Owners should remember the ‘rule of five’ to ensure successful business recovery

Businesses need to pay heed to the ‘rule of five’ to stand the best chance of bouncing back from the effects of the pandemic, according to a multi-award-winning business coach

Andy Hemming of ActionCOACH Black Country explains why, after the most difficult economic year in living memory, it’s essential to look at all aspects of a business. He has identified five areas that are vital to securing the future - mindset, money, people, momentum, leadership.

“It’s been a tough 12 months for many, and as we emerge from lockdown, the reality is it will continue to be challenging for many businesses owners,” said Andy, who has been consistently ranked in the top five ActionCOACH coaches in the UK since 2014. “As a business owner, it’s all too easy to be swept up in the day-to-day running of your business. But it’s absolutely essential that people take time to reflect and master all aspects of their business to ensure they’re efficiently equipped for the future.”

Andy said the ‘rule of five’ will help business owners focus their thoughts on the key factors of success. “It’s easy for business owners to make emotional decisions at times,” he explained. “But they are more likely to follow good logic if they keep the principles of the ‘rule of five’ at the forefront of their minds.”

Here is the ‘rule of five’ in a nutshell.

1. Mindset
A positive mindset is one of the most vital tools a business owner has at their disposal - but not enough people realise that changing how they think can have a huge impact on their business. Those who are ready to embrace a different way of thinking are far more likely to have a business that grows and succeeds than those who have a closed, fixed mindset.

2. Money
When thinking about finances, many people’s judgement often gets clouded with emotion (whilst running a family business for instance) when actually they should be stepping back, removing the emotion and replacing it with logic. Decisions made objectively will usually be the right ones for the business.

3. People
Your people are your biggest asset and over the next couple of months, as the world opens back up, there will be several issues employers will need to consider. From employment issues surrounding the vaccine to the end of the furlough scheme to the return to the workplace, being aware of that side of things is going to be crucial to the running of your business and the wellbeing of your people. 

4. Momentum
Finding momentum and maintaining it is something that many employers are struggling with in the current climate. But momentum is something that puts you on course to accelerate your business success and profits.

5. Leadership
Right now, people need leadership more than ever. Hence why it’s important to have an alignment of vision and values with your employees and create an environment for your team to deliver consistency and growth. That way, your team thrives and your business thrives.