A quarterly survey by data and analytics provider Dun & Bradstreet shows that companies around the world continue to expect a challenging environment in the fourth quarter of 2025, with optimism declining across all five indicators tracked by the company’s Global Business Optimism Insights study.
The study indicates that companies are making a concerted effort to regain control after a year affected by policy uncertainty, cost pressures, and uneven supply and demand. To achieve this goal, they are making deliberate changes in their responses – focusing more on local markets, reducing exposure to unstable supply routes, and making their operations increasingly more flexible.
These conclusions come from data collected from 10,000 companies across 32 economies. The report covers five indicators covering investment confidence, financial health, supply chain continuity, ESG priorities, and overall business sentiment.
The researchers found that large companies adapt more quickly than their small and medium-sized counterparts, thanks to more extensive supplier networks, stronger financial positions, and improved access to global markets. Dun & Bradstreet said these advantages allow for greater flexibility, positioning it to benefit from now relatively stable trade policies, free trade agreements, and the benefits of “support from friends.”
In contrast, medium-sized firms appear to maintain stability by spreading risk across markets and diversifying their sources. Small businesses clearly remain under pressure.
The same pattern applies to investment decision making. Large and medium-sized companies are cautiously increasing capital spending and making better use of existing capabilities. But smaller companies are pulling back, with a growing number of players now delaying or scaling back investment plans due to tight cash flow and uncertainty about demand.
Recommendations for how to move forward in this stormy environment include three points of advice from Dun & Bradstreet. First, companies must reset their growth strategies with a sharper focus on cross-border diversification. Second, companies should map their business footprint – subsidiaries, affiliates, suppliers and customers – in light of macroeconomic conditions across regions to identify isolated growth opportunities or hidden vulnerabilities. Third, given increasing trade frictions and geopolitical instability, companies must urgently reassess supply chain risks, Dun & Bradstreet said. The threat of further disruption – particularly from the Israeli-Iranian conflict and chokepoints such as the Strait of Hormuz – amplifies the case for multi-sourcing, reshoring, or off-shoring where possible. Therefore, companies should prioritize flexibility, not just cost efficiency, in their procurement and logistics decisions.
