Small Business Owners are Bullish on Their Futures, Thryv Small Business Index Shows
December 13 2023 - 8:30AM
Business Wire
But many express concerns about being
overworked and having continued difficulty in hiring qualified
staff
- Nearly half of SMB owners expect overall revenue growth in
2024
- Nearly 85% of Small Business Owners are at risk of burnout
- 70% plan to operate their business until retirement
- 81% say technology has improved customer experience
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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version on businesswire.com: https://www.businesswire.com/news/home/20231213505431/en/
Media Contact: Paige Blankenship Thryv, Inc. 214.392.9609
paige.blankenship@thryv.com
Investor Contact: Cameron Lessard Thryv, Inc.
214.773.7022 cameron.lessard@thryv.com
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