Few experiences are as fulfilling – or as challenging – as running a small business. Every day brings something new, from keeping customers happy to managing cash flow and staying afloat in an unpredictable economy. With so many competing priorities, it’s no wonder many business owners rarely stop to acknowledge how far they’ve come.
Xero’s research shows only two fifths (40%) of small businesses regularly celebrate their wins. Almost two thirds (64%) of those that don’t celebrate milestones say it’s because they’d never thought about doing so. The British approach of ‘keep calm and carry on’ sometimes means we don’t stop to acknowledge how far we’ve come.
Behind every milestone sits an incredible amount of hard work, determination and perseverance. Success rarely comes easily, and for many, it’s the result of years of effort and commitment. The study shows just how hard-won these moments are, with only half (47%) of small businesses saying they’ve reached a goal in the past year, and 63% doing so within the last three.
In the face of high inflation, rising interest rates and economic uncertainty, many have adapted to operating in a tough environment, and it’s a testament to their resilience that a third (32%) say macroeconomic conditions had no impact on achieving a milestone.
Whether it’s paying the owner for the first time, the satisfaction of a job well done, or reaching profitability, these are all moments that matter. Making the effort to pause and acknowledge success could be one of the most impactful things a small business can do.
Marking your milestones
Celebrating progress is not only a feel-good moment; it also delivers tangible benefits to employees 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 believe it enhances employee wellbeing (78%) and performance (78%).
Our research also revealed that celebrating milestones can have financial benefits. Globally, small businesses that grew their revenue 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 whether it’s a major achievement or a small victory, it’s worth carving out 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 made a point of celebrating their wins along the way.
Turning reflection into growth
Celebrating doesn’t always have to mean big budgets or extravagant gestures. 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, such as a handwritten thank-you note, a shout-out to staff, or an early finish on a Friday, can go a long way and still have a positive impact.
What matters most is making celebration part of the routine. Setting clear goals, tracking progress, and using tools that provide a clear picture of financial health can help small businesses identify when they’ve reached key milestones. When those moments arrive, taking the time to acknowledge them can have a powerful impact on morale, performance, and long-term growth.
Laura from Popcorn Shed has great advice for other small businesses in not waiting for a grand endpoint that may never come: “Walk your own path, don’t compare yourself to others, and never be afraid to ask for advice. The more you connect, the more you’ll realise you’re not on this wild ride alone.”
