Happy Holidays. We hope you have scheduled some time this month with your family and friends to rest, relax and be together. Davina is taking a brief hiatus from recording new episodes of the Wealthy Woman Lawyer podcast. We hope you enjoy our "Best of 2023" line-up of the most popular episodes of 2023, and we'll be back in January with more episodes of the number-one podcast for Women in Law in the U.S.
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.
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What is Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love?
What if you could hang out with successful women lawyers, ask them about growing their firms, managing resources like time, team and systems, mastering money issues, and more; then take an insight or two to help you build a wealth-generating law firm? That’s what we do each week on the Wealthy Woman Lawyer podcast. Hosted by Davina Frederick, founder and CEO of Wealthy Woman Lawyer –– every episode is an in-depth look at how to think like a CEO, attract clients who you love to serve (and will pay you on time), and create a profitable, sustainable firm you love. The goal is to give you the information you need to scale your law firm business from 6 to 7 figures in gross annual revenue so you can fully fund, and still have time to enjoy, the lifestyle of your dreams.