Businesses alive to the fact that different generations of customers have varying needs can survive the competition. It is particularly true for business accounting firms that work with customers from different eras. With over a third of all successful businesses being run by millennials in the country, it is the perfect opportunity for startup accountants to make their mark in the industry. However, attracting millennial-run firms is only possible if you can adapt your services. This article highlights tips that business accountants can use to attract millennial clients.
Go Electronic — One of the main reasons millennial-operated businesses are thriving is the tech-savvy nature of the generation. Notably, millennials have a burning desire to embrace new ideas and technologies. Therefore, an accountant who wants to win millennial accounts should avoid talking about or referring to paper-based accounting processes. On the other hand, millennials love paperless transactions and operations; hence, electronic or digital accounting systems will give you a competitive edge. It can be attributed to millennials' understanding of the disadvantages of paper-based accounting systems and their impact on operations. Additionally, paperless accounting systems indicate you highly rate security, operational efficiency, and quality control. Furthermore, most millennial-run firms embrace eco-friendly initiatives and favour working with providers who prefer paperless accounting.
Diversify Accounting Services — Specialising in a particular accounting field helps improve skills and guarantees high-quality services. Notably, focusing on two or three accounting areas in the 21st century is not prudent for an accountant looking to win millennials. If your firm lacks expertise in specific accounting fields, it is advisable to focus on what you are proficient in. However, if you are a competent accounting firm that wants to attract millennial-operated businesses, you should consider diversifying your services. The strategy saves millennials time and allows them to accomplish much more. Therefore, provide critical but diverse accounting services such as bookkeeping, taxation, bill payments, invoicing, and consultancy.
The Bigger Picture — A common misconception among senior CEOs of established companies is that millennials are risk-averse. While it is true that millennial business owners take fewer risks than the generations before, it does not mean they fear risks. In fact, the generation is risk-savvy and risk-aware, which might explain why the number of millennial-run small-scale businesses is growing. Being risk-savvy and aware means that millennial business owners must see the bigger picture, which is where accountants come in. Therefore, an accountant must assess a millennial-run business and help formulate risk-savvy strategies.
For more information, contact business accountants near you.Share