Singapore small business owners lead world in milestone joy

But nearly one in five small business owners in Singapore (18%) say they don’t celebrate business wins at all.

Singapore’s small business owners report the highest levels of happiness globally after achieving key business milestones, according to global small business platform Xero.

In its study, Xero found 61% of small business owners in Singapore felt happy after reaching a milestone, compared to a global average of 55%. In addition, 45% said they felt proud, whilst 44% reported feeling motivated.

Despite these positive outcomes, nearly one in five small business owners in Singapore (18%) say they don’t celebrate business wins at all, often due to financial limitations or uncertainty over what qualifies as a milestone.

Xero’s research also revealed a clear business case for celebrating success. On average, companies that mark milestones report higher revenue growth (30%) compared to those that do not (19%). In Singapore, celebrations were also linked to improved employee morale (87%), wellbeing (85%), and overall performance (84%).

Still, milestones remain hard-won: only 54% of Singapore businesses surveyed had achieved a milestone in the past year, whilst nearly a quarter (23%) hadn’t done so in over three years.

Commonly celebrated milestones include being able to pay oneself (41%) and receiving positive reviews (36%), alongside first sales, reaching revenue targets, and completing tax obligations.

On average, small businesses in Singapore spent $8,451 on celebrations over the past year — more than double the global average of $3,629 — making them the most willing to invest in recognising business achievements.