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The latest articles and resources from Navigate Accountancy.
Recent figures from the Office for National Statistics suggest that wage growth in the UK is beginning to ease. Between September and November, average pay growth slowed to 4.5%, with private sector wage increases falling to their lowest rate in five years. At the same time, the number of people on company payrolls dropped by 135,000, with retail and hospitality seeing some of the sharpest declines. On the surface, this might sound like just dry data. But there are some very real implications for small businesses. A slowdown that feels counterintuitive For many business owners, particularly those who have worked hard to retain staff through recent years of uncertainty, the idea that slower wage growth could be “good news” feels odd. After all, rising wages usually mean happier teams and lower turnover. But from a wider economic perspective, slower wage growth reduces pressure on inflation. When wages rise quickly, people tend to spend more, pushing prices up. That is one of the reasons the Bank of England has kept interest rates high. With wage growth easing and inflation falling slightly, economists believe this increases the likelihood of interest rate cuts later this year. That matters for small businesses because interest rates affect borrowing costs, cash flow, and confidence. Why small businesses are feeling the pinch The data also points to a more cautious trading environment. Payroll numbers fell even heading into the Christmas period, when many businesses would normally expect increased activity. For owner-managed and family businesses, this reflects ongoing pressure from rising costs, tighter margins, and customers being more selective with their spending. What small business owners should take from this For business owners, this data is not something to overly worry about, but it is something to factor into planning. A few practical points to consider: Wage planning needs to be realistic. Pay rises should be affordable for the business and sustainable over the long term. Cash flow deserves close attention. When margins are tight, understanding timing and commitments becomes critical. Hiring decisions should be carefully considered. Taking someone on is a long-term cost, not just a short-term solution. Interest rate changes could help later. While rates may hold in the short term, easing borrowing costs could bring some relief. Clear numbers support better decisions. Knowing where the business really stands helps remove uncertainty. A reminder about context Economic headlines rarely tell the full story on their own. Slowing wage growth does not mean wages are falling, nor does it mean businesses should stop investing in their people. What it does mean is that the rapid changes of recent years are settling, and businesses are entering a phase where careful planning and clear information matter more than ever. Understanding that context helps owners make measured decisions rather than reacting to headlines alone. How we can help At Navigate Accountancy, we support small and family-run businesses with clear, practical advice you can rely on. We understand how changes in wages, staffing, and costs affect both the business and the people behind it. If you would like help reviewing payroll costs, planning pay increases, or sense-checking decisions around cash flow and staffing, we are always happy to talk things through. You can call us on 01709 589 439 or book a call with our team .
The new year is often when most of us step back and think about what we want the next 12 months to look like. Perhaps it's more profit, fewer late nights hunched over a laptop, improved systems, or just a business that feels less like a constant struggle. The real challenge, however, isn't usually a shortage of ideas. It's that many goals are structured in a way that makes them difficult to sustain when the everyday demands of work return. That's why we wanted to share our five-step approach to setting business goals, one that emphasises follow-through as much as it does the initial spark of ambition. Step 1: Pick one goal that genuinely moves the business forward Trying to fix everything at once usually leads to fixing nothing. We often see our clients commit to growth, cost control, new software, marketing and hiring all at the same time. Instead, choose the one outcome that would make the biggest difference this year. That might be improving cash flow stability, increasing margins, or reducing the time you personally spend in the business. This becomes the priority that decisions are tested against. Other improvements can sit behind it, but they do not compete for attention. Step 2: Set a goal that stretches you, but still fits reality A goal needs enough ambition to hold your focus beyond January. If it is too easy, it will be deprioritised. If it is unrealistic, it will be abandoned. The best goals sit in the middle. Challenging, but grounded in the reality of your current numbers, capacity and market conditions. This is precisely where a sound understanding of financial data proves its worth, as opposed to simply going with your gut. Step 3: Convert the goal into specific, scheduled actions High-level goals only work when they are translated into what actually happens week to week. Be clear on the actions that drive the outcome. For a small or family-run business, this might mean reviewing pricing, assessing which customers or services are genuinely profitable, tightening processes, or stepping away from work that absorbs time without delivering a fair return. These tasks require scheduling, not just a fleeting note jotted down on New Year's Day. Block out time in your calendar and treat it with the same seriousness as a client meeting. Progress often grinds to a halt when you simply wait for free time to appear. Step 4: Use focus tools that work in real life Motivation is not constant. The most productive business owners design their environment to support focus rather than relying on willpower. A few tools that genuinely help: Visual reminders can help, but only if they change. A note stuck on the mirror or desk might catch your attention for a few days, then it quickly becomes part of the background. If you use prompts, refresh them regularly and move them around. The aim is to create a nudge you actually notice, not something you automatically ignore. When you're working, keep your phone out of reach or switch it to aeroplane mode. Both task-switching and procrastination can seriously cut into your productivity. Task-switching happens when you check your phone during work sessions, and procrastination is when you get distracted by your phone just before you begin a task. Work in defined time blocks, then deliberately switch off afterwards. This helps maintain energy across the week. Tip: Relax your gaze and look off to the horizon when you finish working. This “turns off” the release of chemicals associated with alertness and will aid in relaxation. If motivation dips, briefly remind yourself what not achieving the goal would mean for the business. Avoiding a negative outcome is often a stronger driver than chasing a positive one. Step 5: Plan for the middle, not just the start and finish Most goals fail in the middle phase. The initial excitement has passed, and the finish line feels distant. This is normal. The solution is to break the overall timeframe into smaller segments and acknowledge progress along the way. We find that random, occasional rewards often work better than constant ones. They keep the energy up without making things feel stale. Equally, do not feel the need to broadcast goals too early. Early praise can replace the sense of achievement that should come from actual results. How we can help At Navigate Accountancy, we support small and medium-sized businesses, many of them family-run. As accountants, we are naturally focused on numbers, but those numbers tell a story about where a business is being held back and where effort will have the biggest impact. If you want a second opinion on your goals, help working out what is realistic financially, or just a chance to talk things through with someone who understands your business, we’re always happy to help. Feel free to give us a call on 01709 589 439 or book a call with our team .
