Small business owners surveyed in a new report by Comerica are viewing the next year with confidence and optimism, while embracing AI with a bit of caution.
The survey, sent to more than 1,000 small business owners between August 1 and 13 of this year, found that 81 percent expect revenue growth over the next 12 months. Respondents said they are optimistic about the future, are leaning in on technology, and are calling for “thoughtful oversight of emerging technologies.”
“Small businesses are the heartbeat of our communities and local economies,” Larry Franco, Executive Vice President and National Director of Retail & Small Business Banking, Comerica Bank, said. “It’s imperative to be tapped into what’s influencing and impacting small businesses. We launched the Comerica Small Business Pulse Index™ to do exactly that – identify successes and challenges these businesses are facing right now to help a broad group of entities, from financial providers to consumers and other business owners, better know how to serve, support and strengthen small businesses around them.”
About 45 percent of the owners surveyed said they are using AI tools today. Sixty-four percent of those owners are in the technology sector, while 58 percent were in the professional services sector – the two highest sectors for AI use. Those who’ve adopted AI said marketing, content creation, and data analysis are its most valuable applications. But those surveyed said they are most concerned about AI mistakes, tech vulnerabilities and learning curves when it comes to prospective AI uses.
“Small business owners see the potential of AI, but they also understand the need for responsible oversight,” Franco said.
More than 30 percent of the respondents (32 percent) said they plan to invest up to $100,000 in the next year, but 45 percent said they had no planned Capital Investment expenses upcoming. Eighty-three percent of the small business owners said they are confident in their future success. The biggest challenges facing them were inflation (23 percent), followed by tariffs and cash flow concerns.