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Sources: Coors Field to host '21 All-Star Game

The Rockies’ Coors Field has been chosen to host this year’s All-Star Game, sources told ESPN on Monday.

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High Risk NAICS Codes

What are High Risk NAICS Codes?

High risk NAICS codes can be the difference between getting business funding … or not. But what are they?

What Do High Risk NAICS Codes and Names Have to Do with Funding Denials?

There are certain industries that are perceived by lenders as extra risky. If your business appears to be part of one of these industries, you could be looking at automatic denial. At the least, you may be subject to stricter underwriting, as well as higher rates and less favorable terms.

Lenders make a judgement of what industry your business is in based on a couple of things. First, they look at your business name. Then, they look at your business code. This could be either SIC or NAICS codes

So, your job becomes finding a way to keep from getting a denial automatically, based on your industry code or business name. Yet, you still have to be honest. Integrity is of the utmost importance and lack of it could cause future denials and even criminal charges.

What are High Risk NAICS Codes?

The North American Industry Classification System (NAICS) is a somewhat recently instituted business classification system. It is used to classify business establishments, and collect , analyze, and publish statistical information related to the economy of the United States.

High Risk SIC Codes vs High Risk NAICS Codes

For each NAICS Code there may be multiple SIC codes, as SIC codes break down more specifically.

For example, there are over 30 SIC codes under the Engineering Services code of 8711. The NAICS code for Engineering Services is 541330. While the plan is to fully switch to the NAICS system, many industries still have the old SIC system deeply ingrained. For this reason, the switch hasn’t happened exactly as planned, and currently both systems are in place.

What are SIC Codes?

SIC (Standard Industrial Classification) is a part of a business classification system. It’s a four digit number that the US government assigns to businesses. It makes it easier to identify the primary activity of the business. Lenders and others use it as an indicator of the kind of business a company is in.

The Securities and Exchange Commission (SEC) developed the SIC Code system. The first four digits signify the general industry of a business. For example, 8711 refers to Engineering Services. Then, numbers add to the end of this 4 digit chain to add specificity.

For example, 817701 is Naval Architects, while 871103 is Engineers-Agriculture. And 871105 is Contractors- Engineering General. There are over 30 individual codes under the 8711 Engineering services code.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Key Differences Between SIC and NAICS Codes

  • SIC Codes: Developed solely by the U.S. government
  • NAICS: Developed in conjunction with the U.S., Canadian, and Mexican governments
  • SIC Codes: Groups together establishments in terms of either demand or production
  • NAICS: Groups together establishments that use the same or similar processes to produce goods or services
  • SIC Codes: Active use for business targeting in the private sector
  • NAICS: Active use for government statistical purposes

High Risk NAICS Codes and the IRS

You choose a SIC code to report to the IRS. They will use it to determine if your business tax returns are comparable to other businesses in your industry. If your deductions aren’t reasonable when compared to other businesses in your industry, as determined by SIC code, you could be audited. Therefore, choosing the right SIC code with the IRS is essential. NAICS codes are going to replace this system soon.

High Risk NAICS Codes and Your Business

Certain codes are associated with industries posing more risk than others. If you happen to choose one of these high risk codes unnecessarily. You may get a funding denial. If you understand how the system works, you can choose the best code the first time.

Some examples of high risk industries include:

  • casinos
  • pawn shops
  • liquor stores
  • automotive dealers
  • even restaurants

As with any business aspect, risk must be taken into consideration. Each industry code has its own inherent issues. Still, some industries are thought to be riskier than others by their very nature.

An industry may be seen as risky if there is a high chance of injury, either to workers or to customers. Or it may be considered risky if there is a high chance of theft. This is true despite how the business is doing, and despite its safety record or the accuracy and dependability of its security system. Even if a business is doing great, it could be seen as risky simply due to the nature of the industry.

High Risk NAICS Codes and Funding

So, if your SIC code or NAICS code indicates your business is part of a risky industry, what does that mean? The main issue is that it could make it difficult to get funding for your business. There are several industries that lenders are hesitant to lend to. Some of these industries are subject to stricter underwriting guidelines. And some cannot get funding at all.

In these cases, the business must seek out other funding options. These options could include:

  • Angel Investors
  • Venture capital
  • Crowdfunding
  • Business credit building and more

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What’s the Solution for Getting Funding with a Risky NAICS Codes?

