New research from global small business platform, Xero, has revealed Australian entrepreneurs may be overlooking the significance of their achievements, with only 51% of small business owners reporting they’ve achieved a business milestone this year, and almost a third (32%) saying they haven’t reached one in more than three years.
The research report, which surveyed 500 Australian small business owners, found that 59% of owners recognise the importance of celebrating wins, but just 21% take the time to celebrate each of these moments, despite many reporting benefits including improved employee wellbeing (80%), performance (79%), morale (78%), and team happiness (67%) as a result.
Angad Soin, Managing Director ANZ and Global Chief Strategy Off icer at Xero said: “We know small business owners are often stretched for time, to the point that they’re not stopping to recognise their achievements. However, capitalising on those ‘made-it moments’ is not only enjoyable, it’s good for business.
“When our culture only acknowledges success via a global ranking, it tells founders their progress at home doesn’t count. A smarter approach is to champion the incremental wins, because that’s what builds the momentum and resilience needed for long-term success,” Soin said.
Supercharging business milestones to made-it moments
Among the most commonly cited business milestones, half – or less than – of Aussie entrepreneurs consider gaining repeat customers (50%), being able to pay themselves a salary (47%), and receiving positive customer reviews (41%) as moments worth acknowledging. Even fewer small businesses mark milestones like reaching profitability targets (35%), launching the business (31%), making the first sale (30%), and expanding into new regions or countries (16%).
There were a number of factors cited by business owners as having an impact on reaching their achievements, including macroeconomic pressures like inflation and rising interest rates (83%), as well as the particular product/service they’re selling (53%) and also their employees (46%). However, once businesses did experience a made-it moment, they reported feeling happier (67%), energised (71%) and said it helped improve business performance (72%) and productivity (70%).
Soin added: “For Australia to compete, we must get serious about fostering ambition. That starts by valuing the moments where a small business proves it’s building something that is not only scalable, but meaningful.”
This was the case for Sunshine Coast-based entrepreneur, The Laundry Lady, who described her ‘made-it moment’ as seeing her mobile laundry service featured in a national campaign. That moment aff irmed she wasn’t just washing clothes, but building a purpose-driven business that made life easier for both families and professionals alike.
While small business owners in Australia spent an average of AU$4,600 celebrating over the past 12 months, Xero also acknowledges the reservations of those who don’t see it as a good use of money or are concerned it may set an unsustainable precedent with employees.
For this reason, Xero has developed a suite of resources, alongside the findings, to help small business owners build a culture of celebration and recognition at little cost. Find out more at: https://www.xero.com/au/campaign/made-it-moments/ .