I assume, from how you've written your question, that it refers to chapter 13 of The Hobbit ("Not at Home" it the title of that chapter). What's interesting, however, is if you actually look towards the plot of the overall book, you'd find that, when the company arrives at the Lonely Mountain, Smaug actually is very much present. Bilbo even converses with the dragon. With that in mind, it might be more accurate to phrase this question more along the lines of why did Smaug leave the mountain rather than why was he not there . . .
The Hobbit gives a fairly straightforward answer to this question actually. We need to look back towards the events of chapter 12 to find it. In that chapter, we see Bilbo steal from Smaug while the dragon is sleeping, something which sends the dragon into a rage. Later, when Bilbo returns, Smaug is there waiting for him, and we even see the two converse. Smaug is aware that Bilbo and the company have received help from the people of Laketown. It is for this reason, to launch an attack on Laketown, that Smaug leaves the mountain. We see the dragon's attack, and his death, in chapter 14, "Fire and Water."
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