Canadian small business owners least likely to celebrate wins, according to Xero

Toronto, ON — August 14, 2025 — New independent research from Xero, the global small business platform, reveals only 17% of Canadian small business owners believe celebrating all milestones is important, and 28% don’t (or don't intend to) celebrate any wins at all.

Canadian small business owners were also the least likely to report having reached a milestone in the past year (49% vs. 57% total). Plus, they were more likely to have a gap of longer than three years since they reached their last milestone (34% vs. 27% total).

This lack of celebration stands in contrast to the positive impact it can have. The Made-It Moments report highlights that businesses that recognize milestones experience a higher average revenue increase than those that don't (30% vs. 19%). For Canadians, this missed opportunity is largely due to either "never thinking about celebrating" (49%), or feeling that it’s simply not "in [their] nature to celebrate" (28%).

"The reality behind this research is that small business owners are often stretched for time and may not stop to recognize their achievements," said Andrew Kanzer, Managing Director North America at Xero. "This data serves as a powerful reminder that celebrating ‘made-it moments’ is a vital part of the journey. It's not just good for morale; it's a crucial component for sustained business success."

The journey to each business milestone is often an emotional rollercoaster, a sentiment validated by the research. In the lead-up, Canadian small business owners reported feeling motivated (46%), happy (39%), proud (38%), and enthusiastic (32%). After reaching their goals, these same emotions intensified, with many feeling even more proud (60%), happy (54%), and motivated (36%).

Despite the emotional rollercoaster of their business journey, Canadian entrepreneurs are remarkably resilient. They were the least likely to blame macroeconomic conditions for their struggles, with only around a quarter (25%) saying it made a big impact on their ability to achieve milestones—the lowest share of all countries surveyed.

“Canadian small business owners’ determination to overcome challenges highlights why celebrating their personal wins is so significant,” said Kanzer. “Pausing to affirm their journey, purpose, and success provides the momentum they need to continue moving forward.”

Supercharging business milestones to made-it moments

When it comes to achieving their goals, Canadian small business owners are most motivated by financial success (64%), feeling they’ve done a good job (53%), and making themselves proud (48%). Uniquely, they cited an above-average response for feeling they have made a difference (40% vs. 36% globally), while being the least likely to be motivated by making those around them proud (22%). The research also found a wide interpretation of what constitutes a milestone, with achievements ranging from closing out the first tax year to making a first sale or reaching revenue targets.

For Sean Hoff, Founder of Moniker, an award-winning Toronto-based corporate retreat planning agency, a standout “made-it moment” was taking his company to Tuscany for their 10-year anniversary in 2023. “Our 10-year anniversary trip to Europe really felt like a significant achievement, especially after successfully navigating the pandemic without layoffs and actually managing to double our staff as a travel company during COVID.” said Hoff.

Though Canadian small businesses are less likely to celebrate, when they do they invest heavily. On average, Canadian business owners spent $5,011 CAD on celebrations over the past 12 months—the second highest of any country surveyed. However, this high spending contrasts with the reservations of many owners who don’t see celebration as a good use of money or are worried about setting an expensive precedent with employees that could be difficult to maintain.

Fortunately, celebrating business wins doesn’t require a big price tag. As Hoff points out, his philosophy is about putting people before profits. “By following our core philosophy of investing in our people, and prioritizing their long-term prosperity over short-term profits, we’ve been able to foster loyalty and increased engagement. We’ve even given bonuses in loss-making years to recognize employee effort. At the end of the day, celebrating milestones, no matter how big or small, creates momentum and motivation and reminds teams how far they've come,” said Hoff.

The global report is available here.

ENDS

Media Contact

Xero Canada | Rola Tfaili | rola.tfaili@xero.comResearch Methodology

This research was commissioned by Xero and facilitated by One Picture and is based on an online survey of 2300, independently recruited, small business owners (SBs) across seven markets (300 in each of the UK, the US, New Zealand, Canada, Singapore, and South Africa and 500 in Australia). Survey fieldwork was run between 15 April 2025 and 30 April 2025. Participants came from a spread of industries and the data was weighted by employee size to be as representative of each market as possible. All markets were weighted to be equally represented when looking at the total.

About Xero

Xero is a global small business platform that helps customers supercharge their business by bringing together the most important small business tools, including accounting, payroll and payments — on one platform. Xero’s powerful platform helps customers automate routine tasks, get timely insights, and connects them with their data, their apps, and their accountant or bookkeeper so they can focus on what really matters. Trusted by millions of small businesses and accountants and bookkeepers globally, Xero makes life better for people in small business, their advisors, and communities around the world. For further information, please visit xero.com.