British small business owners are being urged to shed their modesty and celebrate their wins after new research found those who do enjoy significantly faster growth.
A study commissioned by accounting software firm Xero found that UK companies which actively marked milestones with staff saw average annual revenue growth of 30%, compared to just 19% for those that took a “keep calm and carry on” approach.
The survey of 2,300 companies across seven countries — including 300 in the UK — found British business owners were the least likely to celebrate success, with just 55% doing so compared to a global average of 71%.
Among those who chose not to mark achievements such as hitting sales targets or securing key clients, almost two-thirds (64%) said the idea had never crossed their minds.
By contrast, firms that did celebrate spent an average of £1,856 over the past year on activities ranging from ringing a sales bell and treating staff to drinks, to organising team trips. Two-thirds (65%) said it boosted motivation, while 57% said it reminded them why they started their business.
Laura Jackson, co-founder of London-based gourmet snack brand Popcorn Shed, said: “It feels very British to ‘keep calm and carry on’, and sometimes that means we don’t stop to acknowledge how far we’ve come. One of my biggest milestones was seeing our popcorn being eaten ‘in the wild’ at an outdoor film screening by someone I didn’t know. It was a really happy moment.”
Jesse Wilson, founder of fast-growing fruit beer brand Jubel, said celebrating people had a “hugely positive impact” on productivity and energy. “We have our ‘Jaftas’ — the Jubel Annual Flipping Talented awards — voted for by the team and presented on our annual ski trip to the Snowboxx Festival in Avoriaz. To say the team love it would be an understatement.”
When asked about their biggest milestones, 41% of UK founders cited the point at which they could pay themselves a wage, 38% said securing their first repeat customer, and 33% pointed to becoming profitable.
Kate Hayward, UK managing director at Xero, said: “It’s easy for small businesses to get caught up in the daily grind but they deserve to pause and give themselves a pat on the back every now and then.”
Richard Alvin, the awards director of the Business Champion Awards, agreed with the survey findings, saying:”British business awards are one of the best ways to do three things for your business; show that you have been recognised as being a leader in your respective field and boost your standing to prospective customers, get your team and external stakeholders external recognition to show that they are above their peers and reassure your current customers that they have the best in your sector in their supply chain”.
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UK small firms that celebrate success see faster growth, Xero study finds