Accounting and Millennial Entrepreneurs: how to serve the generation redefining business

 

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Millennials are the game changers of the population. They are entrepreneurs redefining business, spending patterns, technology and innovation. Dubbed as the startup generation, Millennials are surpassing baby boomers and starting more businesses, managing bigger staffs and targeting higher profits, and they are doing it significantly earlier in life than any other generation.

The way these entrepreneurs are operating in the business have led to increasing opportunities to foster a new economy, and the way of the Millennials will soon become the new normal. As a result, this has changed the way accountants need to serve their Millennial clients, compared to how they would their traditional clients. And of course, to serve their Millennial clients and support them to the best of their ability, accountants must first understand what really makes this generation tick.

Whether or not accounting and bookkeeping firms have their eye on the future and adapting to this new generation of clients will ultimately determine the growth of these firms. This is done not only to improve their firms, but to stay one step ahead of the competition. It is important for accountants to ask themselves what they can learn from Millennial clients and their approach to work, as well as how to recruit, engage and do business with our next generation of leaders. For non-Millennials especially, this is a key factor to ensure their own business growth.

Millennial entrepreneurs and non-entrepreneurs alike take strongly to the variety of innovative mobile software that is widely available in the contemporary business scope. During the building process of such products, it soon came to light for Sage product developers that Millennials all possess a variety of different cultures, characteristics and skills, and are rarely ever the exact same as a fellow Millennial.

To develop a more comprehensive understanding of the Millennial generation, Sage conducted a detailed global research to reveal the key characteristics, attitudes and behaviours of today’s young entrepreneurs, who are the cornerstone of our economic development.

This study was able to determine the pain points of Millennials, which are crucial points for accountants to understand in order to work with these young entrepreneurs. These points are as follows:

  • The values and motivations, and how these views are changing
  • Culture and what global nuances might teach other countries
  • Millennials and their adoption of technology, and how this is shaping the way we work
  • Red tape, particularly how and why this needs to change to support businesses and the economy

The results, especially when it comes to the relationship between Millennials and technology, are not what you might expect.

This in-depth research also uncovers the barriers that entrepreneurs of this generation face globally on a daily basis, some of which are already well known whilst others much less so. It also explores how these barriers can be minimised, be that with help from bigger business or through simplified regulations.

Perhaps most importantly, the study identifies some of the secrets to their success, making it a vital read for accountants and bookkeepers looking to stay a step ahead of the emerging Millennial generation.

The message here is clear. Millennials are playing a huge role in the startup economy and are shaping the modern workplace at a great pace, in fact, by 2030 the share of the nation’s wealth controlled by Millennials will rise to over $10 trillion. Accountants and bookkeepers will be advising a growing share of young entrepreneurs, and firms will be employing an ever-rising number of these Millennials. As these numbers increase, it’s crucial for accountants to take the time now to understand what drives this generation by learning their attitudes to technology, values and motivation.

Sage is proud to be assisting accountants and bookkeepers to better prepare for Millennial driven changes coming their way, and even more so to have an online accounting tool that is easy to use and simple to understand for both accountants and bookkeepers, and the small businesses they serve. Sage One supports entrepreneurs and their accountants and bookkeepers alike by offering easy invoicing, bank integration and sky payroll integration. To see what Sage One can do for your clients or your business, visit www.sageone.com.au.

 

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