Millennial businesses seek strategic advice from their accountants

Although not yet the most profitable demographic, millennial business owners are one sector advisers need to target now. Failure to do so could become a costly mistake later.

Many accounting firms say they need to attract young talent, but there hasn’t been the same focus on how to appeal to young business owners.

A number of millennials – Gen Y, those born between 1980 and the early 2000s – have already founded successful businesses, often harnessing social media and technology.

A study by Bentley University shows millennials believe that to be successful they need to be more nimble, independent and entrepreneurial than previous generations. Only 13 per cent aimed to scale the corporate ladder, and 67 per cent wanted to start their own business.