Felipe Wityk Sanchez

Every year, New York City contracts with private companies to purchase products and services in areas as diverse as construction, technology, accounting, food services, graphic design, maintenance, consulting, transportation, and event planning. To help businesses owned by women and members of minority groups participate in these opportunities, the City offers the Minority and Women-owned Business Enterprise Certification Program, commonly known as M/WBE. Obtaining this certification can...

When business owners want to increase their company’s profit, they usually think about attracting new customers, investing in advertising, or selling more products and services. Increasing sales can be a good strategy, but it is not always the fastest or most profitable option. A business can increase its revenue and still struggle to cover payroll, taxes, rent, or vendor bills. Profitability depends on more than how much a company sells. It is also determined by its pricing, costs,...

One of the most common questions among small-business owners is: “If my income statement shows a profit, why isn’t that money available in my bank account?” The answer does not necessarily mean that there is an accounting error. In many cases, it comes down to a fundamental distinction that every business owner needs to understand: profit and cash flow are not the same thing. Profit vs. Cash on Hand The income statement, also known as a Profit and Loss Statement or P&L, shows a business’s...