Xero, the global small business platform, has published new independent research revealing that nearly six in ten (59%) small businesses in Singapore believe celebrating milestones is important. However, nearly a fifth (18%) say they don’t celebrate any wins at all, citing barriers such as financial constraints or a lack of milestones significant enough to justify a celebration.
“Small business owners have to juggle the many everyday pressures of running a business. This means they often don’t have the time – or energy – to take a beat and celebrate wins,” said Koren Wines, Managing Director, Xero Asia. “But our new campaign shows that celebrating milestones can, in fact, be beneficial for businesses.”
Globally, on average, businesses that celebrate milestones experience higher revenue increases than those who don’t (30% vs. 19%). Singapore business owners also saw a positive impact on employee morale (87%), wellbeing (85%), and performance (84%).
The research found that milestones are often hard-won, with only about half (54%) of Singapore business owners saying they reached a milestone within the past year. Almost a quarter (23%) of respondents said the last time they achieved a milestone was more than three years ago.
It can also be an emotional rollercoaster just getting to each business milestone. In the lead up, Singapore business owners felt motivated (44%), excited (35%) and happy (34%). Of all the countries surveyed, business owners in Singapore were the happiest after achieving a goal (61% vs. global average of 55%). 45% felt proud, while 44% said they were motivated.
“In dynamic and competitive markets like Singapore, running a small business can often feel like a constant balancing act — especially against a backdrop of economic uncertainty. It’s understandable that many small business owners are focused on staying resilient and keeping things moving forward. But that’s exactly why it’s so important to pause and recognise the milestones along the way. Taking a moment to celebrate your wins — big or small — isn’t just about reflection. It’s about honouring your purpose, your progress, and the impact you’re making,” said Wines.
Supercharging business milestones and made-it moments
The top business milestones identified by Singapore’s small business owners include being able to pay themselves (41%) and receiving positive reviews (36%), alongside other achievements like closing out the first tax year, making the first sale and reaching revenue targets.
“When you speak with small business owners, it’s clear that success often reveals itself in both small and significant moments — making a difference for a customer, winning a new contract, or simply a day where everything clicks. These are the moments that remind them they’re on the right path, building something meaningful.”
For example, Karina Cady, Chief Executive Officer of Nandina REM, recalls her biggest made-it moment as the first time she held a piece of reclaimed carbon fibre in her own hands. Leveraging advanced technologies, Nandina REM is the world’s first company to recycle reclaimed end-of-life aircraft into aviation-grade carbon fibre.
“I was so overwhelmed. I couldn’t believe we went out and did this,” said Cady. “Since launching Nandina REM, I never wake up dreading going to work – there’s so much joy in what we are doing. I’m trying to figure out how to bottle that essence in the workplace culture we build for the future.”
The research found that over the past 12 months, small business owners in Singapore spent an average of S$8,451 on celebrations – more than double the global average (S$3,629) and making local businesses the most willing to invest in celebratory events.
However, celebrating business wins and made-it moments does not need to come with a large price tag. Cady recalls how she used to organise potluck dinners at home for her team when celebrating milestones, believing it was crucial for everyone to connect and feel comfortable.
“We still do a lot of the cooking ourselves for celebratory get-togethers today. That in itself is like a team building activity. It’s all about creating time to get to know and value your team in a non-work context. Spending money gives options, but it doesn’t guarantee an enjoyable celebration,” Cady said.
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