Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of the leading small business software platform, today 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.
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.”
To access the full Thryv Small Business Index, visit: https://info.thryv.com/2023-smb-index.
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.
About Thryv Holdings, Inc.
Thryv Holdings, Inc. (NASDAQ:THRY) is a global software and marketing services company that empowers small- to medium-sized businesses (SMBs) to grow and modernize their operations so they can compete and win in today’s economy. Over 65,000 businesses use our award-winning SaaS platform, Thryv®, to manage their end-to-end operations, which has helped these organizations across the U.S. and overseas grow their bottom line. Of Thryv’s approximately 400,000 business customers, most also use its digital and print presence products, connecting these SMBs to local consumers via proprietary local search portals and local directories. For more information about Thryv Holdings, Inc., visit thryv.com.
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