Try setting up a ‘hall of fame’ in an area where the team come in and out of work with an employee of the day, week, month, year with a handsigned certificate for employee of the day, coffee and cake for employee of the week building up to an extra day’s or half day’s leave, early finish one day as long as they don’t incur indirect costs of losing your peak performers.
As a small business you will want to maximise the impact - supplier visits for retail colleagues, visits to a museum or art gallery to provide inspiration for a buying assistant who is doing a great job will fit your low cost high impact requirements and help promote future learning and performance.
Recognition is often as important as the reward itself, sometimes measures as simple as a mention in your daily team meeting is as effective as a monetary reward. One manager I worked with had a pack of bright fluorescent stars with a D.W.D (Damn Well Done) written on it that would be placed in a prominent place on the colleague’s PC.
Do think about the behaviours that support your culture and try to balance your attention on not just what was achieved but how it was done for maximum impact.
NB some awards and incentives have a taxable benefit impact, so you might want to be aware of this.