SBA Poll Results: What would you do with more money?

The Question:
If you were allowed to pay less taxes this year, what would you do with the money?

36% - Reinvest it in my business

11% - Give myself a raise

41% - Pay down debt

11% - Set the cash aside for emergencies

My Comments:
Over the years I’ve asked this question of many small business owners in the U.S. as well as other countries, and almost without exception the answer has been, “reinvest in my business.” As you can see, in our recent poll this was the second highest answer. It’s not surprising that so few of our respondents said they would pay themselves more, even though most small business owners should pay themselves more.

The most interesting result of this poll is that the big response was, “pay down debt.” Every small business owner has a love/hate relationship with debt. We love it when it helps us get the funds we need to grow, and we hate it when precious cash goes out for debt service. But in my long career, I’ve never seen a time when getting rid of debt was more pressing than growing the business.

I’m going to have more to say about this in a future Feature Article. Stay tuned and thanks for participating.

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