How to future proof for Millennials

Millennials, or those born between 1982 and the early 2000s, are fast becoming the next generation of dynamic business owners and entrepreneurs. Professional services firms therefore need to plan their business development and marketing strategy to stay in touch with this key demographic

This group which ‘represents more than 75m people in the UK’ are ‘creative, confident and very comfortable with technology’¹ . Millennials react to and happily absorb digitally led products and services, therefore they expect their accountants to follow suit.

What makes a millennial client an attractive prospect?

According to a report by Accountancy Age

“Millennials currently make up 35% of the workforce, in the UK alone, the number of people under 35 starting up a business has risen by as much as 70% in the last five years”

So, considering this potential for new business, how as accountants can we adapt the way we work to attract this generation of business owners? Here’s 4 easy ways to future proof for millennials:

1. Cut the jargon

Millennials love to talk, however their conversation style is short, snappy and to the point. Therefore as accountants we need to translate technical jargon into their language. Keep it simple and keep it short.

2. Collaborate

These new business owners are most likely to look for (other than the standard compliance skills) for a strategic thinker and advisor in their accountants. Therefore focus your strategy on advisory, and in turn work to automate the administrative process to free up your experts. Thus, allowing more time to focus on collaborating and supporting your clients to build their business and achieve success.

3. Get social

“Clients who are 30 and under are five times more likely than those over 30 to look for an accountant on social media”¹

Increase your presence on social media through regular and engaging content. Interact with other businesses, media and influencers and show your firm to be a strong voice and authority within your sector. Most importantly, make it easy to get in touch and always have a call to action in mind for potential new clients.

4. Go Digital

As we’ve already said, this demographic live and breathe technology and embrace digital convenience. Adapting systems to include secure digital document exchange and cloud accounting, would be a large step forward to engaging this profile of client. Design digital communications so that information and updates can be easily read on the go. And lastly have an impactful and easy to navigate website that showcases your firm’s expertise, in a non-convoluted and concisely clear way.

What benefit is this to our firm?

Recent research conducted suggests millennials ‘will make up 75% of the global workforce by 2020¹’. Therefore it is imperative that firms build this into their future strategy, in order to stay in touch with this highly valuable social group.

¹www.accoutancyage.com