Small Business Owners Bullish on AI Productivity

New survey data from Goldman Sachs shows strong optimism about small business’ growth potential despite concerns about the economy.

“Small business owners are resilient and are constantly seeking new ways to innovate, increase productivity, and grow,” says Goldman Sachs 10,000 Small Businesses Voices national director Jill McCarthy. “In order to succeed, small business owners need predictability, and as they head to Washington for the Goldman Sachs 10,000 Small Businesses Summit, they are ready to take their seat at the table alongside lawmakers to develop policies that support their growth.”

Key takeaways:

·        78% of small business owners are optimistic about the current trajectory of their business, and 74% have plans to grow their business in the next year. This strong optimism persists despite uncertainty regarding a federal government shutdown, as 72% believe it’s important for Congress to find a bipartisan solution that avoids a shutdown. Of those who say it’s very or somewhat important, 62% note concerns that their customer demand will go down due to economic uncertainty and instability.

• 72% report that inflationary pressures continue to increase.
• 65% said they disagree that it is affordable for average Americans to own and operate a small business.
• 75% of small business owners who applied for a business loan or line of credit within the last year found it difficult to access affordable capital.
• Small business owners are increasingly bullish on artificial intelligence (AI): among those who use AI in their business, nearly all (94%) say it’s having a positive impact on their business. When asked about the benefits of AI, 85% said it has increased their efficiency and productivity, and 81% say it’s augmenting — not replacing — their workforce.
• Small businesses view AI as a transformative tool for growth, with 81% saying it will be essential for their business within the next five years. Yet many still lack the knowledge and resources to fully harness its potential. Even among adopters, barriers remain — 45% cite a lack of technical expertise, and 47% say it’s difficult to choose the right tools. A strong majority (88%) want more training and support to implement AI successfully, underscoring the need for practical resources to help small businesses integrate these technologies for long-term success.
• When asked which actions from the federal government would help their businesses grow, small business owners pointed to addressing inflation (54%); providing more policy certainty (40%); help offering competitive benefits (40%); and increasing access to affordable capital (35%).
• 81% of small business owners believe small businesses don’t have enough of a voice in Washington.