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Your 2022 Mid-Year Review

Mission Driven Business

Release Date: 07/26/2022

Making Complex Ideas Simple with Carl Richards show art Making Complex Ideas Simple with Carl Richards

Mission Driven Business

Brian chats with Carl Richards, CFP and creator of the Sketch Guy column in the New York Times. Carl shares how he became an accidental artist by using a Sharpie to help a client understand a complex idea with a simple sketch. He also tells how he landed his famous column by saying yes to an opportunity and figuring out the rest later. On the episode, you’ll hear Carl’s driving concept of groundlessness and why he believes profit equals permission for entrepreneurs. He also shares the importance of more people doing “their thing” in the world -- and how he’s following suit by doing...

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In this special episode, host Brian Thompson shares how to build a proper foundation for your business to ensure it can support long-standing success. He outlines eight essential tasks to check off when starting a company that can help minimize risk and give you a solid foundation. Episode Highlights Starting a business can be daunting and setting up a solid foundation to grow from is critical for future success. Here are eight first steps to start your business on solid ground. Step 1: Pick your company name. As new parents know, picking a name isn’t as easy as it may sound. A business name...

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Bettering the Lives of Black Transgender Women with Elle Moxley show art Bettering the Lives of Black Transgender Women with Elle Moxley

Mission Driven Business

Brian Thompson chats with Elle Moxley, the executive director of the Marsha P. Johnson Institute. The institute seeks to better the lives of Black transgender people through organizing, advocacy, and community. Elle founded the nonprofit institute in response to the murders of transgender women of color.  On the episode, Elle shares how the Marsha P. Johnson Institute resulted from her vision for her own life and the wider world. She also discusses the racial tensions following the murder of George Floyd and how she combats exhaustion by pursuing joy daily. Episode Highlights...

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Building Wealth for the LGBTQ+ Community with Laura J. LaTourette show art Building Wealth for the LGBTQ+ Community with Laura J. LaTourette

Mission Driven Business

Brian Thompson chats with Laura J. LaTourette, CFP, the founder of Family Wealth Management Group. As a self-made entrepreneur, Laura has prioritized building her fee-only financial planning firm while living fully as her authentic self. Her comprehensive planning and wealth management approach demands the same kind of determination, self-reflection, and bold spirit from clients. On the episode, Laura shares strategies she’s used to build her successful, long-standing firm and the lessons she wishes she had learned a little sooner in her entrepreneurial journey. She also discusses why now is...

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Your 2022 Mid-Year Review show art Your 2022 Mid-Year Review

Mission Driven Business

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...

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Unafraid And Unapologetic with Damian Pelliccione show art Unafraid And Unapologetic with Damian Pelliccione

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Brian Thompson chats with Damian Pelliccione, CEO and co-founder of Revry, a global, LGBTQ-first streaming network with free live TV, movies, series, news, and more. Through Revry, Damian champions diversity and inclusion in the media and entertainment industry. On the episode, Damian shares their journey to becoming a first-time CEO and the corresponding struggles with imposter syndrome. They also highlight the importance of working on yourself and setting good boundaries, and how being your authentic, unapologetic self gives your business the best chance of thriving. Episode Highlights...

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Hot Entrepreneurship Tips with Yana Tallon-Hicks show art Hot Entrepreneurship Tips with Yana Tallon-Hicks

Mission Driven Business

Brian Thompson chats with Yana Tallon-Hicks, a pleasure-positive sex therapist, educator, and writer. On the episode, Yana shares her unexpected journey to becoming a relationship therapist and business owner. She also gives tips for using a sliding scale fee model and offers insight into the process of writing her upcoming book, Hot and Unbothered: How to Think About, Talk About, and Have the Sex You Really Want. Episode Highlights Make money in a way that aligns with your values. Yana defines a mission-driven business as one that pays attention to its values and goals so that it can make...

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Mission Driven Business

Brian Thompson chats with Coss Marte, a former inmate turned business magnate. Coss is the founder of CONBODY, the first fitness method developed in prison. Through CONBODY and his two other ventures, Coss is fulfilling his mission to aid and uplift the formerly incarcerated community. On the episode, Coss shares how he found his passion for fitness after losing 70 pounds during his incarceration as well as his struggle to start a company as someone in and out of the prison system. He also discusses how his “figure it out and survive” motto has spurred him to create three ventures,...

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Redefining Disability with Hannah Olson show art Redefining Disability with Hannah Olson

Mission Driven Business

Brian Thompson chats with Hannah Olson, an advocate for people with disabilities and co-founder and CEO of Chronically Capable and Disclo. Through her companies, Hannah helps people with disabilities navigate their careers and companies manage employee health disclosures and accommodation requests. On the episode, Hannah discusses why she chose entrepreneurship after her aggressive treatment schedule for Lyme disease resulted in her having to leave her dream job. She also shares advice she received while fundraising and why disabilities are something to be celebrated. Episode Highlights The...

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Advising Women in Tech with Danika Waddell show art Advising Women in Tech with Danika Waddell

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Brian Thompson chats with Danika Waddell, founder of Xena Financial Planning. As a certified financial planner, registered life planner, and certified student loan professional, Danika focuses on helping women who are in tech or otherwise receive equity compensation. On the episode, Danika shares her journey to starting her fee-only firm in 2020, including why she made the entrepreneurship leap and how she’s managed the extremely fast growth. She also discusses the importance of having difficult conversations with clients and how she defines success. Episode Highlights Mission-driven...

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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.