How to Bet on Yourself and Build a Business Around Freedom
Mission Driven Business
Building a business around freedom is more than a financial decision, it's a deeply personal one. In this episode, Brian Thompson sits down with Kyra Mitchell Lewis, a brand strategist, marketer, podcast host, and founder of and , to talk about what it truly means to bet on yourself. Kyra shares how more than 20 years in corporate marketing led her to a pivotal moment of liberation, how she built a thriving consulting business in under a year, and why keeping an open mind has been one of her greatest entrepreneurial assets. A Business Built Around Purpose Kyra defines a mission-driven...
info_outline
How to Prepare for Next Year's Taxes Without the Stress
Mission Driven Business
Tax season doesn't have to be a scramble, but for most business owners, it is. In this episode, Brian Thompson offers a simple, practical system for taking the stress and surprise out of taxes by shifting from a once-a-year reaction to a year-round strategy. If last episode left you wondering whether you missed something, this one is your action plan. Start With a Mindset Shift Before getting into tactics, Brian makes an important reframe: taxes are not a once-a-year event. They are a year-round strategy. This matters especially for mission-driven business owners who are growing...
info_outline
How to Optimize Your Tax Return for More Business Tax Savings
Mission Driven Business
In this episode, Brian Thompson discusses key insights from the recent tax season, highlighting trends, surprises, and strategic opportunities for business owners to optimize their tax planning and financial health. Your tax return is not something to file and forget. If you pay attention, your tax return gives you a roadmap for what to do better this coming year. Brian also gives real-life examples of two clients that stood out this tax season. Understanding Unexpected Tax Outcomes One of the most significant stress points during tax season is the unexpected tax outcome. Many business...
info_outline
S-Corps Explained: Tax Savings, Trade-Offs, and What No One Tells You
Mission Driven Business
The S-Corp question is one of the most common Brian hears from entrepreneurs, but the answer is almost never as simple as the internet makes it sound. In this episode, Brian Thompson breaks down what an S-Corp actually is, how the potential tax savings work, and the real-world trade-offs that often get left out of the conversation. Whether you're considering the election for the first time or revisiting the decision, this episode gives you the context you need to make an informed choice. What is an S-Corp? First, an important clarification: an S-Corporation is not a business structure,...
info_outline
Budgeting Series #3: A Guide to Building Your Financial Strategy
Mission Driven Business
Awareness and acceptance lay the groundwork, but nothing changes until you take action. In this final episode of the budgeting series, Brian Thompson brings the framework full circle by focusing on what to actually do with your numbers. Because understanding your finances and accepting where you are is only powerful if it leads somewhere. This episode is about making intentional, strategic decisions that move your mission-driven business forward. Start With Vision, Not Spreadsheets Before diving into tactics, Brian starts with something that might surprise you in a budgeting...
info_outline
Building a Profitable Practice with Authenticity and Heart
Mission Driven Business
Rooted in identity, community, and purpose is what it truly means to build a business with heart. Brian Thompson sits down with Kala Lacy, an EMDR-trained yoga psychotherapist and founder of , a holistic wellness practice centered on Black and queer people of color. Kala shares how she turned her own healing journey into a thriving private practice, why niching down with radical specificity was the key to her success, and what inspired her newest venture: , a mentorship community for Black, queer, and trans clinicians building aligned private practices. A Business With Heart Kala...
info_outline
Budgeting Series #2: A Guide to Money Mindset Shifts
Mission Driven Business
Money isn't just math and for most entrepreneurs, it never has been. In this episode, Brian Thompson continues the budgeting series with part two: acceptance. Building on , Brian explores the emotional side of budgeting and why looking at your numbers without shame or judgment is just as important as looking at them at all. Why Financial Acceptance Is the Missing Piece Once you have your numbers, you're naturally going to have feelings about them. Money is tied to your upbringing, your fears, your identity, and your sense of security. Brian sees it constantly in his client work: people...
info_outline
Budgeting Series #1: A Guide to Financial Awareness
Mission Driven Business
Budgeting doesn't have to be intimidating, but it does have to be intentional. In this episode, Brian Thompson kicks off a brand new solo series on budgeting for entrepreneurs, approaching the topic through three lenses: awareness, acceptance, and action. The episode is the first and most foundational step: Awareness. Whether you're a new business owner or a seasoned mission-driven entrepreneur, understanding where your money is actually going is the starting point for everything else. Why Financial Awareness Comes First Every January, Brian's inbox fills up with clients asking to...
