“With millennials, one of the things that we've learned — one of the most important things — is flexibility,” Susan Combs told a room of business-minded brokers at this year's BenefitsPRO Broker Expo. (Photo: Charles Garnar/ALM)
The most successful businesses are the ones that are able to react and adapt to changing tides. Today, there are countless ways to boost profitability, increase brand awareness and lock in lifelong customers. While no two businesses are alike, there are general rules of thumb that can be applied across the board. Susan L. Combs, CEO of Combs & Company offered some advice and strategies to help kick any business up a notch.
One strategy is for businesses to adapt their environment to the millennial workforce. As numerous industries see a flurry of baby boomers and Generation Xers getting ready to retire in the coming years, millennials will be sought after to fill those positions. But to attract and retain millennials, businesses need to understand what they're looking for.
“With millennials, one of the things that we've learned — one of the most important things — is flexibility,” said Combs. With a cellphone and a computer, some employees can do just about everything remotely that they could do if they were in the office. Businesses looking to shift away from a traditional office setting should consider this as long as the work is getting done. In New York City, where Combs's brokerage is based, no one really works on Fridays in the summer. As a result, Combs closes the brokerage at 1 p.m. on Fridays from Memorial Day to Labor Day, with everyone also working from home on Fridays. “What that's helped me build is a very, very loyal workforce,” Combs said.
Millennials also closely examine a company's social responsibility. Being involved with charities and volunteer efforts is pivotal for many millennials. They also may be willing to forego a higher salary in exchange for professional development, so businesses should send them to conferences and workshops where they can bolster their skills and network with like-minded peers. All of this coalesces with their desire to be a part of a team, to work with—not for—their coworkers, their boss or a certain business.
Combs also emphasized getting paid for your time. “The important thing is figuring out what your worth is,” Combs said. Once this is established, business leaders will have an easier time determining what is worth the work and what is worth walking away from. Initially, every opportunity may seem crucial to the success of a business, but this won't be the case as the years go on. There will be other opportunities, like agreeing to speaking arrangements, or joining an advisory board or board of directors.
Today, no business is complete without a social media presence — and there are plenty to utilize aside from the more common platforms like Facebook, Twitter and Instagram. Some of Combs's favorites are HARO, Felt, Hootsuite and PicMonkey. When using social media, Combs suggests employing a one-third concept: “A third where you're educating people; a third where you're recognizing someone else; and a third where you're sharing something personal about yourself.” But most importantly, Combs said social media should be fun.
Teams are crucial to the success of any business, and there are multiple teams involved in the process. “I have three teams that I look at any given time,” said Combs. Her work team handles calendar management, forecasting the week ahead every Friday and working towards an empty inbox at all times. Another team helps with personal growth, whether it's checking the tone of an email with a fresh set of eyes or engaging in professional development. Her home team includes her husband; they share calendars so they know who is busy when, which she said has helped manage the expectations at home.
To avoid stagnation, every business needs to consider what it can do to reach the next level. Whether it's becoming more flexible, assessing your value more accurately, taking advantage of social media or executing successful team strategies, every business has the means to take it up a notch.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
