The confidence of Welsh businesses has taken a dip in the last three months according to the latest survey.
Turnover and export growth have slowed, and profits aren't up as much as hoped.
It's feared that Wales, where there is a heavy reliance on the public sector, will see unemployment rise, with a weak expected growth in jobs.
"The summer of sport has been very good in so many respects but perhaps not necessarily for business" says David Lermon, Director of The Institute of Chartered Accountants in England and Wales.
"Businesses I know are holding onto their cash, not quite sure whether to make that big investment or not because they don't see other businesses demonstrating the confidence that they themselves don't have".