The Revenued Q3 2025 State of Small Business Report, which gathered insights from 131 SMB owners who are also Revenued accountholders, goes beyond broad economic headlines to capture the realities on the ground, highlighting the resilience and strategic ingenuity driving these businesses forward. The names and businesses of those surveyed have been anonymized for the privacy of Revenued accountholders, but quotes are used verbatim.

Key findings from the survey and the companion podcast, The Revenued Review, include:

• The Pervasive Impact of Tariffs: A notable 67% of SMBs reported being directly affected by tariffs in the past year. This impact manifests as increased costs for goods, significant delays in inventory, and forced supplier changes. As one podcast speaker noted, "It's not just a theory; it's a very real situation for them."   

• Manufacturing and Construction companies are particularly vulnerable, with 78% citing substantial cost increases on raw materials. One survey participant, owner of a Texas construction company, shared in the podcast, "Copper wire prices jumped 25% in just two months, and we had to start stockpiling materials to manage costs."

• Coastal states with high import dependencies, such as California and New York, are feeling a greater impact, with 72% of SMBs in these areas reporting tariff-related delays.
• Inflation as the Top Operational Challenge: 39% of SMBs identified inflation as their single biggest operational hurdle. In a "brutal balancing act," 60% of businesses are raising prices, while 38% are absorbing costs, leading to a painful 11% reduction in their average margins year-over-year

• One owner of a retail group in Florida, described the squeeze in The Revenued Review podcast: "We can't keep raising prices without losing customers, but costs keep rising. We've already halved our margins this year."

• Persistent Labor and Capital Hurdles: 62% of SMBs reported difficulty finding qualified workers, with many unable to afford new hires. This is compounded by a challenging financing landscape, where a staggering 49% of SMBs were denied a traditional bank loan in the last two years, leading 70% to turn to alternative financing options, like Revenued

• The survey and podcast reveal that startups and younger businesses are most impacted, with 68% being denied traditional loans. "We've been turned down by three banks this year. Without revenue-based funding, we wouldn't have made it through the slow months," said one Georgia business owner surveyed.

• Unexpected Optimism Drives Growth: Despite these challenges, an impressive 88% of SMB owners expressed confidence about the upcoming year. This optimism is translating into action, with 68% planning to invest in business growth and 58% intending to hire additional staff.

The survey also highlighted the ingenuity of entrepreneurs, who are actively building resilience by diversifying revenue streams, negotiating longer-term contracts, and building cash reserves. As a manufacturing owner from Ohio shared, "I always remind myself to prepare for the worst and expect it to happen. We almost lost our business because we didn't have enough savings."

For a deeper dive into these findings and to hear direct commentary from business owners, listen to the companion episode of The Revenued Review podcast on YouTube and Spotify.

Read and download the complete Revenued Q3 2025 State of Small Business Report at: https://www.revenued.com/tariff-impact-small-businesses