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What Every Entrepreneur Needs to Understand about Money & Finances with Danielle Hendon

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In this episode, my guest is Danielle Hendon who is the founder and owner of 4 Corners CFO LLC. She has more than a decade of experience in corporate finance and accounting that she has translated to her passion for helping entrepreneurs. We talk about numbers, finances, money and building thriving businesses. 

Show Notes: 

02:30 80 Hour Weeks and Motherhood Don’t Mix

Danielle started like most accountants do after college, she went into public accounting. While she loved it, she was working 80 hour weeks, which was not sustainable once she had a baby. She was a self-defined workaholic that continued to love her career, but then the pandemic hit and it gave her a new perspective on motherhood. She didn’t want to give up what she had found. 

05:38 The Mindset Side of Money

Entrepreneurs often have so much baggage around money. Danielle talks about how mindset coaching is a big part of her work with her clients. It’s almost more about mindset than it is logistics when it comes to managing money. When meeting with clients, Danielle gets clear on their business goals and helps them manage their money according to those goals. 

10:08 Growth and Commitment in the First Years of Business

Profit is the most important number to be aware of, while most business owners are looking at revenue. Danielle explains how the first three to five years are pivotal in getting your business off the ground. There needs to be some wiggle room because it takes that time to grow. Entrepreneurs also need to remember that their business is a direct line to their personal income. 

18:27 Putting More Profit in Your Pocket

We touch back on the idea that your business and your personal income and expenses are closely connected. The goal is to take home at least half of your profits tax efficiently. Your business isn’t truly successful if you’re struggling in your personal life. Danielle shares her thoughts on taxes and whether entrepreneurs should hire a CPA.

22:20 Afraid of Success Because of Money Management

There are so many people who are afraid of success because they don’t know how to manage the money that comes with it. Danielle breaks down expenses and investments and how she helps clients evaluate if they are helping or harming their business. Figuring out how to track it is the key. 

28:05 Navigating Investments

Investments can be confusing as an entrepreneur because in corporate America, much of that is decided for you. Your business structure determines what you’d want to do in terms of investments. We talk about building your team and whether to bring on contractors or employees. There are a lot of ways that you can use benefit packages to get what you want and also improve your financial standing.

33:40 Danielle’s Number One Piece of Advice 

Danielle’s number one rule that she wants to share with listeners is to put one percent of profit in a separate bank account that is out of sight, out of mind, before you pay the rest of the bills. The purpose of this is to prioritize paying yourself and use it as a reward. 

36:15 Unlocking Your Mindset for Opportunity

There is so much opportunity out there when it comes to money. I want you to feel empowered and excited about making more money! So much of your financial situation is mindset, so take a look at your stories and see how you can unpack some of those blocks. As you learn more and become more confident, the possibilities will open up. 

Resources from this Episode & Working w/ Me

Follow Danielle on Instagram: @4cornerscfo

Visit Danielle’s Website: 4cornerscfo.com/

Get Danielle’s Book Recommendation: Profit First by Mike Michalowicz

My Website: micahfolsomfit.com

Connect w/ me on Instagram: @lifeonfolsomfarm

Get Access to My Free Masterclass for Network Marketers – The 7 Essentials to 7 Figures Blueprint: micahfolsomfit.com/7essentials

New Coach Mentorship: micahfolsomfit.com/transformyourlife

Work w/ Me on your Health Goals in my Virtual Gym: micahfolsomfit.com/getfit

Join the 4 Week Gut Protocol: micahfolsomfit.com/gut

Folsom Farm Homegrown Beef Info & Waitlist:

http://micahfolsomfit.com/beefwaitlist

    Micah Folsom

    Hi, I’m Micah!

    I’m an LDS mom of 5 who decided 8ish years ago that I was not going to settle! So I took an opportunity to start my own business and create the life I REALLY wanted. Now, I help women like you do the same!!

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