By Bob Meyer

The American Institute of Certified Public Accountants, Jersey City (NJ), conduced a survey in Texas, Florida, New York, California and Illinois and reported that reducing debt was the leading response among 413 business owners who were involved in the survey.

The choice beat out purchasing new equipment, adding products or services, entering new markets, and hiring new workers. It even received more votes than boosting owner pay.

The preoccupation with reducing debt reflects the following:
1. The inherent conservative nature of many business owners.
2. The desire to finance their companies from earnings.

Reducing debt is considered by many to be a smart defensive measure. (Many entrepreneurs still remember getting caught in the past with too much debt when an economic boom went bust.)

Every dollar saved through a barter purchase, that’s then used to repay a loan, reduces debt. Which in turn means greater long-term economic freedom…one of the goals of most entrepreneurs.

This entry was posted on Tuesday, March 20th, 2007 at 7:11 am and is filed under Entrepreneurs & Small Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.