It’s key to remember, you get to choose your SIC code. While you want to be honest, you can be general. You do not have to be more specific than necessary. For example, restaurants are risky, but if you also sell boutique items, you can use a SIC code related to that. If more than one SIC code can apply, be sure to choose the one that is the least risky in the eyes of lenders. There is nothing underhanded or unethical about doing so.

Bonus: Business Names and Risk

As already mentioned, your business name can indicate risk. That is, if it indicates you are part of a high risk industry. For example, auto sales is considered a risky industry. You do not have to name your business “Joe’s Used Auto Sales”. You can just name it “Joe’s” and be done. There is nothing unethical or underhanded in doing this, either.

Codes and Names Are Not the End Game

Of course, choosing a SIC code and name that does not indicate risk isn’t a guarantee of funding. There are many other factors that go into a lender’s funding decision including fundability. However, if you choose the wrong code or business name, the lender may never see how fundable your business really is.

What are Some High Risk Industries?

    •  Auto, RV or boat sales
    • Computer and software related services including programming
    • Dry cleaners
    • Gas stations or convenience stores
    • Long distance or “over-the-road” trucking
    • Mobile or manufactured home sales
    • Phone sales and direct selling establishments
    • Real estate agents/brokers
    • Real estate developers or land subdividers
    • Restaurants or drinking establishments
    • Taxi cabs
      • This includes the purchase of cab medallions
    •  Travel agencies

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

How Else are SIC and High Risk NAICS Codes Used?

Currently, both codes are in use. Not by banks just to determine whether or not to lend. Other ways agencies use these codes include:

    • The Department of Revenue may use them for legislative purposes
    • They can be used to extend government offered incentives
    • To keep taxpayers within a specific industry aware of changes to laws. These codes are used by the IRS for multiple purposes:
    • To determine product classes in retention to exchanges of property or depreciation
    • For comparative purposes, for example, if your information doesn’t track with others under your code, it could flag you for an audit
    • These are just examples, there are too many to list

And they can be used by the SBA categorize your business. This is especially true when it comes to applying for government contracts. You must meet size standards for contracts, and the SBA assigns a specific size standard to each NAICS code. The SBA also uses NAICS codes to determine eligibility for the Women-Owned Small Business Federal Contracting program. They keep a list of qualifying codes.

High Risk NAICS Codes: Takeaways

Businesses need funding, but if your business is perceived to be a part of a risky industry, you may get a denial. SIC Codes, NAICS Codes, and Business Name all contribute to the risk perception of lenders. Choosing the wrong code or name for your business could get you an unnecessary automatic denial for funding.

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Welcome (YC W20) is hiring engineers to create jaw-dropping experiences

Article URL: https://jobs.lever.co/welcome?location=U.S.%20Remote&team=Engineering

Comments URL: https://news.ycombinator.com/item?id=24941312

Points: 1

# Comments: 0

The post Welcome (YC W20) is hiring engineers to create jaw-dropping experiences appeared first on ROI Credit Builders.

Crush Your Overwhelming Business Workload and More –10 Brilliant Business Tips of the Week

The Hottest and Most Brilliant Business Tips for YOU – Smash an Overwhelming Business Workload and More

Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof! Your overwhelming business workload doesn’t stand a chance.

Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.

And these brilliant business tips are all here for free! So settle in and scoop up these tantalizing goodies before your competition does!

We’re back after a few weeks out and ready to dig into some amazing business tips… Ready?

#10. Ladies – Make the Halo Connection

Our first jaw-dropping tip is all about how women can find angel investors. Succeed as Your Own Boss says there are a lot of options for female founders/entrepreneurs. You just need to know where to look.

We were particularly interested in this one because we’ve looked into whether women entrepreneurs can change a sexist system, when 98% of VC funding goes to men.

Hit the Gas With an Accelerator

We were impressed at the depth of information available in this article, when it came to startup accelerators. Do they work? They can – and the article lays out exactly how to find a good one.

So we highly recommend reading the entire article.

More ideas included crowdfunding and finding grants. These kind of are angel investors and kind of aren’t. So essentially this bypasses the issue, replacing it with a different method. Certainly, this is a method that can work.

One tip at the end was a tad off-topic, we felt, but still helpful. That is, to certify as a female-owned business for corporate and government contracts. With limited competition, the idea is you could simply earn the funding you’d want from angel investors. It’s certainly worth a shot, if your company could get these kinds of contracts.

#9. Social Media + Google = How to Rank Better Through Social

The next awesome tip is about how social media can help your content rank better on Google. The Self-Employed notes there are great ways that social can help. Note: we found the best copy of the infographic here.

