A recent survey conducted by the Small Business & Entrepreneurship Council shows that 74% of small businesses describe the current business environment as good or excellent. However, with a new Trump administration set to take the White House in January, the key question is how this will impact small businesses moving forward.

To discuss this, Wealth! Host Brad Smith speaks with Karen Kerrigan, CEO and president of the Small Business & Entrepreneurship Council.

Kerrigan notes that the main concern for small businesses is inflation and economic uncertainty.

She emphasizes that "getting stability on policies" will be "very important" for small businesses, which are looking for things like the extension of tax cuts and avoiding any tax increases under Trump. Kerrigan adds that small businesses were most concerned with the prospect of a recession.

Despite these worries, Kerrigan expresses optimism, telling Wealth: "I think we're going to have a good 2025."

On the employment front, Kerrigan acknowledges that labor "has been a huge issue" for small businesses due to the lack of available skilled workers and capital. She says this "has not [been] allowing them to operate at full capacity."

However, Kerrigan notes that small businesses are increasingly embracing AI and using technology to find solutions to their labor challenges, calling it "a game-changer."

Watch the video above to hear how Kerrigan thinks Trump's potential tariff policies will impact small businesses.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Angel Smith