New Xero study reveals celebrating success boosts U.S. small business performance

Denver, CO — August 14, 2025 —Xero, the global small business platform, has today published new independent research revealing the impact of celebrating business milestones and ‘made-it moments’. The study, which surveyed U.S. small business owners as part of a broader seven-country report of 2,300 small businesses, found that acknowledging wins, whether big or small, is associated with improved business outcomes and revenue.

Of the 85% of U.S. small business owners who celebrate, a majority report that it improves morale (81%), strengthens performance (78%), and increases motivation (77%). However, these celebrations are often hindered by economic challenges, with 80% of small business owners noting that current economic conditions have impacted their ability to reach milestones. In fact, only 53% have reached a milestone in the past year, and 34% haven’t marked one in the last three years.

Despite these hurdles, more than half (56%) believe celebrating progress is important. While U.S. entrepreneurs are the most financially driven to hit milestones of any market surveyed (70%), the study also highlighted their emotional connection to reaching these moments, which include achieving feelings of pride (55%), happiness (53%) and motivation (44%).

The most commonly celebrated milestones include gaining repeat customers (41%), paying themselves a salary (37%), and receiving positive reviews (36%). However, the research shows there is a distinction between these benchmarks and the more personal “made-it moments.”

“Milestones are the business benchmarks you can measure, like launching, hiring or hitting a revenue goal,” said Andrew Kanzer, Managing Director North America at Xero. “But ‘made-it moments’ are personal. They are those quiet victories that validate all the hard work, from being fully booked to taking a much-needed weekend off. The research shows that recognizing both is not just good for morale, it’s a crucial component for sustained business success.”

Low-cost celebrations with high impact

When U.S. small business owners do celebrate, most favor low-cost, personal approaches with many opting for simple gestures like treating themselves (45%) or marking the moment with a social post or email (25%).

More than three-quarters (76%) say they think you can celebrate without spending money, however, for those who do spend, the average is $1,973 annually— below the average of the seven countries surveyed of $2,794. Often, the real barrier to celebrating isn’t budget, it’s mindset. The research found that 58% of U.S. small business owners simply hadn’t thought about celebrating, while 21% felt they were too focused on chasing the next goal.

Kazner adds: “Small business owners are constantly moving and chasing their next goal, but our research shows that taking a moment to reflect on how far you’ve come isn’t a distraction from growth—it’s fuel for it.”

‘Made-it moments’ in action

For Scott Goodfriend, founder of New York-based Ultimate Food Tours, one of his most significant ‘made-it moments’ came earlier this year when he realized he had already surpassed his former corporate salary just months into the year. What began as a side hustle in 2019 became his full-time focus after an unexpected layoff.

“That's when it truly hit me: I can make money on my own. I don't need to work for someone. That was my 'made-it' moment," Goodfriend recalled. Now, Scott marks his progress in small but meaningful ways, like treating himself to a gift, enjoying a break to have coffee with his fiancée or taking his team out for a food-focused outing.

For Shahir Daud, founder of New York-based creative agency SuvaNova, a defining moment came when their design work aired during the Super Bowl. “Knowing that millions of people were watching something we had helped create was both humbling and electrifying. It was certainly a moment we felt we’d really ‘made it’,” he stated.

Other wins, like moving into their first office or being able to immediately pay an invoice, are just as meaningful to him. “Celebrating success is ultimately about celebrating your people, whether that’s your team or clients. Take time to understand what makes them feel appreciated and seen. A celebration should be sincere, thoughtful and personal.”

This research is part of Xero’s global ‘Your business supercharged’ campaign, celebrating the moments that fuel small business success. Through ‘made-it moments,’ Xero is shining a light on the stories and milestones that matter most.

The global report is available here.

ENDS

Media Contact

Xero US | Rola Tfaili | rola.tfaili@xero.com

Research 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.