Earlier this month, we released the “Thryv Small Business Index” report. According to the index, small business saw a 38% increase in activity between Q1 2021 and Q1 2022.
This report analyzes data from 9,500 Thryv software users. Year over year, these software users booked 86% more appointments using Thryv. They also sent 14% more invoices and processed 22% more payments.
As the index report explains, appointments are considered a leading indicator of demand and future revenue. With appointments nearly doubled, business results in the near term should continue to be robust.
Small Businesses In Demand?
So naturally, we wanted to know: Why are small businesses using Thryv seeing such an increase in demand?
“The trends we’re seeing are very clear. Small businesses who adopt digital platforms and tools are going to fare better in times of economic uncertainty; just as they did during the pandemic,” says Thryv’s Chief Product Officer Ryan Cantor.
Hiring issues, supply chain shortages and increasing inflation are the main challenges small businesses currently face.
“The ability to maintain this activity level suggests the small business rebound was not a single event but rather a fundamental shift in how small business owners manage their businesses,” says Thryv’s Chairman and CEO Joe Walsh. “These owners have learned how to do more with less, and how to use technology to manage and market their business.”
Thryv’s Small Business Success Tools
Over the past 12 months, Thryv’s product development has focused on a few key areas to help small businesses:
- Optimize Google search results
- Enhance customer communications
- Get paid easier faster and easier
“With the current supply chain challenges and growing price pressures, improving efficiency and reducing payment processing fees will be incredibly important,” Cantor says.
Thryv’s platform product enhancements include a Google dashboard and Google Optimization add-on to optimize local business listings. Customer communications have been centralized and simplified into a single inbox.
And with ThryvPay, small businesses also have more affordable digital payment options and features, which today’s consumers demand.
“The platform and tools Thryv provides small businesses, coupled with our service and support, demonstrates our commitment to helping them through uncertainties,” Cantor says. “They’re not in it by themselves.”
The index, Cantor explains, illustrates that the most resilient small businesses are those focused on convenience and customer experience. They also are the ones adopting digital tools for their customers’ benefit, creating smoother operations.
“These businesses are faring better with tight labor markets because they can do more with less,” he says. “They’re faring better with unpredictable demands because they’re easy to do business with.”
We will release the “Thryv Small Business Index” report each quarter, including greater detail about how different industries perform over time. When analyzing data for this first report, we noted the home services industry in particular saw an overall business activity increase of 24%.
Similar to all small businesses, the home services sector (encompassing businesses such as cleaning, landscaping and home improvement services, among others) saw an 80% increase in appointments, sent 14% more invoices and processed 12% more payments.