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Guide for Your Midyear Business Review

Mission Driven Business

Release Date: 07/27/2021

Defining Your Niche with River Nice show art Defining Your Niche with River Nice

Mission Driven Business

Brian chats with River Nice, the owner and financial planner of Be Intentional Financial. River’s company seeks to reduce the harm done by capitalism to transgender and queer individuals and families by providing education, tools, advice, and a place to talk about money. Known as the anticapitalist financial planner, River shares how they found their niche by playing to their strengths and reaching out to their community. They also discuss how running a mission-driven business can serve both your community and yourself. Episode Highlights Mission-Driven Businesses serve your community and...

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Humane Marketing with Sarah Santacroce show art Humane Marketing with Sarah Santacroce

Mission Driven Business

Brian chats with Sarah Santacroce, a LinkedIn guru turned humane marketing revolutionary. Sarah opens up about the breakdowns and breakthroughs that led to her living her passion for bringing empathy and kindness to business and marketing. On the episode, Sarah discusses how to succeed in online marketing by finding your purpose and being your true, authentic self. She also shares the pitfalls of buzzy marketing phrases, and how using softer words can bring compassion to current and future clients. Episode Highlights Mission-driven entrepreneurs focus on their why. To Sarah, mission-driven...

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The Mission Driven Business Podcast Episode 18: Social Enterprise for Literacy with Brian Floriani show art The Mission Driven Business Podcast Episode 18: Social Enterprise for Literacy with Brian Floriani

Mission Driven Business

Brian chats with Brian Floriani, a golf professional turned literacy advocate and entrepreneur who has founded two companies dedicated to improving literacy in the U.S. Brian’s latest enterprise, Freadom, was founded in late 2020 as a purpose-driven lifestyle brand that uses 100% of its proceeds for literacy initiatives. On the episode, Brian Floriani talks about how he is using a social enterprise model to turn the traditional approach to social giving on its head. He also discusses how values can help Freadom’s direction and shares numerous adages to aid aspiring social entrepreneurs....

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Success on the Second Try with Anna Murphy show art Success on the Second Try with Anna Murphy

Mission Driven Business

Brian chats with Anna Murphy, a Latina entrepreneur and CEO of Murphy and Associates Consulting. Anna shares the wisdom that led her to build a multiple six-figure business in a year and a half. She also discusses the importance of surrounding yourself with people who believe in you, and why hitting rock bottom is worth talking about. Episode Highlights Mission-driven businesses have a purpose. Starting a business is challenging in and of itself, Anna said. But having a mission-driven business allows the founder to be able to overcome the inevitable challenges and keep moving forward....

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Running a Successful Retail Business with Columbus Running Company show art Running a Successful Retail Business with Columbus Running Company

Mission Driven Business

Brian chats with Matt DeLeon and Eric Fruth, the founders of Columbus Running Company. As the first retail entrepreneurs on the show, Eric and Matt discuss how they turned their deep passion for running into a long-running mission-driven business. They also share why community is central to their work and how they have used kindness and determination to overcome obstacles and land major opportunities.   Episode Highlights A mission-driven business is like planet Earth. Matt used a distinctive analogy to define a mission-driven business. “A mission-driven business is like the Earth,”...

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Equitably Investing in Cannabis with Seke Ballard show art Equitably Investing in Cannabis with Seke Ballard

Mission Driven Business

Brian chats with Seke Ballard, the founder and CEO of Good Tree Capital, a financial services firm that uses a proprietary algorithm to balance available economic opportunities for people invested in cannabis companies. On the episode, Seke shares how removing biased data from the lending equation can make the playing field more equal. He also discusses his motivations for starting his firm, the company’s future plans, and why his ultimate dream is to create a banking model that works so well it puts the big, bad banks out of business.   Episode Highlights Mission-driven businesses...

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Living Your Passion with George Kinder show art Living Your Passion with George Kinder

Mission Driven Business

Brian chats with George Kinder, the father of the modern financial life planning movement. George is the founder of the Kinder Institute of Life Planning. He has more than 30 years of experience as a practicing financial planner and tax advisor and has trained more than 3,000 professionals in 30 countries. In the episode, George talks about the importance of passion, and how his passion for creating a strong training model fueled him to draft his famous three questions. He also discusses how his purpose continues to evolve as his life grows and changes. Episode Highlights Mission-driven...

