Tag: Operations

PermitFlow (YC W22) is hiring a head of permit operations

PermitFlow (www.permitflow.com) is on a mission to streamline and simplify construction permitting in the United States, unlocking more value in the $1.6 trillion construction market. Our software reduces time to permit, supporting permitting end-to-end including permit research, application preparation, submission, and monitoring.

We are looking for an experienced Head of Permit Operations to lead permit research and application efforts for our multi-city footprint across project types. The ideal candidate must have experience managing operations teams. In addition, experience preparing and/or processing building and construction permit applications is helpful. The candidate should also be a strong communicator with excellent organizational skills and a flexible / self-motivated approach to business management. The goal is to support and scale the company’s permitting operations to facilitate accelerating development and long-term success.

For more info see: https://www.ycombinator.com/companies/permitflow/jobs/v1HlvW….

Comments URL: https://news.ycombinator.com/item?id=31910211

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What You Need to Know About How Personal Credit Impacts Business Operations

There are 125 factors that affect the fundability of your business. Personal credit is one of them. Since it impacts the fundability of your business, personal credit impacts business operations.

Personal Credit Impacts Business Operations in More Ways Than One

Fundability is the obvious one. This is the ability of your business to get funding. If you don’t have funding for your business, it can’t operate. 

However, there are more subtle effects as well. For example, if you are worried about your personal finances, business decisions can suffer. You may be more tempted to make decisions based on trying to control personal issues, rather than what is best for the business. Personal financial issues can distract you from running your business well. 

Control What You Can, Mitigate What You Can’t

Bad credit doesn’t have to be the downfall of your business. Some factors are out of your control. Others are not. The key is to know what is causing the problem, fix what you can, and mitigate the rest. 

One way to mitigate personal bad credit and its negative impact on business operations is to build strong business credit. It can also help to know which types of funding rely most heavily on the credit score from your personal report. 

Until you improve your credit, you may not qualify for a traditional business loan. However, there are other options.

Your Personal Score Even Affects the Types of Funding You Can Get

While you are working on improving your credit score, you don’t have to be stuck without funding. You just have to find those types of funding that you can qualify to get with a less than ideal credit score. 

Invoice Factoring

If you have open invoices and offer credit to customers in some form, then you can get paid faster with invoice factoring. Usually, this involves invoices with net terms, such as net 30, 60, or 90. You turn those invoices over to a factoring company, and they give you an agreed upon percentage of the total of the invoices. You get this amount of money immediately, and when your customer pays, the factoring company keeps their agreed upon fee while sending the balance to you. 

Merchant Cash Advances

A merchant cash advance (MCA) technically isn’t a loan. Rather, it is a cash advance based upon the credit card sales of a business. A small business can apply for an MCA, and have an advance deposited into its account fairly quickly. This is ideal for business owners who accept credit cards and are looking for fast and easy business financing. 

A lender will review 3 months of bank and merchant account statements, looking for consistent deposits. They’ll also verify revenue of $50,000 or higher per year and a time in business of 6 months or longer. A lot of Non-Sufficient-Funds (NSFs) showing on your bank statements will likely be a deal breaker, as will excessive chargebacks on merchant statements. 

Basically, they want to see that you manage your bank and merchant accounts responsibly. Of course, a decent number of consistent credit card transaction deposits each month is important for this type of financing as well. 

Alternative Lenders like Fundbox

Fundbox offers a revolving line of credit for up to $100,000 and will auto debit your weekly payment from your bank account. They connect directly to your online accounting software. You pay in equal installments over the course of a 12 or 24 week plan. 

You do need to have a 600+ personal FICO score and $100,000+ in annual revenue, and you must have a business checking account. Ideally, you will also have 6 months in business or more. 

Can You Fix Personal Credit?

If you have bad credit, it needs to be fixed. How do you do that? The short answer is, pay your bills. Still, if you already have bad credit, it will take some time for that to make a difference. 

Also, make sure your credit report is current and free of mistakes. YIn fact, you can get a free copy of your credit report annually. 

The three main reporting agencies when it comes to personal credit are:  

You can get a free report from all three each year. How? 

Per FTC.Gov: 

“You’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228. You will need to provide your name, address, social security number, and date of birth to verify your identity.”

Once you get your report, read it carefully and make certain all of your information is correct. Contact the appropriate credit agency in their preferred manner if you find a mistake. Each agency has its own procedures for corrections.  Generally, you can find them on their website. Online options for disputes are more common now due to the pandemic. 

These steps will help you get a jump on improving your credit score. 

Credit Monitoring

In addition to a free copy of your credit report each year, there are free monitoring services that will give you an updated credit score each month. New information that has been posted to your credit report is available with some of these services. As a bonus, some will offer suggestions as to which  factors are dragging down your score. Some of these services even provide real-time credit updates for a fee.

Good Personal Credit Also Affects Business Operations

Of course, a good FICO score will impact business operations as well. Business lenders will generally look at personal credit when you apply. Consequently, good credit will not only help you get approvals, but better rates and terms also. 

Maintaining good credit is important for a number of reasons.  Keeping your business running is one of them.  

The post What You Need to Know About How Personal Credit Impacts Business Operations appeared first on Credit Suite.

How to Strategically Use Every Day Business Operations to Promote Fundability

The way you run your business, the day-to-day operations, affects everything. From your reputation with customers to even your ability to get funding, all of it can be affected by business operations. This is why you have to be strategic. 

