U.S. Bank released its third Small Business survey report, revealing how owners across the country are responding to an environment defined by rapid change. The nationwide survey of 1,000 small business owners explored how they are navigating challenges ranging from economic stressors to the rise of generative AI, all while remaining focused on long-term growth, succession planning, and leaving a lasting legacy.
A few high-level results:
Succession Gap: Many older owners lack formal succession plans, even as younger generations prepare to take over.
Economic & Operational Stress: Owners are feeling stress over the economy, inflation, funding issues, and daily tasks, despite recent growth.
AI Adoption Rising: Over half are using or planning to use Gen AI, though many feel overwhelmed by tech demands.
“This year’s survey makes it clear that small business owners are committed to future-proofing their businesses in response to today’s economic climate and rapid technological change,” said Shruti Patel, U.S. Bank’s Chief Product Officer for Business Banking. “From embracing generative AI to responding to shifting economic conditions like tariffs and thinking proactively about succession, owners are serious about the future of their businesses. There is a real opportunity – and responsibility – for financial institutions to show up as strategic partners in helping small businesses navigate what’s next.”
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