Running a small business is rewarding but demanding. From serving customers to managing cashflow and dealing with economic uncertainty, you are constantly juggling different demands and roles.
The daily grind can also make it easy to forget about your accomplishments, and our latest research shows fewer than half (43%) of you regularly get the opportunity to pause and celebrate your wins.
However, behind every milestone is a huge amount of dedication, determination and perseverance. Often your successes will have been years in the making and our study shows just how hard won these moments are, only half (47%) of businesses reached a goal in the last year and 63% in the last three years.
In the face of high inflation, rising interest rates and economic uncertainty, many of you have adapted to operating in a tough environment and it’s testament to your resilience that a third (32%) say macroeconomic conditions had no impact on achieving a milestone.
Whether it’s paying yourself for the first time, the satisfaction of a job well done, or reaching profitability, these are all moments that matter and making the effort to give yourselves a pat on the back could be one of the most impactful things you could do for your business.
Make success a moment
Not only is celebrating progress a feel good moment, it also delivers tangible benefits to your people and the bottom line.
Recognising success provides a significant boost to team morale with 70% of small business leaders agreeing that it improves employee motivation. Even more (78%) think it improves employee wellbeing and performance.
Our research revealed the impact of celebrating also offers financial benefits too. Globally, small businesses that grew but didn’t celebrate saw average revenues rise by 19%. In contrast, those that grew and celebrated milestones saw average revenues rise by 30%. That’s a significant jump so regardless of if it’s a big win or a personal victory, it’s worth carving out the time to mark the moment.
One business that understands this well is gourmet popcorn maker, Popcorn Shed. Co-founder, Laura Jackson, believes that in today’s challenging economic environment, simply staying profitable and trading is an achievement worth celebrating. From day one, joy and celebration have been at the heart of Popcorn Shed’s business. From their first “made it moment” of seeing a stranger enjoy their popcorn at a film screening, to selling out at the BBC Good Food Show and getting interest from Harrods, Popcorn Shed have made a point of celebrating their wins along the way.
The power of pausing
Celebrating doesn’t always have to mean big budgets or extravagant celebrations either. On average, UK small businesses spend just over £1,800 a year on recognising their wins and some of the most meaningful ways cost little or nothing at all. Simple gestures of appreciation like a handwritten thank-you note, a shout-out to staff or an early finish on a Friday can all go a long way and still have a positive impact.
The key is to make it a habit. Set clear goals, track your progress, embrace tools that help you understand your financial health and celebrate when you tick something off your list. As a community that forms the backbone of our economy, you deserve to create the space to reflect and celebrate your wins – big and small – and it could make a real difference to your team, your performance and your bottom line.
Kate leads Xero's business in the UK, playing an active role as an advocate for our customer community. She joined Xero in 2019 and has held critical leadership roles in Xero’s strategy and operations teams, globally and in the UK. Prior to Xero, Kate held strategy roles at Deloitte Australia and KPMG. She holds a Bachelor of Science (Biology) from the University of South Hampton and trained and qualified with the Institute of Chartered Accountants of Scotland (ICAS).
