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Small business investment appears to be continuing even as companies navigate a complicated economic moment in 2026. On one hand, many entrepreneurs are still investing in their companies. On the other, uncertainty about the broader economic outlook is influencing strategic decision-making.
New survey data from the Small Business Expo Research Desk illustrates this tension clearly. When asked about their investment levels compared with last year, a majority of respondents reported increasing spending on their businesses. Yet when asked whether they had delayed major business decisions due to economic uncertainty, more than half said they had.
The result is a revealing picture of how entrepreneurs are managing risk: continuing to invest operationally while postponing larger strategic commitments.
Highlights
- Most interesting finding: Even among businesses investing more than last year, about half report delaying major decisions due to economic uncertainty.
- 53.6% of respondents say they are investing more in their businesses than last year.
- 55.3% say they have delayed major business decisions due to economic uncertainty.
- Sample size: n = 590.
Small Business Investment Remains Strong Despite Uncertainty
Despite ongoing economic uncertainty, a majority of respondents report increasing their business investment.
Investment Levels (n=590)
- More — 316 (53.6%)
- About the same — 228 (38.6%)
- Less — 46 (7.8%)
This suggests that many entrepreneurs remain committed to strengthening their operations, whether through hiring, marketing, technology upgrades, or other investments.
Small businesses frequently continue investing even during uncertain periods because maintaining competitiveness often requires ongoing spending. According to the U.S. Chamber of Commerce Small Business Index, a majority of small business owners report plans to increase spending on business growth despite economic volatility.¹
Economic Uncertainty Is Still Influencing Decisions
At the same time, many entrepreneurs report delaying major strategic moves.
Decision Delays (n=590)
- Yes — 326 (55.3%)
- No — 264 (44.7%)
More than half of respondents say they have postponed major decisions because of uncertainty about the economic environment.
This pattern reflects broader trends seen across the small business sector. The Federal Reserve’s Small Business Credit Survey has repeatedly found that economic uncertainty can cause businesses to delay expansion, hiring, or capital commitments even when current operations remain stable.²
Investment and Caution Are Happening at the Same Time
The most interesting insight emerges when comparing these two findings.
Even among businesses that say they are investing more than last year, 51% report delaying major decisions due to economic uncertainty.
In other words, increased investment does not necessarily signal full confidence in the economic outlook.
Many businesses appear to be making incremental investments—such as upgrading systems, improving operations, or maintaining marketing efforts—while postponing larger strategic commitments like expansion, acquisitions, or major capital expenditures.
This combination of investment and caution reflects a practical approach to uncertainty. Entrepreneurs often continue funding activities that support day-to-day growth while waiting for clearer signals before making larger, riskier moves.
Among respondents investing about the same as last year, the share delaying decisions rises even higher, with 61% reporting postponements. This suggests that businesses maintaining steady spending levels may be adopting a particularly cautious “wait-and-see” posture.
Strategic Implications for Small Businesses
These findings highlight a nuanced response to uncertainty among entrepreneurs. Rather than sharply cutting spending during uncertain periods, many businesses appear to be adjusting the type and timing of small business investment they make.
Operational spending—technology upgrades, marketing efforts, staffing adjustments—can often be scaled or reversed if conditions change. Major structural decisions, by contrast, carry longer-term commitments and greater risk.
As a result, entrepreneurs may prioritize flexibility, maintaining investment in areas that sustain growth while delaying larger strategic bets until economic conditions become clearer.
Final Takeaway
The survey data suggests that small business investment is continuing even as entrepreneurs remain cautious about the broader economic outlook.
Even among companies investing more than last year, about half report delaying major decisions due to economic uncertainty. This indicates that many entrepreneurs are balancing two priorities at once: maintaining momentum in their businesses while managing risk in an unpredictable environment.
In practice, that balance often means continuing to invest in operations today while postponing the biggest decisions until tomorrow.
Footnotes
- U.S. Chamber of Commerce. Small Business Index. https://www.uschamber.com/small-business/sbindex
- Federal Reserve. Small Business Credit Survey. https://www.fedsmallbusiness.org