The New Era Of Millennial Clients

The future will take the young generation to lead in most parts of almost everything. This can be called the new era of millennial clients. That is to say, many young business owners are willing to go beyond standard business approaches and systems. The new era of millennial clients literally means that accountants will deal with completely different types of clients who prefer a greater level of enhanced operational transparency and a personalized approach.

Ways To Adapt Your Accounting Services For Millennial Clients

As the new era of millennial clients rolls in, they are making their mark as successful business owners. That is to say, how can accountancy firms adapt their services to attract millennial clients and grow their business? Millennials are creative, confident and very comfortable with technology. In addition, they work in new digitally-focused ways and require services to match it. After a survey of over 1000 business owners, highlighting what they look for in accountants. We can tell you how firms can adapt their services to match the new era of millennial clients.

That is to say, you must be wondering why are millennials attractive clients? According to a report, they make up 35% of the workforce. Almost a third of millennial business owners surveyed have companies that generate between $1.1m and $25m in annual income – highlighting the growth potential of millennial clients and accountancy firms. In addition, building strong relationships with clients also brings long-term benefits. Gaining the loyalty of one millennial-led business could lead to opportunities across multiple businesses in future years. In addition, they tend to remain loyal to their accounting firms. Below are some ways for you to adapt your business to the new era of millennial clients.

How can businesses attract more millennial clients?

Let us tell you more about the new era of millennial clients and how to attract them to your business. Below are some ways you could adapt your business to the new era of millennial clients:

• Go Paperless

Paper-based accounting systems should be left in the past especially if firms are trying to build a larger millennial client base. That is to say, they prefer digital systems. In addition, according to a survey, 82% would prefer their accounting firms to go paperless.

• Be Strategic

When choosing an accountant, millennials are looking for someone who can be a partner for them in this new venture. That is to say, more than half of the millennials surveyed said that they wanted firms that provided strategic insight and guidance for their business.

In addition, if accountancy firms are time-pressured to provide advice to clients right now, automating processes can free up a large chunk of time for the practice. That is to say, not only is it less work for the accountant, automation can provide an up-to-date stream of information from clients that can be used to provide valuable insight.

• Embrace Social

Younger potential clients are more likely to be looking for an accountant in less traditional places, firms need to ensure they are visible. That is to say, those below thirty are more likely to look for an accountant on social media. Accounting firms can grow their online presence through SEO, social media and digital advertising,

• Offer Subscription Pricing

Millennials have grown up with subscription services like Netflix and Amazon Prime, with more than half of those under the 30s preferring monthly flat rates. In addition, as processes become more automated, the amount of time spent on tasks is declining. That is to say, the timesheets are not sustainable. Fixed-fee, monthly pricing is ideal for both business owners and firms.

• Prioritise Communication

Two of the most commonly discussed millennial traits are their love of communication and their short attention spans. Accountancy firms need to take these into account when pitching and selling to millennial business owners. Keep jargon to a minimum and translate complex financial concepts into more simple terminology when speaking with clients.