DALLAS--(BUSINESS WIRE)--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.
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.