Key Levers To Drive Profit Margin -- Featuring Danielle Hendon

A lot of times, we’re told that the way to grow a business is by growing your revenue or cutting your expenses. And while those are both key components, there are ways to generate greater health for your business by increasing the amount on the bottom line - in ways we’re not taught to think about.    My guest today is someone who thinks and focuses her practice on helping small law firms scale their businesses using sound financial policies. Her name is Danielle Hendon, and she is the founder and CEO of 4 Corners CFO, LLC. With more than a decade of experience working in corporate finance and accounting, and a passion for people that rivals her love of numbers, Danielle brings the benefit of big business financial analysis to entrepreneurs on a scale that fits both their company AND their budget.   In this episode, we discuss: Ways to generate greater health for your business by increasing the amount on the bottom line How to plan - and ultimately fund - your growth before you get there Your time is worth more for your growth than you’d like to pay a bookkeeper Looking at the bottom line is going to be the key indicator of the health of your business.     Contacts - Social Media Danielle Hendon Website: https://4cornerscfo.com/   Snip-Its 00:14:48 (36 Seconds)  So there's a couple of different types of profit margin, one being that net profit margin, which just like we talked about earlier, net income is going to drive your net profit margin. That is, after all the expenses, you want that number to be 10 to 15%. That's the ideal range for a business to run a net profit. And that gives you what you need to put back into the business to continue to grow and scale the way that you want to. The gross profit margin that I mentioned just a minute ago is going to be your revenue minus the costs that go into providing that Revenue service.   Allison Bio: Allison C. Williams, Esq., is the Founder and Owner of the Williams Law Group, LLC, with offices in Short Hills and Freehold, New Jersey. She is a Fellow of the American Academy of Matrimonial Lawyers, is Certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney, and is the first attorney in New Jersey to become Board-Certified by the National Board of Trial Advocacy in the field of Family Law. Ms. Williams is an accomplished businesswoman. In 2017, the Williams Law Group won the LawFirm500 award, ranking 14th of the fastest-growing law firms in the nation, as Ms. Williams grew the firm by 581% in three years. Ms. Williams won the Silver Stevie Award for Female Entrepreneur of the Year in 2017. In 2018, Ms. Williams was voted as NJBIZ’s Top 50 Women in Business and was designated one of the Top 25 Leading Women Entrepreneurs and Business Owners. In 2019, Ms. Williams won the Seminole 100 Award for founding one of the fastest-growing companies among graduates of Florida State University. In 2018, Ms. Williams created Law Firm Mentor, a business coaching service for lawyers. She helps solo and small law firm attorneys grow their business revenues, crush chaos in business and make more money. Through multi-day intensive business retreats, group and one-to-one coaching, and strategic planning sessions, Ms. Williams advises lawyers on all aspects of creating, sustaining, and scaling a law firm business – and specifically, she teaches them the core foundational principles of marketing, sales, personnel management, communications, and money management in law firms. Contacts https://www.lawfirmmentor.net/speak-with-a-growth-strategist