Xero, a global small business platform, has published new independent research revealing South African small businesses celebrate their milestones the most out of seven countries surveyed. South Africa topped the charts for recognising achievements with 92% reporting they currently celebrate, or plan to celebrate, milestones well ahead of their peers in other countries.
The study, which surveyed 300 South African small business owners, along with their counterparts in the UK, the US, Canada, Australia, New Zealand and Singapore, highlights the moments that are critical to small business success. Xero undertook the study to encourage small business owners to recognise their hard work and achievements, reinforcing that acknowledging small wins is as vital as the wins themselves.
More South African small businesses reached a milestone within the last three years (86%) than any other country surveyed. The top three milestones are the ability to pay themselves (55%), having repeat customers (55%) and receiving positive reviews (49%).
Making money (67%) and making themself proud (61%) are the top motivators for South African small business owners. Other key drivers include making those around them feel proud (41%), followed by solving a real problem (41%), along with contributing to the community (38%).
Small business owners in South Africa acknowledge the positive impact of celebrating success on employee morale (92%), performance (89%) and believe it has an overwhelmingly positive impact on their energy (85%), motivation (88%) and happiness (75%).
