The Thryv Small Business Index of Nearly 10,000 Small Businesses Shows Healthy Increases in Payments, Appointments, and Invoices
The newly introduced Thryv Small Business Index from Thryv Holdings, Inc., which will report quarterly on the health of U.S. small- to medium-sized businesses (SMBs), found that small business activity in the first quarter of 2022 surged 38% over the first quarter of 2021. Overall activity is measured based on actual small business data recorded within the Thryv small business platform in three key categories — appointments booked, invoices issued, and payments processed – and all were up double digits during the measurement period.
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“We’re hearing anecdotally from our clients that their customer pipelines remain strong, and this data corroborates that perspective. Consumer confidence and spending are rebounding and a current backlog of business translates into continued demand for SMB products and services.”
The Thryv Small Business Index tracks the actual activity and performance of 9,500 SMBs in a wide range of business categories who have used Thryv’s cloud-based small business platform for at least one year.
“Tens of thousands of small business clients run their businesses on the Thryv platform and so their level of activity, as measured on the platform, correlates to the vibrancy of their businesses,” said Joe Walsh, CEO of Thryv. “They made a decision to modernize their businesses and, as a result, many were better able to handle the challenges of the past few years. The data from the first quarter of 2022 tells a remarkable story of resilience by American small businesses even in the face of the unprecedented headwinds of inflation, supply chain disruptions, a global pandemic and labor shortages.”
Data Tells the Story of SMB Resilience
The Thryv Small Business Index tracks the actual activity and performance of over 9,500 SMBs in a wide range of business categories who have been using Thryv’s small business software platform for at least one year. The Index found that activity surged in all three measured categories — payments (22% increase year over year), appointments (86%), and invoices (14%). Appointments are considered a leading indicator of demand and future revenue, and so the near doubling of appointments suggests business results in the near term should remain robust.
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Said Walsh: “The ability to maintain this level of activity suggests that the rebound in small business activity was not a single event but rather a fundamental shift in how small business owners manage their businesses. These owners have learned how to do more with less and how to use technology to both manage and market their business. Thryv offers them modern software tools that essentially put their office in their pocket – so they can run their business whether they are working on a job at a customer location or they are on the sidelines watching their kids at the soccer field.”
“Based on this small business activity data, SMBs using Thryv software are positioned to perform well even as inflation and supply chain constraints drive up the cost of doing business,” explained Walsh. “We’re hearing anecdotally from our clients that their customer pipelines remain strong, and this data corroborates that perspective. Consumer confidence and spending are rebounding and a current backlog of business translates into continued demand for SMB products and services.”