Taxes, the state of the economy and fuel costs topped small business owners' list of worries, according to the Small Business Research Board. Over the next 12 to 24 months, only 31 percent of respondents intend to expand their services or product offerings.

The forecast isn't all gloomy, however: 51 percent of respondents believe that the economy will improve within the year, and 61 percent believe that their revenues will increase during that same time. Reflecting this optimism, 41 percent will add employees in the coming 12 months.