Social media seems, once again, to be ablaze with the famous question: How many r’s are in strawberry? It is one of those prompts that reliably resurfaces every few months, usually accompanied by screenshots of ChatGPT confidently giving the wrong answer. On the surface, it is a harmless curiosity. A bit of fun. But it also reveals something far more important about how AI works, and where its limitations still sit. It often looks like modern AI can accomplish any task. Want a fun marketing image? Easy. Need a blog post written? Done. Want to use AI to create a romantic song for your wedding anniversary? You’ll have it in seconds. Yet despite how magically the technology seems, AI still falls surprisingly flat when it comes to certain basic tasks. Tasks you would expect a seven-year-old to achieve with ease. It is amusing, and slightly baffling, to see ChatGPT struggle with something as simple as counting letters in a word. But it is not just ChatGPT being glitchy or careless. There are structural reasons why large language models struggle with certain words more than others. Take the question itself: how many r’s are there in the word strawberry? For most people, the answer is immediate. You picture the word, scan it, and count. Three. For ChatGPT, the process is completely different. It does not “see” words as letters in sequence. It predicts likely outputs based on patterns it has learned from enormous volumes of text. So, when asked, what answer does it give? Just a clear and confident: “two.” So, for all the billions in investment, the vast computing power, the pressure on global energy and water resources, and the near-mythical reputation AI now carries, it still cannot reliably answer how many r’s are in strawberry. That should give anyone pause before using AI for things that really matter. Why this matters for tax, finance, and professional advice The strawberry example is trivial, but the underlying issue is not. AI systems are designed to produce plausible responses, not guaranteed correct ones. When they get things wrong, they often do so with complete confidence. That is a dangerous combination in areas like tax, accounting, and compliance. With self-assessment deadlines approaching, it is tempting for business owners to ask AI questions such as: Can I claim this expense? Do I need to register for VAT? How should I structure my income to be more tax-efficient? AI can produce an answer quickly, and it will often sound reasonable. The problem is that it may be outdated, oversimplified, or simply incorrect for your specific circumstances. UK tax law is nuanced, highly contextual, and frequently updated. This is particularly true for owner-managed and family businesses, where personal and business finances are often closely linked. AI does not understand your full financial picture unless you give it every detail, and even then, it cannot apply professional judgement in the way a qualified adviser can. The same risk applies when using AI for business communications or financial decisions. Using AI to draft explanations, documents, or summaries without proper review can introduce subtle errors. A missed exception, a misquoted threshold, or an outdated allowance can all undermine confidence and potentially create problems later. Using AI safely and sensibly in practice AI is not useless. Far from it. But it needs to be used with care and clear boundaries. Here are a few practical guidelines help reduce risk: Treat AI as a starting point, not a final answer. It can help you think, outline, or draft, but it should never be the last word on technical matters. Always verify facts against authoritative sources, such as HMRC guidance, legislation, or professional manuals. Do not rely on AI for personalised tax advice. Review anything important before acting on it. If you would not be comfortable defending a decision to HMRC, it should not be based on an unchecked AI response. Be especially cautious with deadlines, thresholds, and eligibility criteria. These are areas where AI errors are common and costly. AI can save time, spark ideas, and help with structure and clarity. What it cannot do, at least not yet, is replace professional judgement, accountability, or detailed technical understanding. If it can confidently miscount the letters in strawberry, it can just as confidently misstate a tax rule. The difference is that one is a joke on social media, and the other can have real financial consequences. How we can help At Navigate Accountancy, we support small and family-run businesses with clear, practical advice you can rely on. We understand that tools like AI can be useful, but when it comes to tax, compliance, and financial decisions, having a trusted adviser who understands your business still matters. If you would like a second opinion on a tax question, help making sense of your numbers, or reassurance that you are doing the right thing, we are always happy to talk things through. You can call us on 01709 589 439 or book a call with our team .