Conquer Your Workload Credit SuiteOne quick caveat – this infographic needs to be updated! It still refers to Google+, which is no more. But apart from that, the information is sound.

Your best (or at least better) positioning on SERP (the search engine results page) can, in part, depend on your network. And what better way to develop a network than on social? Americans are more loyal to brands they follow on social media.

So if you’ve been hesitating before jumping into Twitter and Facebook (at minimum), now’s the time to leap.

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Even your overwhelming business workload doesn’t stand a chance.

#8. Satisfy Your Link-Building Ambitions

Our following life-changing tip concerns how to build links. Under 30 CEO lays it all out for us. This strategy is still alive and well in 2019!

So, how do you do it?

Start with pulling down the low-hanging fruit. As in, is your business on major directories? That’s places like Google My Business or Yahoo. You want to be found, eh?

So, by the way, if your business fits well with Yelp, then you had better be there. Because they may very well already have a listing for you. And if you haven’t been contributing to it, then you have no guarantees that anything on the listing is at all favorable to your business.

And our fave – create great content! Hey, we kinda like doing that. Quality over quantity counts.

What a concept.

#7. We’re Working So Hard, Even Our Intelligence is Competitive

For our next sensational tip, we looked at some great competitive intelligence tools. SEM Rush says that one of the keys to success is to understand how your competition is doing. This makes a great deal of sense.

Let them make the mistakes, and suffer the consequences. You’ll be too busy reaping the rewards of their successes.

At least, that’s the theory.

Specific Intelligence

There are a ton of ways to measure how a company is doing. This long, comprehensive list was a lot easier to tackle because it was split up intelligently.

It’s more than the general competitive landscape or market trends or following any news stories about the competition. Although those are also on the list.

Did you know you can check how shoppers are doing on a competitor’s website, to see where in the sales funnel they are? Or you can check out how a website was put together, and know when it was changed? You can look up digital, video, or email marketing strategies.

And you can follow price changes, too. Or look up how a competitor’s apps are doing.

The most interesting (er, invasive) bit of information involved how much a company is paying for cloud infrastructure. Pretty wild.

#6. E-Commerce UX Best Practices to Kick Your Sales into High Gear

This tip is so smart, and it works! Opt In Monster tells us that user experience can really make or break online sales.

How many times have you gone to a website to do something or other and been stymied by lousy web design? Slow websites, confusing layouts, and parts which don’t work are all reasons why customers get frustrated. Frustrated customers abandon their shopping carts.

These are things you can fix!

So what are you waiting for?

#5. Tackle Your Overwhelming Business Workload the Smart Way

Grab this mind-blowing tip while it’s hot!

If you’ve got an overwhelming business workload, then this one’s for you.

Startup Professionals (quoting the fantastic Martin Zwilling) says organization is your best friend.

The truth is, these are fabulous tips for any sort of overwhelming to-do list. That can be your chores, or even planning a wedding.

Kill the Phantoms in Your Overwhelming Business Workload

We really loved this tip. The idea is, essentially, do you have stuff sitting on your to-do list (or in a to-do pile) which you’re just plain avoiding? We all know about those.

It’s the client you can’t stand – but they pay on time and give you a lot of business, so you’re stuck. Or it may be the project which you’re not 100% certain needs to happen. So you’re pushing back. Yeah, that’s kinda passive-aggressive.

It all boils down to one thing. You’re probably never going to do these things unless things change rather dramatically. They are contributing to an overwhelming business workload, potentially forever. Ugh.

Or Maybe You Can Rehab the Phantoms

For the client you don’t like, can you delegate some of the responsibility to someone else? Of course you can’t do this every single time (at least, you probably can’t). But you may be able to hand over some of the more basic work to another. Do you have to be the person who makes appointments with this person?

You might not have to be. And you can also try differing forms of communication. Email is good because you can communicate at any time of the day or night. Phone calls are good because you can get an idea of tone. In-person meetings are good because they’re a better way to understand the nuances of what someone is saying.

For the project where you’re not sure if it needs to happen, why not talk to the project’s manager? If the project’s own advocate can’t clearly articulate why the project needs to happen, then maybe it doesn’t. Maybe your instincts are right.

The Triple Tip – Write Tasks Down, Cross Them Off When Done, and Reprioritize Constantly

These three tips go together. Personally, your intrepid blog writer can’t get through most days without a to-do list. Welcome to your fifties, the decade of, “Why did I come in this room, again?”