Strategic Business Operations Can Promote Fundability

Most business owners do not realize this.  They know that how they run their business affects success. However, most don’t get that the details of day-to-day business operations can affect fundability. Things like: 

  • Licensing
  • Business bank accounts
  • Merchant accounts (or lack thereof)
  • Business website
  • Even tools used to manage money

All of these can affect the ability of your business to get funding. It’s not just whether your business is fundable or not. Certain aspects of how you run your business can actually promote the ability of your business to get funding, or fundability. 

Business Licenses

You may be thinking, ok, what’s the strategy here? Of course you need to have your business licenses. You may be surprised to know how many business owners never think to check licensing requirements.  That is,  until it is an issue. 

Contact state, county, and city government offices to see if there are any required licenses and permits to operate your type of business. Licensing requirements differ based on state, town, and industry. Always make sure you have the proper licensing for your corporation. You don’t want the first time you consider licensing to be when a lender brings it up. 

Business Bank Account

Some business owners start out trying to use one account for business and personal funds. But the best strategy is to have a bank account devoted strictly to your business from the beginning. If it’s too late to do it from the start, start now. 

First, the IRS wants to see business funds and personal funds separated. Having a separate, devoted business bank account makes that much easier. Also, your business banking history is important when it comes to fundability. Another reason this is important is one that few realize. The date you open your business bank account is the day that lenders consider your business to have started. 

Say you opened your business 10 years ago.  Then, 6 months ago you opened a business bank account.  If you try to get a loan today, the lender might consider you to have been in business for 6 months. The longer your business banking history, the better your borrowing potential is. Don’t wait to open a bank account just for your business. 

Here’s yet another way having a business bank account is a smart business operations strategy. Without one, you cannot get a business merchant account. Without that, you can’t accept credit card payments. Studies show people spend more when they can use a credit card. Even if you do not have a need for that now, you may one day. If you already have a business bank account, you’ll be ready. 

Web Domain and Professional Website

Yes, there is even a strategy for your business website and domain. First, you need a business website. Customers and lenders will be looking for one.  Then, pay for it to be professionally designed. It has to be user friendly, and you do not want it to look thrown together. If customers or lenders see an unprofessional business website, it will not help you. 

Next, pay for web hosting. A company like GoDaddy or HostGator is best. Try to avoid using free Weebly or Wix options. You want it to be your domain, not domain.wix.com. Your domain should be your business name, if possible. 

Lastly, you need a company email address for your business that is on the same domain as your website. Use a professional email address such as yourname@yoursite.com. A website domain provider such as GoDaddy will often provide this for you.  

Do not use Yahoo, AOL, Gmail, Hotmail or similar free email services. 

Business Money Management

Managing small business finances can be overwhelming. There are a number of tools that can help streamline the process. Options like Brex, Divvy, Expensify, Lola, and more are growing in popularity. Not only can they help you manage funds, but some of them can help you build business credit if needed. 

If you are a new business, it will be incredibly useful to choose a business money management tool that will also help you build business credit. There are not a lot that will do this, but there are a couple. 

Brex

Brex is a business money management system.  It works with your accounting software and allows you to track expenses. Depending on the level of service you choose, it can also help with paying bills and controlling spending. 

They offer a couple of options. The easiest way to use Brex for both managing finances and building business credit is to open a Brex Cash account. Note, this is not a bank, but rather a banking alternative. However, they do have a partnership with the FDIC and your funds are secure. 

Everyone that opens a Brex cash account gets a corporate card. It works just like a debit card, drawing from your Brex Cash balance daily. However, unlike a debit card, Brex reports these payments to Dun & Bradstreet, thus helping build your business credit score. That, in turn, helps to increase the fundability of your business. 

Since this card is secured by the balance in your Brex cash account, and limited to that balance, you do not have to worry about underwriting. They have other money management options as well for those who qualify.  

Divvy

Another business money management option that helps you build business credit is Divvy. It was formerly Bill.com. This company is very similar to Brex . In fact, in a direct comparison there are just a few differences. 

First, Brex charges $5 per card for additional cards to team members, unless you pay for the premium account.  Then you get unlimited cards. Divvy offers unlimited free cards. 

There are also differences in budgeting, reimbursement options, and software integrations. For example, Divvy integrates with Quickbooks Online and NetSuite currently. Meanwhile, Brex’s integrations with Quickbooks Desktop and Xero are said to be coming soon. 

Divvy also has an offline mode, and they do not currently offer the ability to trade in points for cryptocurrency. One other major difference is that Divvy reports to the Small Business Finance Exchange.

This is a data collection agency, not a credit reporting agency. Yet, they do provide data to their partners.  These partners include some business credit reporting agencies. By reporting payments to the SBFE, Divvy indirectly provides information to all SBFE partners. This can definitely help build business credit more quickly. 

You Can Strategically Use Business Operations to Promote Fundability

If you are careful in how you operate your business on a day to day basis, you can promote fundability. By handling certain business operations in an intentional and strategic way, you can increase your ability to get the business funding you need, when you need it. 

The post How to Strategically Use Every Day Business Operations to Promote Fundability appeared first on Credit Suite.

Double Robotics (YC S12) is hiring an operations and supply chain manager

Article URL: https://angel.co/company/double-robotics/jobs/73583-operations-and-supply-chain-manager

Comments URL: https://news.ycombinator.com/item?id=25009092

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