Core Insights - Small and mid-sized business owners exhibit cautious optimism for the upcoming year, with 74% expecting revenue increases and nearly 60% planning to expand their businesses [1][3] - Confidence in economic improvement is noted, with approximately half of business owners believing local (53%), national (48%), and global (45%) economies will improve [2][3] Business Growth and Employment - Business owners are focused on growth, with 43% planning to hire more staff and only 1% considering layoffs in the next 12 months [5] - The tight labor market is impacting 61% of business owners, leading to increased working hours and wage raises to attract talent [5] Technology Adoption - AI integration is significant, with 77% of business owners having adopted it in the past five years, primarily for marketing (50%) and customer service (37%) [5] - Small business payments to tech services, including AI, increased nearly 8% year-over-year as of October [5] Supply Chain and Inflation Challenges - 75% of business owners report being affected by supply chain issues, with 52% raising prices and 32% struggling to source products [5] - Inflation impacts 88% of business owners, leading 64% to raise prices and 39% to reevaluate cash flow [5] Future Priorities - Over the next decade, business owners prioritize expanding customer bases (47%), products and services (39%), and exploring new marketing tactics (35%) [5] - 91% plan to adopt more digital tools, including AI, to modernize and improve efficiency [5] Succession Planning - 70% of business owners are not focused on an exit strategy in the next five years, with 60% having a succession plan in place [5] - Among those with a plan, 32% intend to transition to a family member, while 38% plan to sell the business [5]