5 business hacks millennials use that you don’t (but should)

14th December, 2016

The word ‘millennial’ conjures up images of smashed avocado-eating, narcissistic, social media obsessed 20-somethings. I’m allowed to say that, because I am one. A millennial, that is.

However, aside from the negative connotations, millennials also have a reputation for building million dollar businesses out of their garages.

They have their fingers on the pulse and are constantly trying to find the best ways to work.

So what are the kids doing that you’re not?

1. Internal communication tools

Think about the number of times a project was delayed due to waiting on someone to respond to your email, or how a small miscommunication can cause a major problem.

We know that effective communication is key to business success. It just so happens that millennials are leading the way in bringing about a new way to achieve this.

Internal communication tools like Slack and Trello are just some of the many apps millennials are developing or adopting.

These tools exist to make it easier to manage projects, foster better ways to collaborate and improve the speed of communication.

Millennials love the ability to work remotely and this is a rising trend in many businesses. These tools make it easier to do this without sacrificing effective collaboration.

2. Just outsource it, man

Remember that kid in high school who was great at everything they did? You know, the one you most likely hated. Well, they’re the exception to the rule.

We all have different strengths and weaknesses so it’s OK to outsource those areas that we don’t exactly excel in.

Millennials certainly do it!

Generally, tech savvy millennials can’t even remember a time before the existence of the internet.

Many have the skills needed to build their own business website but that doesn’t mean they know everything.

They’re not afraid to outsource the parts that are difficult for them.

A quick Google search is all you need to find online forums with people who have the skills that are missing – even at an affordable cost.

3. On cloud nine

While it is becoming the norm, there’s still a big disparity between the mindsets of different generations when it comes to using cloud-based tools.

MYOB’s 2016 Business Monitor found of the businesses surveyed, only seven percent of baby boomers are using cloud-based technology for their accounting compared to 17 percent of millennials.

Similarly, 44 percent of millennials sampled would consider cloud-based technology, versus only 28 percent of baby boomers.

Work-life balance is a key measure of success for millennials, and cloud-based technology allows for that flexibility.

The ability to work anytime, anywhere is empowering, and it also, simply, makes life easier.

4. Alternative lending 

Millennials are an impatient bunch. It makes perfect sense that they would turn to alternative lending services as a source of cash flow.

Services like this allow business owners quick and easy access to finance, without the hassle of the traditional loan application.

You don’t need to have built up a long credit history and if successful, can receive the finance almost immediately.

If there’s one thing millennials like, it’s an easy option. Why make something harder than it has to be, right? In the case of alternative lending, this is certainly an easy finance option.

5. Self-development

Putting time back into developing yourself can be difficult and expensive, especially when you put so much time and effort into the day-to-day running of your business.

Millennials, however, seem to find the time to prioritise their self-development without breaking the bank.

There is so much online content out there that’s easily accessible.

Need to get inspired? YouTube a motivational TED talk. Keen to up-skill yourself in digital marketing? Google offers AdWords courses and exam certification for free.

Want to know what makes some of the most influential business leaders in the world, tick? Download an audiobook from Amazon’s audible and listen to in the car or on the train.

You can find just about anything online, so get searching and improve yourself today.

So, there you go – a few tips you may not be across, in amongst the Sunday lattes, ‘mad choons’, ‘hipster’ beards, and entitled opinions!