Calling millennial businesses

In the eleven months since June 2020, 49% of new companies were set up by millennials. That’s according to an analysis of Companies House records by cloud accounting company Ember. The analysis also showed that Generation X were responsible for a further third of company formations, with baby boomers (9.6%) and Generation Z (7.8%) accounting for the rest.

Born between 1981 and 1996, this millennial group is now the largest constituent in the working population. And with millennials, or Generation Y as they are sometimes known, being seen as a generation which prizes freedom and flexibility alongside a sense of value or meaning in work, perhaps we shouldn’t be surprised at the number who are starting up their own businesses.

What is interesting is that millennials are the first group in the working population who have never known life without the internet. As such they are digitally savvy and generally at home with communication technologies such as smart phones. But digitally savvy or not, there are a few basics which all start-up businesses should consider. One of these is the importance of customer-focused communication.

Whatever the product or service, it’s generally not enough to rely on advertising alone to build a loyal customer base. And whilst e-mail or online exchanges can be time effective, they don’t always substitute for the ability to pick up the phone and have a conversation. But if you are going to encourage people to call, what type of phone number should you advertise? Is a standard geographic or national number enough or should you offer a freephone option? Would a business information line go some way to providing the answers to regularly asked questions? And if you are unable to pick up the phone because you are in a vital meeting then should you divert calls to an answerphone or might a virtual assistant service be more acceptable to your customers?

Whilst the answer to all of these questions and more will depend on the nature of your business there is one area that you should consider from the outset; what options do you have to expand your phone system as you grow your business. It can be all too easy to accept the first package which comes along simply because it suits your present needs, only to find out later that when your business grows you have to completely replace your phone system. Worse still, how expensive would it be to take on a complex and costly system at the outset simply because you think you might need certain call management options at some stage in the future.

How much better would it be to start off with a business telephone system which can flex and grow as your business grows? At the start all you may require is a phone number, perhaps allied to an answerphone. As you grow you might want to add more numbers or a call transfer option. Moving on again you may want to add more features until you finish up with a package which includes multiple call handling facilities via a hosted system.  At every step, a flexible package enables to you add and remove features as required, making your business phone system work for your business rather than the other way around. Are you setting up in business and want to talk business phone systems? Give us a call.

Written by Alison