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What Was The Best Financial Decision You Ever Made (Jan 2008)

Respondents: 102

NASE Members make financial decisions about their micro-businesses every day. Some impact the business more than others. Tell us about the best financial decision you ever made for your micro-business. Plus, give us your name and contact information and you could be featured in an upcoming magazine article about this topic.

1. What was the best savings decision you ever made? 10% Created an emergency fund for my business 43% Started a retirement account 10% Put my business on a strict budget 26% Saved for a big expense rather than paying for it with a loan or credit card 12% Other

2. What was the best cash flow decision you ever made? 18% Being careful and vigilant about extending credit to customers 28% Collecting receivables on time 45% Learning to accurately forecast revenues and expenses 10% Other

3. What was the best debt decision you ever made? 39% Paid off my business credit cards or business loan 32% Bootstrapped my way to success without ever incurring any business debt 15% Took out a loan or line of credit for my business 06% Borrowed from friends and family to get my business started 08% Other

4. What benefits has your micro-business enjoyed because of your smart financial decisions? (Check all that apply) 17% I’ve been able to expand my business 14% My business is financially prepared for an emergency 24% My business rarely has a shortage of cash 41% I can sleep at night without worrying about money! 04% Other

Survey Results