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Guide for Your Midyear Business Review

Mission Driven Business

Release Date: 07/27/2021

The Mission Driven Business Podcast Episode 95: Empowering The LGBTQ+ Community With Sean Ebony Coleman show art The Mission Driven Business Podcast Episode 95: Empowering The LGBTQ+ Community With Sean Ebony Coleman

Mission Driven Business

Brian Thompson chats with Sean Ebony Coleman, founder and CEO of Destination Tomorrow, a grassroots agency and LGBTQ+ center in the Bronx borough of New York City. Destination Tomorrow empowers the most vulnerable LGBTQ+ community members through educational, financial, support-based, housing, and health programs. On the episode, Sean details how he and his organization are addressing some of the real challenges facing the LGBTQ+ community. He also shares how he starts his mornings to stay focused and touts the value of lived experience for organizations. Episode Highlights Mission-driven...

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The Mission Driven Business Podcast Episode 94: Marketing With Partners And Purpose With Erika Rodriguez show art The Mission Driven Business Podcast Episode 94: Marketing With Partners And Purpose With Erika Rodriguez

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Brian chats with Erika Rodriguez, founder and CEO of Nadi Marketing and co-founder of Tidal Pages. Erika specializes in partnership marketing for sustainable and purpose-driven businesses. In this episode, she shares how being laid off led her to entrepreneurship, the power of niching down, and how authentic partnerships can amplify your impact. Erika also details why email should be a top marketing priority and how joy, connection, and community have shaped her businesses. Episode Highlights Mission-driven businesses prioritize sustainability. Erika defines a mission-driven business as one...

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The Mission Driven Business Podcast Episode 93: Harnessing The Power Of Small To Create Global Impact With Masami Sato show art The Mission Driven Business Podcast Episode 93: Harnessing The Power Of Small To Create Global Impact With Masami Sato

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Brian chats with Masami Sato, founder and CEO of B1G1 (Buy1GIVE1), a Certified B Corporation that empowers businesses to make giving an inherent part of every business transaction. As an experienced social entrepreneur and speaker, Masami champions the "Power of Small" -- the belief that even the smallest acts of giving, when done consistently and collectively, can create meaningful change. In this episode, Masami shares how her entrepreneurial spirit drove her to create B1G1 and how staying rooted in her mission helped her build a business that supports more than 450 high-impact projects...

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The Mission Driven Business Podcast Episode 92: 6 Pillars of Successful Brand Messaging with Ashlee Sang show art The Mission Driven Business Podcast Episode 92: 6 Pillars of Successful Brand Messaging with Ashlee Sang

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Brian chats with Ashlee Sang, a values-aligned brand messaging strategist and consultant who equips visionaries to clarify and amplify their message. Drawing on her background in anthropology, Ashlee brings a values-centered approach to brand development, content creation, and marketing strategy. In this episode, she details common challenges faced by values-driven founders, shares her six pillars of successful brand messaging, and gives a few quick tips to get your brand’s story out of your head and into the world. Episode Highlights Mission-driven businesses are “why”-driven...

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The Mission Driven Business Podcast Episode 91: Deductible Business Expenses That Can Save You Thousands show art The Mission Driven Business Podcast Episode 91: Deductible Business Expenses That Can Save You Thousands

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As an entrepreneur, you know that every dollar counts, so today we’re taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we’ll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you’ll have a clear picture of how to make the most of your expenses and keep your money in your business. Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you...

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Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form show art Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form

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It’s tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you’re filing and hopefully catch mistakes before it’s too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business’s Profit and Loss Statement. Here’s a...

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The Mission Driven Business Podcast Episode 90: Your 6-Step Checklist To Close The Books On 2024 show art The Mission Driven Business Podcast Episode 90: Your 6-Step Checklist To Close The Books On 2024

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Ready to end the year with a gift to your future self? In this special episode, Brian guides you through a six-step process to close out 2024 and set yourself up for success in 2025. You’ll tidy your finances, get a jump start on thinking about taxes, evaluate your business performance, and set strategic goals.  Your Year-End Business Review Checklist Step 1: Close Out Your Financials Closing out your financials may sound dry, but it’s imperative to get right. Review your books -- Review your profit and loss for the year for any discrepancies, outstanding invoices, or payments that...

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The Mission Driven Business Podcast Episode 89: Building Systems For Change with Davey Shlasko show art The Mission Driven Business Podcast Episode 89: Building Systems For Change with Davey Shlasko

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Brian Thompson chats with Davey Shlasko, founder and CEO of Think Again Training and Consulting, a company that helps align business actions and values. With more than 20 years of experience in adult learning and organizational development, Davey specializes in driving systematic change with a focus on equity and inclusion. Davey shares practical tools for aligning internal practices with external values, discusses strategies for fostering accountability and transparency, and offers hope for navigating uncertainty in today’s climate. Episode Highlights Mission-driven businesses put purpose...

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The Mission Driven Business Podcast Episode 88: Reclaiming Your Time with Conrad Ruiz show art The Mission Driven Business Podcast Episode 88: Reclaiming Your Time with Conrad Ruiz

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Brian Thompson chats with Conrad Ruiz, the founder and CEO of Well Aware, a company dedicated to helping business owners reclaim their time. With a background in biomedical engineering and consulting, Conrad blends technical insight with an entrepreneurial spirit to help business owners simplify complex operations and master time management. He shares his personal journey into entrepreneurship, which started with a medical crisis, and offers practical advice on creating efficient systems and finding balance in business. Episode Highlights Mission-driven businesses start with why. For Conrad, a...

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The Mission Driven Business Podcast Episode 87: Creating Purposeful Marketing with Lauren Tilden show art The Mission Driven Business Podcast Episode 87: Creating Purposeful Marketing with Lauren Tilden

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Brian Thompson chats with Lauren Tilden, host of the Making Good podcast and a marketing coach dedicated to helping creative small business owners who want to get out of their own way and start making an impact. After 8 years in corporate marketing, Lauren left her corporate career and began her winding journey to owning and supporting small businesses. She offers insights into defining one’s ideal customer, creating goal-oriented marketing plans, and staying consistent with your message. Episode Highlights Mission-driven businesses are motivated by more than money. Growing up, Lauren felt...

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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.