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Edition 360 – Under 30

If you know anyone under 30, they don’t:

  1. Carry cash.
  2. Listen to commercial radio.
  3. Watch broadcast television.
  4. Have a fixed line phone.
  5. Read print media.

They do, however:

  1. Have lots of friends – though I’d call them acquaintances.
  2. Live on social media.
  3. Don’t necessarily view homeownership as a priority.
  4. Have a less monetary and a more idealistic view of the world and their place in it.
  5. Have a heightened sense of impatience.

So, I’ve now stated the bleeding obvious. The question is why?

According to a 2020 report from the Australian Small Business and Family Enterprise Ombudsman *, 59% of small business owners are over the age of 44. For some of you, that was years ago!

Anyone in the age range of 18 to 30 is important to your business as potential:

  1. Employees.
  2. Customers.
  3. Suppliers.

Yet, in spite of the bleeding obvious, most business owners are doing nothing to attract the next generation to their business. Not a blast!

The problem with this lack of focus on the future development of your business is that you’re actually signing your own business’ death warrant. As you age, you are not refreshing your product lines, thought processes or employment criteria to appeal to a new generation. Much like the paint on the outside of your home, you don’t notice the weathering from day to day. However, one day, you’ll look up and notice the barge board is peeling to the point that it needs to be replaced, not repainted.

If you want your business to remain relevant into the future and continue to grow its value (and therefore, your own financial worth), these are the questions you need to be grappling with:

  1. Who can help me get into the heads and thoughts of a younger generation?
  2. What is the younger generation looking for out of a relationship with our business?
  3. What are we doing now to attract that younger generation?
  4. What are we doing now that is turning away that younger generation?
  5. How do we balance a multi generational client base in our business?

Business is about constant renewal. Taking some time to consider what renewal looks like in your business is key to preserving, then building on, the value in your family business.

*Australian Small Business and Family Enterprise Ombudsman – Small Business Counts – December 2020

This Week’s Tip

Listen to what young people have to say and resist the temptation to interrupt them.
The value of their wisdom may be priceless.