inTandem by vcita Data: US SMBs Lost Out on Over $27B in Unearned Income in the First Half Of 2023 Due to Client No-Shows

[Seattle, WA October 24, 2023] According to new data revealed today by inTandem by vcita, the SMB technology platform for organizations that serve the SMB market, US SMBs lost out on over $27B in unearned income in the first half of 2023 due to clients not showing up to scheduled meetings*. These no-shows, as well as last-minute cancellations, are robbing small business owners, who tend to struggle with cash flow, of the opportunity to fill that time with a paying client.

Late Payments Persist: A Challenge for SMBs

Online payments speed up transactions but fail to address late payments. Data shows customers take longer to pay, averaging 22 days for SMBs to collect payments in 2023, posing cash flow challenges.

“This data is a wake-up call showing that SMBs are still losing revenue and struggling to manage cash flow due to operational challenges that can easily be solved with technology, and our mission is to make this type of technology accessible to more SMBs,” said Itzik Levy, CEO and Founder of inTandem by vcita. “At inTandem by vcita, we are supporting SMBs and organizations that serve them with the digital tools they need to future-proof their business and to fulfill their business potential.”

Additional Insights:

Growing Popularity of SMB Services:

Consumer bookings with small businesses rose by 10% between 2021 to 2022 and by an additional 21% between 2022 and 2023, possibly due to increased support for local businesses during the COVID-19 pandemic.

Increased Use of Digital Tools:

When it comes to frequency of usage, SMBs are using digital tools more consistently and more often. The percentage of SMBs using the vcita platform daily grew by 11% between 2021 and 2022 and by an additional 46% from 2022 to 2023. These results show that there is not only a growing demand for digital tools, but that once acquiring these tools, SMBs will likely use them frequently and consistently.

*The findings were generated based on data gathered from more than 10,000 SMB vcita users who had a total of 76,703 no-shows in the first half of 2023, an average of 7.67 no-shows per business over six months. The average value of an SMB meeting was estimated at $107. With 33,185,550 SMBs across the U.S., according to The Office of Advocacy of the U.S. Small Business Administration, those businesses missed out on an estimated $27.2B in revenue due to client no-shows.

For more information, please see here.

About inTandem:

inTandem by vcita is a technology platform designed for organizations serving the SMB market. Partnerships with banks, financial service providers, marketing agencies, MSPs, and telcos help deliver innovative digital solutions to engage SMB customers, increase retention, and develop new revenue opportunities.

For more information, visit intandem.vcita.com or follow us on LinkedIn.

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