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But many express concerns about being overworked and having continued difficulty in hiring qualified staff
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Nearly half of SMB owners expect overall revenue growth in 2024
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Nearly 85% of Small Business Owners are at risk of burnout
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70% plan to operate their business until retirement
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81% say technology has improved customer experience
Thryv, the provider of the leading small business software platform, released the Thryv 2023 Small Business Index, detailing a comprehensive view of the market indicators impacting small businesses as they prepare for 2024.
The index discovered that SMBs are generally optimistic and have a positive outlook on their industries and their ability to gain customers and make profits. SMBs are turning to technology to overcome challenges and become more competitive, and, in some cases, technology is enabling them to compete with larger firms.
But on the less positive side, many SMB owners reported they are at risk for burnout. Eighty-six percent work nearly 50 (48.5) hours per week, while 38% say they have issues hiring.
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Key Takeaways:
- Business optimism: More than half (56%) of SMBs believe their overall revenue will increase this year and, of those expecting an increase, 42% believe revenue growth will exceed 20%.
- Owners are in it for the long haul: Even though small businesses are over-extended, owners are in it for the long haul. A majority (68%) plan to continue operating their business until they retire.
- SMBs are using technology to improve customer experience: Even as owners work more hours, more than half of their time (55%) is spent on non-customer-related activities. To become more customer-first, they’re turning to technology, with 81% noting that tech has resulted in improved customer experience.
“The past several years have seen tremendous growth for many small businesses while simultaneously creating moments of uncertainty due to the pandemic, increased workloads and hiring challenges. The data in our Small Business Index highlights the incredible drive of U.S. small business owners today,” said Joe Walsh, Chairman and CEO of Thryv. “They’re committed to their success, and I am proud Thryv can support and propel their journeys.”
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Study Methodology
Thryv engaged Savanta to conduct original research for the index from an online survey of 518 small business owners in various industries across the United States.
All respondents met the following criteria:
- Full-time employee and/or a business owner/self-employed over the age of 21.
- A decision maker in their position at a company that has been in business for at least one year.
- Business size is less than 100 employees with approximate annual revenue ranging from $50,000 to $50,000,000.
Fieldwork took place between August 1 and August 16, 2023. We developed the Thryv Small Business Index surveying hundreds of small businesses (outside of our customer base). The report analysis is also informed by the knowledge we have through our large, international customer base.