Xero research finds Aussie entrepreneurs aren’t acknowledging key
business milestones
What’s happening: Only 51% of Australian small business owners report achieving a business milestone this year, with almost a third saying they haven’t reached one in over three years. Despite 59% recognising the importance of celebrating wins, just 21% actually take time to mark these moments.
Why this matters: Research shows celebrating achievements delivers measurable benefits: 80% report improved employee wellbeing, 79% see better performance, and 78% note higher morale. Yet Australian entrepreneurs continue overlooking these ‘made-it moments’, potentially missing opportunities to build resilience and long-term success.
Australian small business owners are struggling to recognise their own achievements, with new research suggesting this oversight could be costing them more than just a celebration.
A report from global small business platform Xero, surveying 500 Australian small business owners, reveals that only 51% have achieved a business milestone this year. Almost a third (32%) say they haven’t reached one in more than three years.
The celebration gap
While 59% of owners recognise the importance of celebrating wins, just 21% take the time to mark these moments. This gap persists despite compelling evidence of benefits: 80% report improved employee wellbeing, 79% cite better performance, 78% note higher morale, and 67% see increased team happiness as results of celebration.
Angad Soin, Managing Director ANZ and Global Chief Strategy Officer at Xero, attributes this to time pressure and cultural attitudes.
“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,” Soin said.
“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.”
Milestones overlooked
The research reveals which achievements Australian entrepreneurs consider worth acknowledging. Half or fewer cite gaining repeat customers (50%), being able to pay themselves a salary (47%), and receiving positive customer reviews (41%) as moments worth recognising.
Even fewer mark milestones like reaching profitability targets (35%), launching the business (31%), making the first sale (30%), and expanding into new regions or countries (16%).
Macroeconomic pressures
Business owners cite several factors impacting their ability to reach achievements. Macroeconomic pressures like inflation and rising interest rates affect 83%, whilst the particular product or service they’re selling influences 53%, and employees impact 46%.
However, once businesses experience a made-it moment, they report feeling happier (67%) and energised (71%). They also say it improves business performance (72%) and productivity (70%).
“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,” Soin added.
Building momentum
The Laundry Lady, a Sunshine Coast-based entrepreneur, described her ‘made-it moment’ as seeing her mobile laundry service featured in a national campaign. That moment affirmed she wasn’t just washing clothes, but building a purpose-driven business that made life easier for both families and professionals alike.
Small business owners in Australia spent an average of AU$4,600 celebrating over the past 12 months. Yet Xero 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.
More information is available at: https://www.xero.com/au/campaign/made-it-moments/
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