3 ways millennial-led businesses are changing the rules of the game
With the launch of the new BDC Services website, we have been reflecting on our point of difference as a millennial-led business.
Over the past few years, a lot has been written about how to hire and retain young millennial workers. But with the AFR 2017 Financial Review Young Rich List, the market trend appears to have turned, where young millennial workers are becoming managers, executives, and businesses leaders. So it’s no surprise that young millennial-led businesses are changing the way business gets done.
We've highlighted three key features relevant to our business:
#1: A new approach to technology in the workplace
Millennials are typically characterised as the tech savvy and early adopters generation.
This generation was the first one to grow up with technology as an omnipresent part of their lives. Now as managers and leaders of business this translates to a willingness to try new technology, products or services. This aligns with the increasing pressure businesses face to digitalise in order to stay competitive.
Technology and web-based services such as Xero, Afterpay and Airtasker have allowed businesses to scale quickly and cost effectively. This has arguably resulted in greater competition in many markets from traditionally smaller players. This push for digitalisation means that the millennial approach to technological change gives businesses a distinct competitive advantage.
#2: A new way of thinking about customer relationships
As leadership and business experts such as Simon Sinek have pointed out, millennials are attracted by a sense of purpose.
They want to work in organisations and with customers that share their goals, values and beliefs. Now, as managers and leaders, this sense of purpose forms the foundation of the brand, and their approach to doing business. In many ways, this is a subtle but important change.
Here we see a shift from business partnerships and alliance based solely on the traditional “profit motive”. Now more than ever, businesses are partnering with organisations and customers that reflect their core values on a social, environmental and corporate governance issues. If anything, this is leading to new, more durable relationships.
#3: A relentless focus on innovation
Millennials are often defined as impatient and demanding.
They were the generation that made “on demand” and “instant gratification” buzzwords. They are also often viewed as the generation constantly in search of the Next Big Thing.
The good news is that this generational trait has led to a relentless focus on innovation within businesses. The focus is now on delivering tangible outcomes that are intuitive to customers’ wants and needs. This means thinking of ways to use the latest technology to create innovative solutions that better serve the market and make life easier for customers.
If anything, the speed at which millennials are re-shaping business culture will only accelerate in the coming years. More millennials are going to be leaving their posts as entry to middle level workers and assuming new leadership roles. And as they do, they will continue to transform the rules of how business gets done.