Xero, a global small business platform, has unveiled research highlighting the significance of celebrating milestones for small businesses in Singapore. The study found that 59% of small businesses in Singapore recognise the importance of celebrating achievements, yet 18% refrain due to financial constraints or a lack of significant milestones.
The research revealed that businesses celebrating milestones experienced a 30% increase in revenue, compared to 19% for those that did not. In Singapore, celebrating milestones positively impacted employee morale (87%), wellbeing (85%), and performance (84%). Despite these benefits, only 54% of Singapore business owners reported reaching a milestone in the past year, with 23% achieving one over three years ago.
Singaporean business owners identified key milestones such as being able to pay themselves (41%) and receiving positive reviews (36%). Karina Cady, CEO of Nandina REM, shared her experience of celebrating milestones, recalling the joy of holding reclaimed carbon fibre for the first time. She emphasised the importance of creating a positive workplace culture through simple celebrations like potluck dinners.
Over the past year, Singapore small businesses spent an average of $6,200 (S$8,451) on celebrations, more than double the global average. However, Cady noted that meaningful celebrations do not require large expenditures, highlighting the value of team bonding activities.
The research, conducted by Xero and facilitated by One Picture, surveyed 2,300 small business owners across seven markets, including Singapore. The findings underscore the importance of recognising and celebrating business achievements to enhance productivity and morale.
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