As part of the SOHO (Small Office Home Office) event in Victoria on January 21, 2016, I was asked to join some of the other speakers, panelists, and experts to provide predictions for 2016.
As I am a manager and my coaching is primarily with managers and business owners that manage small teams, my items are focused on what these “people managers” might see in 2016:
Your employees will get younger and they will better connect you with a younger customer.
Your younger staff will want to mentor you and your business will be better for it – so listen up!
More small business owners or sole proprietors will retire and sell their business – creating an opportunity for you!
The overall demographics of the workplace are starting to get younger as the largest generation in history, the Baby Boomers really start to retire. 2016 will be year 10 of a 25-year retirement window for most Boomers.
As the next group up, Gen Xers will move into executive roles and start or buy companies from retiring Boomers (my third point) the natural generation to fill the empty spots are Millenials, who are already the largest generation in the workforce:
This generation of workers will connect you to a younger customer – and you want these people as customers. They are the largest segment of the working population – also known as people with regular income to spend at your business – and will be for the next 30 years.
The long-term success of your business will depend upon your ability to sell to a Millennial.
Lucky for you, as Millennials join your team they can help you market and sell to their own kind. And they won’t be shy about telling you how to do it (my second point) – and that’s OK. Soak in what they have to share, give them a job with a purpose that they can pursue with passion and then lean on them to recruit more Millennials, as customers and as team members. It’s an ambitious generation that will jump to the next job at dizzying speeds – and that is also OK.
Don’t fight it.
In 2016, embrace how Millennials can make your business better now and in the future.