{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Your 2022 Mid-Year Review","description":"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\u2019ll 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\u2019ll 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. \u201cUnfortunately, 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\u2019s a numerous and overwhelming task, so let\u2019s knock out some of these tasks now.\u201d Step 1: Review your successes and challenges. Once you\u2019ve gotten clear on your emotions, it\u2019s time to review your successes and challenges. This is a great time to celebrate your successes, appreciate your progress, and gain insight into what\u2019s working and what areas could use improvement. \u201cInstead of thinking that things need to be perfect, or that you can\u2019t change your mind, pick a direction and take the next right step.\u201d 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\u2019 natural tendency to make decisions based on their bank account balance. \u201cUsing 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\u2019s a problem.\u201d 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\u2019s equity. Your reconciliation report ensures what\u2019s 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\u2019d probably rather not think about taxes, but the mid-way point in a year is an excellent opportunity to review your tax situation. You\u2019ve already made two estimated tax payments and can track where you are and make projections. \u201cIf you find that you\u2019re behind on estimated tax payments, you still have the year to catch up, calculate how much you\u2019re short, divide that by the six remaining months, and add that amount to your monthly tax bucket.\u201d Step 5: Analyze your expenses. Now that you\u2019ve reviewed your buckets and profit and loss statements, it\u2019s 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. \u201cRemember that just because you have a tax deduction for expenses, you still lose money if you\u2019re purchasing something you don\u2019t use.\u201d Step 6: Write down your next actions. As you perform your own mid-year review, you\u2019re likely to gain insight into the changes you want or need to make. It\u2019s essential to write these changes down and develop an action plan with the steps you\u2019ll take to accomplish your goals. Try  limiting the changes you want to make to two or three goals. \u201cYou\u2019re more likely to find success taking little steps each day rather than trying to run several miles simultaneously.\u201d Resources + Links Episode 7: Being Profit First with Mike Michalowicz Episode 8: Eradicating Entrepreneurial Poverty with Ron Saharyan Episode 14: Living Your Passion with George Kinder Goals are only guesses, Behavior Gap \/ Carl Richards \/ The Sketch Guy Brian\u2019s Social Media: Twitter, Instagram, Facebook  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.  ","author_name":"Mission Driven Business","author_url":"https:\/\/btfinancial.com\/podcast","html":"