about business financial problems and poor management.<\/figcaption><\/figure><\/div>\n\n\n

Does this spell trouble for my agency\u2019s future?<\/strong><\/p>\n\n\n\n

Here is where I’ve got to be brutally honest: There are going to be some agencies, and some projects, that don\u2019t survive the effects of inflation.<\/p>\n\n\n\n

That\u2019s the bad news. <\/p>\n\n\n\n

But here\u2019s why you shouldn\u2019t be worried: <\/p>\n\n\n\n

Agencies that take the biggest, sometimes-fatal hits are going to be the ones who continue operating like ostriches with their heads in the sand. <\/p>\n\n\n\n

You\u2019re here. You know what\u2019s up, and you\u2019re ready to fight for what you\u2019ve built. So, that\u2019s not you. <\/p>\n\n\n\n

I hope that this helped clear up the basics for you and did more good than harm for your anxiety. <\/strong><\/p>\n\n\n\n

The most important thing of all to remember is that, even though inflation doesn\u2019t last forever, you and your agency need to be acting accordingly while it does.<\/p>\n\n\n\n

That means making changes to your policies, procedures, and pricing to ensure that you\u2019re protecting yourself from any big financial downfalls.<\/p>\n\n\n\n

We\u2019ll be talking about ways to safeguard your agency against inflation over the next few weeks, both here and on the podcast. The best part about these techniques is that they\u2019re still<\/em> going to help your agency thrive, long after inflation gets under control.<\/p>\n\n\n\n

I hope you\u2019ll stick around and discuss your inflation fears and triumphs with me!<\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019m still laughing over a tweet I saw the last time we had major hikes in gas prices. 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