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Your 2022 Mid-Year Review

Mission Driven Business

Release Date: 07/26/2022

The Mission Driven Business Podcast Episode 75: Building A Vision-Driven Business with Cara Bedford show art The Mission Driven Business Podcast Episode 75: Building A Vision-Driven Business with Cara Bedford

Mission Driven Business

Brian chats with marketing expert Cara Bedford. As the founder and CEO of Infinite Marketing, Cara leverages the global talent economy to drive impactful campaigns for mid-to-large-sized businesses, startups, and Fortune 500 companies. On the episode, Cara shares why having a clear vision for a business can create an authentic, cohesive brand narrative. She also stresses the importance of clear communication, effective delegation, and asking the right questions. Episode Highlights Mission-driven businesses are vision-driven businesses. When Cara thinks about mission-driven businesses, she...

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The Mission Driven Business Podcast Episode 74: Using Data To Drive Diversity with Ken Janssens show art The Mission Driven Business Podcast Episode 74: Using Data To Drive Diversity with Ken Janssens

Mission Driven Business

Brian chats with diversity, equity, and inclusion trailblazer Ken Janssens. During his 25-year-long career at JPMorgan Chase, Ken co-founded and chaired the company’s LGBTQ+ Executive Council, championing diversity and inclusivity at the highest levels. He’s also the former Board Chair for leading LGBTQ+ Workplace Inclusion non-profit Out & Equal. On the episode, Ken discusses his new venture, Windō, which aims to make corporate sustainability transparent and to connect young people with employers that share their values. He also shares his journey from activist leader to visionary...

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The Mission Driven Business Podcast Episode 73: Tech, Ethics, and Empowerment with Amanda Wilson show art The Mission Driven Business Podcast Episode 73: Tech, Ethics, and Empowerment with Amanda Wilson

Mission Driven Business

Brian chats with Amanda Wilson, the co-founder of #open, a dating app for ethically non-monogamous relationships. On the episode, Amanda opens up about the fear she faced pivoting from running political campaigns to launching a sex-positive tech business with her business and life partner. She also shares essential strategies and tactics for navigating the challenges of entrepreneurship and how she utilizes AI to fuel growth and innovation at #open. Episode Highlights Mission-driven businesses balance making money with benefiting society. Amanda defines a mission-driven business as one that...

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The Mission Driven Business Podcast Episode 72: Crafting A Legacy Of Leadership with Amanda Bauer-Frisch show art The Mission Driven Business Podcast Episode 72: Crafting A Legacy Of Leadership with Amanda Bauer-Frisch

Mission Driven Business

Brian chats with serial entrepreneur and visionary leader Amanda Bauer-Frisch. As the CEO of Small Legacies, Amanda creates a way to give thoughtful, high-quality learning tools that enhance a child’s development. She also oversees several other small, legacy-driven businesses under the Enduring Legacy brand. On the episode, Amanda opens up about how becoming a young widow and being open to the right, new opportunities shaped her entrepreneurial journey. She also provides a behind-the-scenes look at how she’s purchased several existing brands and shares tips for finding and acquiring...

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The Mission Driven Business Podcast Episode 71: Driving A Heart-Led Business with Brian Moak show art The Mission Driven Business Podcast Episode 71: Driving A Heart-Led Business with Brian Moak

Mission Driven Business

Brian chats with Brian Moak, an entrepreneur, consultant, coach, and motivational speaker focused on service-based businesses and team engagement. As the owner and CEO of HEART Certified Auto Care, Brian used empathy to transform his family’s business into an industry-leading auto shop. He also owns one of the largest Shack Shine franchises in North America and is a partner in a digital marketing firm. On the episode, Brian Moak details his rollercoaster entrepreneurial journey, riding the lows of losing $1.5 million in one year to growing his business to earn nearly $15 million in revenue....

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The Mission Driven Business Podcast Episode 70: How To Create Powerful Mission, Vision, and Values Statements show art The Mission Driven Business Podcast Episode 70: How To Create Powerful Mission, Vision, and Values Statements

Mission Driven Business

On this special episode, Brian dives deep into the art of crafting your business’s mission, vision, and value statements. These principles are the roadmap to success, and Brian gives a blueprint for creating powerful mission, vision, and values statements that shape the foundation of a successful company. This process is a fundamental topic for any budding entrepreneur or business owner.  Episode Highlights How to write an effective mission statement The mission statement is the heart of any business, encapsulating the “why” behind your company’s existence. To be effective, a...

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The Mission Driven Business Podcast Episode 69: Building A Business For Financial Independence with LaSean Smith show art The Mission Driven Business Podcast Episode 69: Building A Business For Financial Independence with LaSean Smith

Mission Driven Business

Brian chats with LaSean Smith, a software developer and business creator on a mission to help businesses and business owners succeed. LaSean spent more than a decade as a software executive at Amazon and Microsoft, where he uncovered patterns to use process as a tool to win in business more often. He now uses those insights to help entrepreneurs launch and sustain bootstrapped businesses.  On the episode, LaSean digs deep into what it means to have a values-based business and why owning a business is the most predictable way to achieve financial independence. He also outlines the...

