Small enterprises employ around half of the workforce in the U.S. and contribute significantly to the country’s GDP. As the election approaches, these owners and their employees, representing a substantial voting bloc, reveal their state of mind.

Recent surveys conducted over the past few weeks encompass a large number of business owners from various backgrounds across the country, including small to mid-sized organizations with a few hundred employees. Here’s a summary of their key insights.

In September, the Intuit QuickBooks Small Business Index indicated a decline in real monthly income across eight of the tracked industry sectors. Similarly, small-business revenue dropped in five of the eight monitored regions, with minimal growth in the remaining three.

Contrastingly, data from Fiserv’s Small Business Index emphasized steady consumer spending and a modest increase in small-business sales over the past year, despite a decline in retail trade. Bank of America’s survey revealed 78 percent of American small businesses reported growth over the last year. Businesses with Black and Hispanic owners demonstrated even higher growth rates. Likewise, U.S. Bank’s Small Business Perspective survey showed a 73 percent growth rate among small businesses in the past year.

However, the National Federation of Independent Businesses reported a concerning trend, with a net negative in sales and profit trends, attributing it to weaker sales, inflation, and rising labor costs. Moreover, employment decreased for small businesses in September, with job cuts seen in most sectors.

Although optimism prevails, challenges persist among small-business owners, including labor shortages and struggles to cope with inflation. They anticipate a focus on digital tools to enhance business operations, with a growing interest in investing in technology such as AI.

Overall, the outlook for the upcoming years for small businesses appears cautious but hopeful. While concerns linger about funding, inflation, and economic uncertainties, business owners are resilient and optimistic, aiming for growth and improved financial security in 2025.