But in all seriousness, lists help. When your brain isn’t juggling your to-do list on top of everything else, then you’re freed to, you know, actually work on tackling the times on it.Conquer Your Workload Credit Suite

Crossing off the done items from a to-do list is satisfying! And it also serves as a visual reminder of how much you’ve already accomplished. Because let’s face it, sometimes the only pat on the back we’re going to get during any given day will be self-administered.

And reprioritizing should be a no-brainer. Sometimes that task which seemed oh so urgent last night isn’t as on fire in the light of day. Or the reverse is true. The main thing is to not be married to the order.

Personal Pro Tip

When it comes to prioritizing, two things which help a lot, I’ve found, are to locate whatever you can delegate and whatever you can do fast. Sometimes those are the same thing. Either way, the faster you delegate, the more time the other person has to work on the task you’ve delegated to them. As for the fast stuff, reward yourself with one (only one!) of those tasks to start.

You’ll be happy to see a task is already crossed off. But then, yeah, you’d better start on something substantial, particularly if it’s a priority. There’s a different degree of satisfaction from getting through something big. And, you’ll be handling the hardest stuff when you’re less tired.

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Even your overwhelming business workload doesn’t stand a chance.

#4. Life Preservers for Failing Teams

Check out this spectacular tip, all about how managers can rescue failing teams. Proof Hub notes that a lot of team failures come from the top down, although not all of them. There can be problematic people in a group – what sports people call a ‘locker room cancer’. Or there can even be an all-out conflict between team members.

But teams can also do poorly if they feel underappreciated, or if they feel there’s no way for them to professionally develop. Another problem is teams which just plain don’t have the right training, or enough training.

We were particularly happy that two of the tips were to build rapport and to ask the team what they think is happening. After all, they’ve been there.

Managerial Styles

Essentially, this the persuader method in action. The manager is asking for input, and is listening. And they can be persuaded to act one way or another.

Personal tip from me – as a manager, I look at my experiences as an employee for guidance. The better managers communicated more, and were a lot more likely to say please and thank you. That was even for the smallest of favors. It was even just on the heels of a previous please and thank you.

As a result, I don’t let a meeting go by without telling the people who work with me that I appreciate them. Because I know what it’s like to not be appreciated, and I don’t want the people who work with me to ever feel that way, if I have anything to say about it.

#3. Hack Your Way to Better Productivity

It’s not your imagination: this winning tip can make you more productive. Young Upstarts tells us there are some helpful, and often inexpensive hacks to tackling your overwhelming business workload and becoming more productive.

Our favorite tip was to delegate. Oh God, yes!

You don’t have to do everything. Seriously.

#2. Keep Your Client Relationships Close

Our second to last unbeatable tip can give you a new perspective on avoiding losing your largest accounts. Sales Hacker reveals all about maintaining and nurturing client relationships.

The reality is, you should be doing this with all of your clients. But we all know there are just so many hours in a day. So, you need to prioritize your bigger clients. Otherwise, you’d end up with even more of an overwhelming business workload.

The gist of the article is to make listening a big part of your relations with your biggest clients. Ask them – what can I do differently? And then, you know, actually listen to what they say. Be empathetic. Again, listen.

After all, if your biggest clients don’t think you care about their problems, then they’ll find someone who does.

Ouch.

#1. The Holidays Are Coming – Ready or Not (We Prefer Ready)

We saved the best for last. For our favorite remarkable tip, we focused on getting ready for the holidays. Yes, that! They’ll be here before you think. Kabbage says there are ways to get organized in anticipation of what is often the busiest time of the year for online retail sales.

We particularly liked the idea of taking the time now to fix issues on your website. It’s a good time to attack any issues such as slow loading times.

We also liked the first order of business, which is to get input from the employees. After all, they’re at the front lines.

One thing to add from us – now’s a really, really good time to get a handle on what everyone in your organization does. Get procedures in writing. Cross-train more employees so if that one vital person decides they want to take December off (there are people with that much accumulated vacation time), your business won’t fall apart.

The list even goes into decorating, assuming you have a brick and mortar establishment as well.

But from me – for the love of all things holiday – please don’t put up Xmas lights this week.

It’s still September.

So which one of our brilliant business tips was your favorite? And which one will you be implementing now?

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Even your overwhelming business workload doesn’t stand a chance.

https://www.youtube.com/watch?v=tuM4Kolf26g

The post Crush Your Overwhelming Business Workload and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

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