Verizon Wireless released the results of its fifth annual State of Small Business Survey back in the fall. We’ve parsed through it and have found some useful information and insights that small business owners will find of interest. Here are some key highlights:

• Economic concerns abound: the survey found that 4 in 5 decision makers say they are concerned about the U.S. economy.
• Inflation is topical: 4 in 5 say they are worried about the effects rising inflation will have on their business. More than half “already have or are planning to reduce spending on non-essential items and raise prices in preparation for a possible economic downturn,” the study reveals.
• Growing tech usage: According to the report, “Around 3 in 5 respondents report adding or upgrading security tools for networks and devices and requiring cybersecurity measures and training for employees. Though decision makers worry that using AI can open their business up to cyber risks, AI usage has more than doubled compared to 2023, with almost 2 in 5 reporting that their business currently uses AI.”

The most common tech upgrades include enhancing internet bandwidth, internet speeds and wireless signals. Respondents said the primary reason for these enhancements is to increase the speed and efficiency of payments. Other reasons include improving security, better managing inventory and tracking sales trends.

• On hiring: 25% said they will likely be hiring for more positions in the first half of 2025. 30% said they are likely to be hiring for more open positions in the second half of this year.
• Embracing AI: According to the survey, AI usage has more than doubled compared to 2023, with almost 2 in 5 decision-makers reporting that their business currently uses AI.

In looking at some top industries, the entertainment and recreation segment leads the way with AI usage. 57% in that sector say they currently use AI solutions. Other key industries are food and beverage (44% say they use AI), hospitality and accommodation (39%), construction and contracting (37%), restaurant and bar (30%) and retail (29%).

Those who are not yet using AI, according to the report, “are most likely to say they’d consider using it for fraud management, marketing and social media, cybersecurity, and product or service recommendations.”

• On cybersecurity: the survey found that decision makers at businesses are more confident in their protection against cyber-attacks than they were in the prior year. The report says, “Antivirus software and multi-factor authentication remain the most commonly implemented methods to protect against cyber-attacks.”