Small businesses were slightly less optimistic in November than they were in October, according to a survey of business owners from the National Federation of Independent Business.

In general, respondents said they’re pessimistic about sales and business conditions overall. But at the same time, more business owners said they spent money on capital equipment and fewer of them said they raised prices.

In other words, it’s kind of a mixed bag. So we called up a few small businesses and asked them how they’re really feeling.

Earlier this year, Randy George bought a new dough dividing machine for his bakery and cafe in Vermont, Red Hen Baking Company.

He also bought another machine that lifts the dough into the divider. “We invested more in new equipment this year than we have ever, in fact,” he said.

George says it helps that bread sales have been fairly strong. But he’s also raised wages 7.5% this year. So he hopes the new equipment will help the business become more efficient, to ensure that Red Hen Baking Company will stick around in the long-run.

“You figure out how to survive, when you’re running a small business. So I just see this is all part of that,” George said.

Does that big investment means he’s feeling optimistic about the economy? George said he’s not sure.

Heather Whaling, the founder of the Ohio-based PR company Geben Communication, doesn’t really know how she feels, either.

“My level of optimism or pessimism changes by the day, and sometimes probably by the hour,” she said.

Whaling says her business is doing a lot better than it was last year. Back then, she says many of her clients didn’t want to spend much on marketing because they were nervous about a possible recession.

But Whaling says business hasn’t exactly roared back, either.

“There’s still a level of trepidation, and concern, but businesses aren’t reacting as strongly maybe to the fear,” she said. “There’s just more caution.”

There are some reasons to be hopeful about business in the new year, says Jennifer Niezgoda.

She runs a company called Al Fresko near San Diego that puts on catered events and operates a specialty market.

Niezgoda says sales at the market are doing alright.

“I think we’re already seeing an uptick, like, with the holiday season,” she said.

But Niezgoda says the events side of her business has not been doing so well. So she’s winding it back and investing more time and money into the brick and mortar store.

“For the moment, that’s our main focus, because we see that, as like, the nucleus of the business. And from there, the energy, the events, and everything else can grow out of there. But we need that solid foundation,” she said.

That’s something Niezgoda says she’s learned throughout the last year.