In the fast-paced world of small business ownership, taking time to pause and celebrate achievements—big or small—can sometimes feel like a waste of time or not that meaningful. Yet, research from Xero, the global small business platform, underscores the tangible benefits of acknowledging these moments.
Two recent studies, one focused on Canadian small business owners and another surveying 2,300 small businesses across seven countries, including the U.S., reveal contrasting attitudes toward acknowledging milestones and highlight the positive impact of reflecting on “made-it moments” on business development.
In Canada, Xero’s research report paints a somewhat sobering picture of how small business owners view milestones.
Only 17% of Canadian small business owners believe it’s worthwhile to acknowledge all milestones, whether they’re major achievements like landing a big client or smaller victories like completing a challenging project.
Meanwhile, 28% of respondents either don’t acknowledge these moments or have no intention of doing so.
This reluctance to reflect positively on progress could stem from the relentless demands of running a small business, where owners often prioritize immediate tasks over moments of reflection.
However, this mindset may come at a cost, as Xero’s broader research suggests that thoughtfully marking milestones is linked to improved business outcomes.
Xero’s second study, which includes U.S. small business owners as part of a seven-country survey, offers a counterpoint.
The research found that acknowledging “made-it moments”—those pivotal achievements that mark progress, such as launching a new product, hitting a revenue goal, or even surviving a tough quarter—has a measurable impact on business performance.
Businesses that regularly acknowledge these moments report stronger outcomes, including increased revenue and greater resilience.
The act of recognizing milestones fosters a culture of positivity, motivates teams, and reinforces a sense of accomplishment, which can drive further growth.
The contrast between the Canadian and U.S. findings highlights a cultural or operational divide.
In Canada, the low emphasis on reflecting positively on milestones may reflect a pragmatic approach to business, where owners are laser-focused on survival and day-to-day operations.
The Xero Canada report notes that small business owners often face unique challenges, such as navigating economic uncertainty or managing cash flow, which may leave little room for reflection.
Yet, the broader seven-country research study suggests that this mindset could be limiting.
By not acknowledging progress, Canadian small business owners may miss opportunities to boost morale, strengthen team cohesion, and build momentum for future progress.
The U.S. findings, in particular, emphasize the ripple effect of marking milestones.
Small businesses that take time to acknowledge achievements—whether through team meetings, public recognition, or personal reflection—tend to see improved employee engagement and customer loyalty. This may largely be due to the important psychological connection and sense of being valued that humans need.
These businesses also report higher revenue growth, as being more mindful / aware of milestones can reinforce a sense of purpose and direction.
For example, a small business owner who marks the launch of a new service with a team event not only boosts internal morale but also signals confidence and progress to customers and stakeholders.
Xero’s research offers practical takeaways for small business owners everywhere.
First, simply becoming more aware of these milestones doesn’t have to be too elaborate or costly.
Simple gestures, like thanking employees for their hard work or sharing a milestone on social media, can go a long way.
Second, making milestone recognition a regular practice can create a positive feedback loop, where small wins build momentum for bigger achievements.
Finally, business owners should view reflection as a strategic tool, not a distraction.
By pausing to meaningfully reflect on progress, they can gain clarity on what’s working and where to focus next.
For Canadian small business owners, Xero’s findings serve as somewhat of a wake-up call.
While the instinct to keep grinding is understandable, the data suggests that taking time to thoughtfully reflect on “made-it moments” can potentially unlock new levels of progress.
Across the border, US based small businesses are said to be reaping the rewards of this approach, with stronger outcomes tied to a culture of recognition.
As small businesses navigate an ever-changing economic environment, Xero’s research makes one thing clear: reflecting on milestones isn’t just a feel-good exercise—it could actually turn into a smart business strategy.