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When the entrepreneur life chooses you with Nici Kersey show art When the entrepreneur life chooses you with Nici Kersey

Mission Driven Business

Brian chats with Nicole “Nici” Kersey, the founder of Kersey Immigration Compliance, a law firm specializing in employment-based immigration issues. Nici discusses how she created her firm out of necessity, then grew it into a company that provides opportunities for veterans and military families. She also opens up about how she uses expertise to her advantage and how becoming a baseball fan helped her let go of perfectionism.   Episode Highlights It can take time to get comfortable being a business owner. Running her own business was not something that Nici planned to do. But when...

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Guide for Your Midyear Business Review show art Guide for Your Midyear Business Review

Mission Driven Business

It’s hard to believe that 2021 is halfway over. Things have changed so much since the beginning of the year, and it’s the perfect time to take a step back and reflect. In this special episode, Brian provides insight and advice for conducting a midyear review for your business. You’ll learn steps to gain awareness, evaluate your business purpose, and take corrective action while there’s still time to change things.   Episode Highlights: How to Conduct A MidYear Business Review 1. Have a personal check-in Paradoxically, the first action item is to take a break from the action, as...

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Setting Boundaries with Lauren Klafke show art Setting Boundaries with Lauren Klafke

Mission Driven Business

Brian chats with Lauren Klafke, a small business owner all about supporting other business owners. Lauren’s firm, Willow Creek Financial Services, provides a space for business owners to ask questions and learn more about their financials. On the episode, Lauren shares how Instagram Reels helps her build her business and conduct market research. She also opens up about how she implemented boundaries to grow her business on her own terms all while raising a newborn and overseeing a house renovation.   Episode Highlights Your mission and your business’s mission don’t have to match....

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More Episodes

It’s hard to believe that 2021 is halfway over. Things have changed so much since the beginning of the year, and it’s the perfect time to take a step back and reflect. In this special episode, Brian provides insight and advice for conducting a midyear review for your business. You’ll learn steps to gain awareness, evaluate your business purpose, and take corrective action while there’s still time to change things.

 

Episode Highlights: How to Conduct A MidYear Business Review

1. Have a personal check-in

Paradoxically, the first action item is to take a break from the action, as Brian says in the episode. The midyear review is the perfect time to take a pause and check-in with yourself about your feelings, successes, challenges, and goals.

Here are just a few questions to get you started:

  • Are you living up to the company’s purpose and vision?
  • Are you accomplishing your goals?
  • Are you working the number of hours you want to work?
  • Are you feeling overwhelmed or anxious about the future of your business?
  • Do you feel satisfied and fulfilled in the work that you’re doing?

“I’ve seen so many entrepreneurs use their passion and energy to accomplish things they never thought they could,” Brian said. “So don’t fight your emotions, let them drive you.”

 

2. Assess your cash flow

Cash flow is the lifeblood of your business, and proper cash flow management requires systems. Brian advocates for putting your money into buckets like with the Profit First system, which he covered in Episode 6 and Episode 7.

 

3. Review your tax payments

Halfway through the year is a good time to think about taxes. By this point in time, you should have made two tax payments on April 15 and June 15.

“Mid-year is an excellent point to check in with your accountant and see if you’re on track with your projections,” Brian said.

An account or tax professionals can make sure you’re on track and help you correct your estimated tax payments if you’re behind. You can also review your payments with an online program, like Quickbooks, Brian said.

 

4. Conduct an expense analysis

Now is also an excellent opportunity to review your expenses. To conduct an expense analysis, you need two things:

  1. Expenses for the past six months
  2. Recurring expenses (e.g. rent, subscriptions, training, classes, etc.)

Brian recommends adding up the costs of your expenses and multiplying that number by 10%. Then, cut your costs by that number. One place to start is with items you’ve justified as a business expense for tax purposes.

“Just because you get a tax deduction for an expense, you’re still losing money if you still purchase something you don’t use,” Brian said.

 

5. Write down 2 - 3 action steps for the second half of the year

Now that you’ve reflected and reviewed, it’s essential to write down two or three action steps to get you started for the second half of the year, Brian said.

Here are some questions to help you do that:

  • What is it that I can do about the obstacle that I’m facing?
  • How am I going to do it?
  • When am I going to do it?
  • Who can keep me accountable?
  • How do I feel about it?

After you’ve set action steps, give yourself some downtime to relax, so you can go into the second half of the year full of passion and energy. And remember: you don’t have to accomplish everything right at the start.

“You’re more likely to find success taking several steps each day rather than trying to run several miles at once,” Brian said.

 

Resources + Links

 

About Brian and the Mission Driven Business Podcast 

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.