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The Mission Driven Business Podcast Episode 68: Start 2024 With A Clean Slate With This Year-End Checklist show art The Mission Driven Business Podcast Episode 68: Start 2024 With A Clean Slate With This Year-End Checklist

Mission Driven Business

It’s hard to believe that 2023 is almost over. Before the New Year, it’s time to reflect on the past year and get ready for the next one. On this special episode, Brian lists off 10 business and 10 personal tasks that you should check off your list to end 2023 on the right note and start 2024 with a clean slate. Episode Highlights 10 End-Of-Year Business Action Items 1. Review your goals How did you do this year? What were you proud to accomplish? Anything you wish you could have done better? The end of the year is a great time to review the goals you made at the beginning of the year and...

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The Mission Driven Business Podcast Episode 67: Empowering Inclusive Entrepreneurship with Ebony Janelle show art The Mission Driven Business Podcast Episode 67: Empowering Inclusive Entrepreneurship with Ebony Janelle

Mission Driven Business

Brian chats with inclusive entrepreneurship expert Ebony Janelle. As an Empower by GoDaddy manager, Ebony drives GoDaddy’s corporate program that helps underserved entrepreneurs thrive. She manages the day-to-day operations that provide education, networking, and mentorship to small business owners from underfunded communities.  On the episode, Ebony discusses the challenges facing LGBTQ+ entrepreneurs, including a disparity in funding and resources. She also shares the three pillars that entrepreneurs of all kinds can use to uplevel their businesses and how the use of generative AI can...

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The Mission Driven Business Podcast Episode 66: Creating Your Personal Brand with Isaac Saldana show art The Mission Driven Business Podcast Episode 66: Creating Your Personal Brand with Isaac Saldana

Mission Driven Business

Brian chats with serial entrepreneur and SendGrid founder Isaac Saldana about his new venture Memo, which helps people build authentic and trustworthy personal brands. On the episode, Isaac opens up about how his introversion initially made it difficult for him to sell his expertise online, and how he's now using his experiences to help other entrepreneurs and creatives effectively showcase their talents. He also gives tips for being a leader with your natural personality and for using your values to navigate difficult business decisions. Episode Highlights Mission-driven businesses move...

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More Episodes

In this special episode, host Brian Thompson shares practical steps for conducting a mid-year review that sets you and your business up to thrive in the second half of the year. You’ll learn how to clean up some of your central tasks to ensure the end of 2022 and the beginning of 2023 are as stress-free as possible. You’ll also hear why Brian advocates for small habits repeated over time and the benefits of taking a mid-year pause.

Episode Highlights

This year may feel especially stressful for fans of the Mission Driven Business, and one way to find calm in chaos is to focus on what you can control. For small business owners, that can mean tackling some of the big, end-of-the-year tasks now by conducting a mid-year review.

“Unfortunately, too many small business owners wait until the end of the year to clean up the different aspects of their business. By that point, it’s a numerous and overwhelming task, so let’s knock out some of these tasks now.”

Step 1: Review your successes and challenges.

Once you’ve gotten clear on your emotions, it’s time to review your successes and challenges. This is a great time to celebrate your successes, appreciate your progress, and gain insight into what’s working and what areas could use improvement.

“Instead of thinking that things need to be perfect, or that you can’t change your mind, pick a direction and take the next right step.”

Step 2: Review your business cash flow.

Cash flow is the lifeblood of your business, and conquering cash flow takes thought and intentional systems. One good cash flow system is the Profit First system, which leverages entrepreneurs’ natural tendency to make decisions based on their bank account balance.

“Using this system allows you to continually monitor how close you are to your targets for revenue and profit, and lets you know in real time whether there’s a problem.”

Step 3: Review essential reports.

A new step on the mid-year review checklist is to review your essential reports, which include your balance sheet, reconciliation reports, and profit and loss statements:

  • Your balance sheet covers your assets, liabilities, and owner’s equity.
  • Your reconciliation report ensures what’s in your accounting software matches your bank statements.
  • Your profit and loss statement allows you to do a full review of the first half of the year.

Step 4: Make tax projections.

You’d probably rather not think about taxes, but the mid-way point in a year is an excellent opportunity to review your tax situation. You’ve already made two estimated tax payments and can track where you are and make projections.

“If you find that you’re behind on estimated tax payments, you still have the year to catch up, calculate how much you’re short, divide that by the six remaining months, and add that amount to your monthly tax bucket.”

Step 5: Analyze your expenses.

Now that you’ve reviewed your buckets and profit and loss statements, it’s an excellent time to analyze your expenses. To do this, print your expenses for the last six months and any recurring expenses. Add up all of your costs, multiply that number by 10%, and cut expenses by that number.

“Remember that just because you have a tax deduction for expenses, you still lose money if you’re purchasing something you don’t use.”

Step 6: Write down your next actions.

As you perform your own mid-year review, you’re likely to gain insight into the changes you want or need to make. It’s essential to write these changes down and develop an action plan with the steps you’ll take to accomplish your goals. Try  limiting the changes you want to make to two or three goals.

“You’re more likely to find success taking little steps each day rather than trying to run several miles simultaneously.”

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.