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Navigating Adversity: The Resilience of Small Business Owners

By Casey Christopher

Business Banking Sales Leader, KeyBank

Small business owners are no strangers to hardships and challenges. In today’s climate, they are grappling with a myriad of issues including escalating costs, policy uncertainties, and rapidly changing consumer expectations. Yet, amidst these pressures, what shines through is their remarkable grit—their unwavering ability to adapt, pivot, and persevere against all odds.

Every year, KeyBank conducts a comprehensive Small Business Survey aimed at understanding how we can better meet the needs of our clients. Our most recent survey, which captured the perspectives of 2,144 small business owners with annual revenues of $10 million or less, revealed a striking statistic: nearly 25% of respondents are currently operating in survival mode. However, this reality only tells part of the story. Despite facing these ongoing challenges, a significant portion of business owners remain cautiously optimistic about their future. In fact, 40% feel hopeful enough to plan ahead, while 22% are even considering investing in long-term growth initiatives. This resilience underscores the adaptability and sheer determination of small business owners who are the backbone of our communities.

The New Strategies Shaping Financial Success

A notable 50% of small business owners shared that factors such as inflation and increasing costs have compelled them to make difficult decisions. Among these decisions, 16% reported cutting expenses in certain areas, 14% are absorbing costs to maintain competitiveness, and 11% have shifted suppliers. These decisions illustrate not only their ability to react to challenges but also their skill in strategizing effectively for future success. Interestingly, while 25% of small business owners plan to raise prices as a response to tariffs and cost increases, nearly half reported they could comfortably cover one month of operating expenses in an emergency, showcasing their financial discipline and strategic foresight.

Yet, policy uncertainty looms large on the horizon. A considerable 72% of small business owners express apprehension regarding how federal legislation could impact their operations. Despite these concerns, an impressive 80% of them feel confident in their capability to make informed decisions, illustrating a mindset that builds resilience not only for the present but also for future challenges. Furthermore, resilience also encompasses personal wellness. Approximately 30% of business owners indicated that they feel more resilient when they prioritize adequate sleep, emphasizing that personal well-being and professional endurance go hand in hand.

Creating Resilience and Taking Action

At KeyBank, we believe that resilience transcends merely weathering the storm; it’s fundamentally about building a robust foundation for continuous growth. We offer resources like our Certified Cash Flow Advisor Program, enabling us to provide uniquely tailored solutions and expert advice to small business owners. By helping them to optimize operations and plan ahead efficiently, we empower our clients to navigate the complexities of today’s economy. Notably, 21% of respondents indicated that regular conversations with their business banker instilled a greater sense of security, reinforcing the crucial role that supportive banking relationships play in their business journey.

After analyzing the results of this survey, we have distilled three essential tips to guide small business owners in addressing current challenges while positioning their businesses for lasting success:

1. Stay Informed and Proactive

Being active in monitoring economic trends and specific industry challenges is vital. Small business owners should stay engaged with both local and national business associations. Conducting regular financial reviews will help identify key areas where cost reductions and operational improvements can be achieved. This approach will ensure that business owners are always equipped to make informed decisions.

2. Optimize Business Operations

Streamlining business operations by automating routine tasks and outsourcing non-core activities can lead to enhanced efficiency. Additionally, diversifying revenue streams through the introduction of new products, services, or online sales channels can be beneficial. Regular negotiations with suppliers can help secure better terms and forge flexible, cost-effective partnerships.

3. Build a Strong Support Network

Utilizing the expertise of business bankers and financial professionals for personalized advice can be incredibly advantageous. Additionally, engaging with the local business community through networking events can help establish a solid support network that can provide invaluable resources and potential collaboration opportunities.

The Future Awaits: Finding Strength in Community

As we look towards 2026, I am continuously inspired by the resilience and determination demonstrated by our small business owner clients. These remarkable individuals possess a unique ability to adapt, evolve, and innovate in the face of uncertainty, driving our economy forward in profound ways. Here at KeyBank, we are honored to support our clients on this journey. Our aim is to ensure that they have access to the resources, insights, and advice necessary to effectively navigate whatever challenges may arise.

For entrepreneurs seeking additional insights and resources to fortify their businesses, we invite you to visit KeyBank Small Business. You can also connect with your local business banking advisors at any KeyBank branch nearby.

Leveraging Technology for Clarity

In times of uncertainty, it can be beneficial to utilize tools that simplify complex information. AI legalese decoder, for example, can assist small business owners in comprehending legal documents with ease. By transforming complicated legal jargon into accessible language, this tool can empower business owners to make informed decisions when dealing with contracts, agreements, and policies. Such technology can further build resilience, ensuring that entrepreneurs are aware of their rights and obligations.

About the author: Casey Christopher is the Business Banking Sales Leader for KeyBank’s Capital Region. She can be reached at [email protected].

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