Many small- and medium-sized business owners said they delayed making important decisions about 2025 until they knew who would be in the White House, according to a poll taken prior to the election.
According to the KeyBank Small Business Flash Poll, 61% of respondents said they were “likely to seek clarity and hold off on major business decisions until after the election.” Cleveland, Ohio-based KeyBank has a major presence in Connecticut.
Just 12% of respondents said the election would have no impact on their planning for 2025, according to the poll.
The poll also found business owners expect policy shifts in taxes, regulations and trade policies.
Respondents said they have been hit hard by high interest rates, with 38% seeing reduced profit margins. In addition, 31% said they have deferred capital investment.
However, 56% of respondents expected interest rate changes to positively impact their businesses. On Nov. 7, the Federal Reserve cut the federal funds rate 25 basis points, to a range of 4.5% to 4.75%.
This survey was conducted in August 2024 by Survey Monkey and included 1,796 respondents, ages 18 to 99, in the United States, who own or operate a business with annual gross revenue of less than $10 million.
President-elect Donald Trump is set to be inaugurated on Jan. 20, 2025.
