73% of Owners Delayed an Investment This Year — Yet 85% Expect a Stronger Finish

Most small business owners spent 2026 holding back on big purchases, and almost all of them still expect the year to end strong. A new survey from TD Bank U.S. finds that 73% of owners delayed at least one business investment this year because of economic uncertainty, while 85% expect higher revenue before the year is out.

That gap between caution and optimism is the story. If you have been sitting on a equipment purchase, a hire, or a software upgrade, you are in the majority. The more useful question is what the people who are optimistic plan to do next, and what that means for your own fourth quarter.

What the TD survey found

The TD Small Business Year-End Outlook and Preparedness Survey was conducted by Wakefield Research for TD Bank U.S. It polled 200 U.S. small business owners with 100 or fewer employees and annual revenue of at least $100,000. Fieldwork ran August 17 to 28, 2026. Two hundred owners is a small sample, so treat the figures as a snapshot of sentiment, not a census of every Main Street business.

The headline numbers:

• 85% expect stronger revenue before the end of the year.
• 85% expect customer spending to rise compared with the same period last year.
• 78% are more optimistic about the U.S. economy than they were six months ago.
• 73% delayed at least one business investment this year because of economic uncertainty.
• 62% plan to seek financing before year-end.

Chris Ward, head of small business banking at TD Bank U.S., said in the release: "Small business owners continue to demonstrate remarkable resilience and determination."

Why so many owners hit pause

The survey also asked what worries owners most. The top financial risks were inflation (55%), staffing costs (54%), lower consumer spending (53%), and inventory costs (53%). Those four are nearly tied, which tells you the pressure is broad, not concentrated in one line item.

That fits what other recent reports show. Employers have been cautious about hiring, and health coverage and energy costs keep climbing. When every cost line feels uncertain, the easiest decision is to wait. The problem is that waiting has its own price: older equipment, slower systems, and a thinner team heading into the busiest selling season.

Where owners say they are least prepared

Here is the number that stands out: 97% of owners said they feel unprepared in at least one key area of their business. The most-cited gaps were technology and operations (43%) and AI adoption (40%).

That matters because it lines up with where owners say they want to spend. Among owners planning to seek financing, the intended uses were:

• New equipment or technology: 23%
• AI adoption: 20%
• Inventory and supplies: 15%
• Hiring and payroll: 14%

In other words, the deferred spending is not disappearing. It is queued up. For 2027, the top priority was growing revenue and sales (26%), followed by technology or AI investment (22%).

AI is now close to universal, at least on paper

TD reports that 99% of the owners surveyed use AI in some capacity, and 77% use it more than they did six months ago. Owners said they use it to save time (57%), improve cash-flow decisions (55%), and increase sales (52%).

One finding runs against the common fear that AI replaces staff: 73% of AI users said it has increased their headcount, including 17% who reported a significant increase. Keep the sample size in mind, and note that this is self-reported. Still, it suggests that for these owners AI is being used to grow capacity, not shrink the team.

Fraud is a growing worry

About 59% of owners said they are more concerned about fraud than they were six months ago. Cyber-enabled fraud led at 39%, followed by payment and card fraud at 38%. If you are planning a busy holiday season, this is the part of the survey to act on now, before volume rises. A few basic steps cover most of the ground:

• Require a second approval for any new vendor or changed bank details.
• Keep business and personal funds separate. Our guide on a business bank account explains what to look for.
• Review your coverage. Many policies exclude cyber losses unless you add them. See our overview of business insurance.

What to do with this if you are one of the 73%

You do not need to make a big move because a survey says other owners are optimistic. But the data does point to a few practical steps for the next eight weeks.

1. List what you delayed and put a number on the cost of waiting

Write down each postponed purchase or hire, the expected cost, and what it would earn or save. A deferred expense that protects revenue in the holiday season may be worth more than one that can wait until spring. If you do not track this already, a simple profit and loss statement is the place to start.

2. Decide whether you will need financing, and apply early

With 62% of surveyed owners planning to seek financing before year-end, lenders may see more applications in the final months of the year. If an SBA-backed loan is on your list, read our SBA loan guide first, and gather your financial statements, tax returns, and a clear use-of-funds plan before you apply. Lender timelines vary, so do not assume a quick approval.

3. Check your structure before you borrow or hire

If you plan to take on debt or bring on employees, make sure your entity and paperwork are in order. Our guides on LLC formation and LLC vs. S corp cover the choices that affect liability and taxes. If you are adding helpers, confirm whether they are employees or contractors using our guide on independent contractor vs. employee.

4. Pick one technology gap, not five

The survey shows that nearly everyone feels behind somewhere. Rather than trying to fix everything, choose the single gap that costs you the most time or sales. For many owners that is invoicing, inventory tracking, or customer follow-up.

The takeaway

The TD numbers describe owners who are cautious in their spending but confident in their outlook. That combination often means a burst of delayed investment once owners feel sure of their footing. If you want to move before everyone else does, build your list, price the cost of waiting, and line up your financing now.

As always, this article is general information, not financial or legal advice. Check your own numbers and talk with an accountant or lender before making a major decision.

Source: TD Bank U.S. press release via Business Wire, "Eyes on Growth: TD Survey Finds Small Businesses Confident About Growth Despite Economic Headwinds and Delayed Investments," October 5, 2026.

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