Xero, the global small business platform, has published new independent research analysing how small business owners from Australia, Canada, New Zealand, Singapore, South Africa, the United Kingdom and the United States celebrate business milestones.
Celebrating business wins has clear benefits, with New Zealand small business owners saying it positively impacts business performance (79%), boosts employee morale (81%) and improves employee wellbeing (80%). Despite recognising these benefits, only a little more than half (57%) of respondents believe celebrating milestones is important.
When it comes to business owner age, the trend around not celebrating wins is even more pronounced: For those aged over 60, 59% of Kiwi small business owners don’t celebrate at all (versus 39% of over 60s globally).
Xero New Zealand Country Manager, Bridget Snelling, says the findings indicate New Zealand’s Tall Poppy Syndrome cultural tendencies are likely negatively impacting attitudes towards celebration and it’s time for us to move on.
“We know small business owners are hesitant to make a big deal out of their success and that they’re often stretched for time. But there are many reasons why taking the time to celebrate business wins is good for business. Now we are putting evidence in front of them that shows that it doesn’t always have to be all work and no fun.”
The Xero research reveals that it can also be an emotional rollercoaster getting to each business milestone. In the lead up to a milestone, half feel motivated and more than a third (43%) are excited. But a fair number of owners experience anxiety (20%), uncertainty (17%), or stress (17%). Once a milestone is achieved these feelings give way to relief (43%) – the highest compared to other countries – happiness (58%), pride (55%) and motivation (48%).
“This rollercoaster happens while owners are being buffeted by macro-economic conditions, with many reporting an impact to reaching their goals. So when small business owners feel they have achieved something worthy, it makes it all the more important to double down on this moment by pausing to celebrate and affirm their journey, purpose and business success,” says Snelling.
From business milestones to made-it moments
While many New Zealand small business owners agreed that being able to pay themselves was an important milestone (58% – the most internationally), having repeat customers (48%) and receiving positive reviews (41%) were also identified as significant by respondents.
New Zealand is the most likely of all countries to say launching their business (36%), or reaching a certain number of social media followers (24%) are milestones.
Snelling says: “When you talk to small business owners, the reality is it can be small and big moments when they realise they’re onto something good.”
For example, Pete’s Natural founder from Motueka, Mrs Pete, recalls: “I remember the first time our bakery sold more of our natural soft drinks than we did of the Coca-Cola range. That really stopped us in our tracks. It was an early made-it moment when we really started to think that this could be more than just a side project.”
While New Zealand small business owners spent an average of NZD$2,643 celebrating over the past 12 months, Snelling acknowledges the reservations of those who don’t see it as a good use of money or are worried about setting a precedent with employees that could be difficult to maintain.
“Celebrating business wins and unique made-it moments doesn’t need to come with a big price tag. From potluck morning teas, to an office ‘bell ring’, it’s taking that moment in time to reflect and celebrate, not how much you spend, that’s the important thing.”
