CNBC and SurveyMonkey recently released findings from a survey of small businesses conducted in November, after the election. Here’s what issues small business owners said mattered the most to them in the moment:

Fifty-five percent of those polled cited economic growth and inflation as the top issues when it came to who to vote for in the election. Forty-six percent voted for a specific candidate because of social issues.

The survey found that small business confidence has reached its highest level since 2018. Economic optimism and inflation sentiment have also reached new highs, while fewer small business owners are reaping benefits from lower interest rates than expected. Hiring and investment were not as high as expected, but small business owners have increased inventory and wages. There is, however, new concern about tariffs. Forty-two percent of those polled said they expect proposed tariffs to impact their business, while 22 percent expect no impact, and 24 percent are not sure.

The following responses indicate confidence for the coming year:

According to the survey, one in three small business owners (32 percent) view the economy as "excellent" or "good." This is up five percentage points from the prior quarter, when it was 27 percent. It is the highest this has been since Q2 of 2022, which is when CNBC and SurveyMonkey began tracking it. Forty percent of small business owners polled feel that inflation has reached a peak. This is up from 33 percent the prior quarter and twice as high as Q4 of 2022.

Confidence is high in the Fed’s ability to control inflation. Nearly half (45 percent) said they were "very or somewhat confident," up 11 percentage points from the prior quarter, when it was 34 percent. CNBC reports that inflation remains the leading threat to small business owners, but notes that only 28 percent cite it as their largest risk, down from 38 percent the previous quarter.

Sixty-two percent of small business owners said they expected some degree of impact on their business from interest rate cuts in the previous quarter. Now, that’s down to only half. Forty-eight percent said they have had no particular impact, up from 36 percent in the prior quarter.

Twenty-seven percent said they have increased investments in their business, down from the 40 percent who planned on doing so in Q3. Twenty percent have expanded their business, compared to the 37 percent who expected to do so the previous quarter. Twenty-three percent have increased inventory, compared to the 26 percent who expected to do so the previous quarter. Twenty-one percent increased employee wages or benefits, which is on par with those who expected to do so. Only 11 percent have hired more employees. In Q3, 17 percent had expected to do so.

Overall, business sentiment does seem to be influenced by the policies expected to be implemented by the incoming Administration.