Introduction: In recent years, small businesses in Sweden have operated in an economic environment characterized by rising inflation, increasing costs and growing geopolitical uncertainty. These developments have affected firms’ financial conditions and raised questionsabout how small business owners make financial decisions under uncertain economic circumstances.Aim: The purpose of this study is to analyze how small business owners in Sweden make and reassess financial decisions regarding investments, financing and liquidity during periods of economic uncertainty.Theory: The study draws on research on small business financing and the Pecking Order Theory. In addition, literature on decision-making in owner-managed firms is used to understand how experience, risk perception and uncertainty influence financial priorities.Method: The study applies a qualitative research design based on eight semi-structured interviews with small business owners operating in restaurants, retail and service sectors. The empirical material was analyzed through thematic analysis focusing on how respondents describe financial priorities and strategic adaptations in uncertain economic conditions.Findings: The findings show that small business owners primarily prioritize liquidity, cost control and financial flexibility during periods of economic uncertainty. Investments and expansion plans are often postponed in favor of measures that strengthen short-term financial stability. Conclusion: The study shows that financial decisions evolve gradually over time as new uncertainties emerge. While the Pecking Order Theory partly explains the observed financing preferences, the results indicate that financial decisions are strongly shaped by the entrepreneur’s experience, risk perception and need for control.Keywords: Small business owners; inflation; geopolitical risk; financing decisions; liquidity; Pecking Order Theory