Thryv Small Business Index Finds Local Business Activity Surged 38% Year-over-Year
May 11 2022 - 8:30AM
Business Wire
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. (NASDAQ:THRY), 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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The Thryv Small Business Index (Graphic:
Business Wire)
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.
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.”
About the Thryv Small Business Index
The Thryv Small Business Index
tracks the performance of approximately 9,500 SMBs across the
United States. The index is calculated from data reported each
quarter by customers that have used the Thryv software for at least
one year. A quarter’s value is a weighted average of three key
variables – payments, appointments, and invoices – compared with
the baseline index value of 100 when tracking began in Q4 2020.
- 50% for payment amounts received
- 25% for the number of issued invoices
- And 25% for the number of appointments booked
The resulting Thryv Small Business Index number, and
accompanying Thryv Small Business Home Services Index, with a
baseline index value of 100 when tracking began in Q4 2020,
provides insight into the health and vitality of SMBs. As such, the
index serves as a broader economic indicator of consumer sentiment,
considering that SMBs account for about 44% of US GDP and create
over 66% of net new jobs, according to the US Small Business
Administration.
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), franchises, and agencies to grow and modernize
their operations so they can compete and win in today’s economy.
Over 46,000 businesses use our award-winning SaaS platform, Thryv®,
to manage their end-to-end customer experience, which has helped
businesses across the U.S. and overseas grow their bottom line.
Thryv also manages digital and print presence for over 400,000
businesses, connecting these SMBs to local consumers via
proprietary local search portals and print directories. For more
information about Thryv Holdings, Inc., visit thryv.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220511005190/en/
Media: Charity Lacey Gregory FCA Office: 619.368.4373
thryv@gregoryfca.com
Investor: Cameron Lessard Thryv, Inc. 214.773.7022
cameron.lessard@thryv.com
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