206: Popular Replay: Danielle Hendon | Taking Control of Your Finances with a Fractional CFO

Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love

Getting a handle on your business financials can be tricky--especially if you hate doing the math. Hiring a fractional Chief Financial Officer (CFO) could be the secret sauce you need to take your business up another notch.

In this episode of Wealthy Woman Lawyer®, Davina speaks with guest Danielle Hendon, founder and CEO of 4 Corners CFO. Danielle is a Texas-based CPA who thrives on applying big-business financial concepts to growing small businesses while increasing their livelihoods and legacies. With more than a decade of experience in corporate finance and accounting, today she specializes in working as a fractional CFO for law firms.

Davina and Danielle dive into the details of law practice financials and why they’re often so messy. Danielle breaks down how to understand a cash flow statement, the reason for creating a business budget, and how you could be undervaluing yourself by charging flat fees.

Show Highlights:

• The key financial reports women law firm owners should be reviewing in their businesses, what your profit and loss statements and balance sheets reveal about your earnings, and how to interpret what the numbers mean to your business.
• How to understand a cash flow statement in relation to your business budget and account for emergency savings.
• Why you need a business budget built off of your profit and loss statement for the year, why you should review it on a monthly basis, and how it can help you define areas of the business that need extra attention.
• How to prioritize your expenses in relation to your business budget, why you should be tracking all of your time, and how your systems are impacting your billing.
• The reason you could be undervaluing yourself by charging flat fees, why you need several people on your financial team, and the role of a fractional CFO.

Follow and Review:

We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

• Visit Danielle Hendon’s LinkedIn
• Visit Danielle’s website: 4cornerscfo.com
• Visit our website: www.wealthywomanlawyer.com
• Connect with us on Instagram
• Join our free Facebook community
• Show our sponsor, NoBull Marketing, some love.
• Schedule an appointment with NoBull Marketing.
• Reach out to Optimize My Firm
• Visit our sponsor- Gavel.io!
• Get the book The Wealthy Woman Lawyer's Guide to Building a Systems-Driven Law Firm Business!

Note: Wealthy Woman Lawyer® may have an affiliate relationship with the podcast sponsors and be compensated for referrals.