What are PAYE Settlement Agreements and how can they benefit employers?
PAYE Settlement Agreements (PSAs) are a convenient tool for employers, allowing them to cover the tax and National Insurance contributions (NICs) on specific benefits provided to employees.
Lessons from Gareth Southgate – Leadership insights for business owners
The recent resignation of Gareth Southgate as England manager, after an impressive eight-year tenure, marks the end of an era.
Opinion is divided on Southgate’s time as England boss.
However, it cannot be argued that his leadership sparked a transformation in the team, guiding them to the World Cup semi-finals in 2018 and the Euro 2020 and Euro 2024 finals.
His approach offers valuable lessons for business owners aiming to lead their companies to success.
Cultivate a positive team culture
One of Southgate’s key achievements was creating a positive and inclusive team culture.
He prioritised team spirit and unity, understanding that a harmonious environment drives better performance.
This coming together is achievable in the world of accounting.
Creating opportunities for team members to collaborate on projects can lead to a stronger sense of camaraderie.
It can also lead to an innovative solution you may not have got through individual efforts.
Celebrating achievements is also important. Recognising good work from a team or individual will boost morale and motivate everyone to strive for excellence.
Lead by example
Southgate’s time as manager will be remembered for his integrity and professionalism, consistently demonstrating the behaviour he expected from his players.
As a business manager, this standpoint should also be adopted. Uphold the standards you set for others.
Demonstrating a strong work ethic, punctuality, and dedication will encourage your team to follow suit.
Be approachable and open to feedback. When your team feels heard and valued, they’re more likely to stay engaged and committed.
Provide continuous learning opportunities
Southgate invested in the development of his players, ensuring they had the skills and knowledge to succeed.
It may not have won England a trophy, but it did bring a sustained success that the national team had not had in arguably its entire history.
Establishing a culture of continuous learning in your business can lead to higher productivity and therefore success with your clients, as well as job satisfaction.
Encourage work-life balance
Understanding the importance of balance, Southgate often spoke about the mental well-being of his players.
As a leader, promoting work-life balance can prevent burnout and maintain productivity.
Consider offering flexible schedules or remote working options.
This flexibility can help team members manage their personal and professional lives more effectively.
Provide resources and support for mental health. Creating an environment where employees feel comfortable discussing their challenges can lead to a healthier, more productive team.
Set clear goals and expectations
Southgate’s success was partly due to his clear vision and the specific goals he set for his team.
As a leader in your organisation, clear communication of the firm’s goals plus regular meetings to review progress are key to keep your team on track and on the same page.
Grasp innovation
Under Southgate’s leadership, the England team was known for its adaptability and innovative strategies. Encourage your team to think outside the (penalty) box and embrace new ideas.
Create forums or regular brainstorming sessions where team members can share their ideas. Fresh perspectives can lead to improved processes and services.
Allow your team to experiment with new methods and technologies. This not only keeps the work interesting but can also lead to breakthroughs that benefit the company.
Football has also undergone a technology revolution in the last decade, with the introduction of systems like VAR and complex modelling used by coaching teams.
Just like England, you need to employ technology and reporting to get a clearer picture of your strategy, so you can spot those all-important goals early – rather than in the 90th minute.
Just as Gareth Southgate recognised the importance of having a strong support team to handle various aspects of football management, business owners need a strong range of services from their accountants to succeed.
We offer essential services such as bookkeeping, audits, tax planning, payroll management, and financial consulting.
These services ensure your business operates smoothly and remains compliant with regulations, allowing you to focus on strategic growth and innovation.
With a solid foundation in place, similar to a well-coached football team, your business can achieve its goals and thrive.
Gareth Southgate will look back on his time with England with the inevitable ounce of regret, but ultimately his leadership qualities have raised the standard of the team and got a nation dreaming again.
Now, we aren’t saying you should be shooting for silverware, but strong leadership can have an all-round positive effect on your team and raise the standards of your business.
Contact us today to learn how we can support your business.
Understanding the new process for PAYE refunds
The recent announcement by HM Revenue & Customs (HMRC) has introduced a change in the way PAYE refunds are processed.
Why the National Wealth Fund is a game-changer for SMEs
The recent announcement by the new Labour Government to introduce a National Wealth Fund has sent ripples of excitement throughout the business community.
Will Labour’s agenda in the King’s Speech signal major tax changes for businesses in 2025?
As the opening of Parliament approaches on 17 July, businesses across the country are bracing for the King’s Speech, which is expected to outline the Labour Government’s legislative priorities for the coming year.
I’ve taken over the family business and our accounting needs modernising – how do I achieve this?
Taking the helm of the family business is an exciting time and an opportunity for you to put your stamp on its operations and future direction.
Are you planning a rebrand for your business? Here are some financial factors to consider
Rebranding isn’t just about designing a creative new logo or catchy tagline—it’s about capturing the essence of your company’s identity, core values, and reputation.
Support your team on and off the clock with childcare reforms
As an employer, it’s crucial to support your team not only during working hours but also in their personal lives.
Thinking of investing in electric cars for your business? – Here’s what you need to know
The number of electric cars on our roads is rising rapidly. In 2023 alone, the number of new electric vehicles rose by 18 per cent and there are now some, 1.1 million fully electric cars on UK roads, according to official figures from April 2024.
Navigating pricing strategies in a cost-of-living crisis
Setting the optimal price for your products can be difficult to navigate.