info_outline
How Veterans Are Transforming Into Mission-Driven Entrepreneurs
Mission Driven Business
Julie Austin and Matthew Cain share their journey in leveraging their military backgrounds to assist veterans in transitioning to entrepreneurship through their podcast Dogtags to Ownership. We explore the definition of mission-driven businesses, the importance of community & networking, and the personal experiences that shaped their call to service. The discussion also touches on the significance of identity, the challenges faced during the Don't Ask, Don't Tell era and how their backgrounds influence their current endeavors. The episode concludes with insights on partnership dynamics and...
info_outline
Transform Your Business with an Annual Client Audit
Mission Driven Business
Understanding your client relationships is more crucial than ever in today's fast-paced business environment. The that can help you gain clarity on your client base, enhance your business relationships, and ultimately drive growth. In this episode, Brian Thompson focuses on how a thoughtful client audit can transform your business. He emphasizes that this process is not about hastily cutting ties with clients but rather about thoughtfully evaluating client relationships to enhance business growth and personal well-being with a simple three-step process. The Importance of a Client Audit...
info_outlineBrian Thompson returns for a solo episode packed with practical advice to help entrepreneurs take charge of their numbers. In this mini masterclass, you’ll learn how to use your profit and loss, balance sheet, and reconciliation reports more effectively. Whether you love or loathe spreadsheets, this episode gives you the tools to pause, reflect, and make strategic financial decisions to set yourself up for success in the second half of the year.
How To Conduct A Mid-Year Financial Review
1. Reconcile and clean up your books
First, set aside at least 90 minutes to focus without distractions. Before analyzing anything, make sure your books are clean:
-
Start with reconciliation: Check that your accounting software matches your actual bank transactions and credit card balances.
-
Review your categories: Go through your chart of accounts to ensure expenses are correctly categorized.
-
Review your balance sheet: Ensure your cash balances, accounts receivable, accounts payable, and other liabilities align with what you expect. If not, dig deeper to understand why.
2. Analyze your profit and loss statement
Run a profit and loss (P&L) report for the period from January through June and analyze the data:
-
Analyze your revenue: Compare your actual revenue to your goals and prior years. If you offer multiple types of service, break down which ones are driving your revenue and which ones may be underperforming.
-
Analyze your expenses: Look for surprises, categories that you are over budget in, and for subscriptions or tools you no longer use.
-
Calculate your gross and net profit: Ensure you are maintaining healthy margins, and if margins are shrinking, find out why.
-
Look for trends: When looking at the big picture, make sure all the pieces fit together. For instance, if you’re spending more on marketing as an expense, you’d expect to have a corresponding higher revenue.
3. Examine your cash flow
Cash flow is not just about what you earn -- it’s also about what you keep. Use the following steps to make sure cash is flowing into and out of your business strategically:
-
Check your bucket allocations: If you use the bucket system, ensure you are still transferring funds consistently to your various business accounts and that your percentages are still realistic based on current revenue.
-
Review your operating cash flow: Ensure cash is coming in faster than it’s going out and that you aren’t relying too heavily on credit to cover gaps.
-
Check your accounts receivable: This step is one of the easiest ways to increase your cash flow quickly by following up on outstanding invoices and consistently enforcing your payment terms.
-
Evaluate large expenses: Consider whether you should delay or accelerate spending based on your cash position.
4. Use your mid-year review to propel your business forward
Once you understand your numbers in detail, it’s time to turn your insights into action:
-
Set or reset financial goals: Use your findings to update your targets for the second half of the year. Make sure your goals are specific, measurable, and tied to your broader vision.
-
Identify quick wins: Look for easy adjustments that make a big difference. Small changes now can have a significant impact on your year-end results.
-
Improve your systems: Make a plan to fix systems that aren’t working. Good systems reduce mental load and improve accuracy.
-
Communicate with stakeholders: Share your findings with your team, financial advisor, or coach.
-
Reflect and celebrate: Take a moment to reflect on what is working, and celebrate the fact that you’re engaging in this process.
Resources + Links
-
Brian Thompson Financial: Website, Newsletter, Podcast
-
Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes
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.