Small businesses should age well
A professor of actuarial studies at the University of NSW, Michael Sherris, believes small business operators need to adjust their thinking as the population grows older. He explains small businesses cannot afford to ignore the challenges and opportunities of an ageing Australia.
A professor of actuarial studies at the University of NSW, Michael Sherris, believes small business operators need to adjust their thinking as the population grows older.
He explains small businesses cannot afford to ignore the challenges and opportunities that come with Australia’s ageing population, and society’s ‘greying’ will have implications for small businesses’ marketing strategies and staffing.
The proportion of Australia’s population 65 years of age or older has grown from 8% in 1970-71 to 13% cent in 2001-02. In 40 years’ time, a quarter of the population will be aged over 65 years.
“A lot of financial advisers and small accounting firms provide advice and will be providing more advice to people who are retiring and getting older,” Professor Sherris tells The Sydney Morning Herald.
“There’s advice around savings and better awareness of longevity – a lot of people aren’t really aware of how long they may live and how variable that is and what the best approach is in terms of savings.”
Services for an increasingly infirm population are also likely to be a growth area.
“A lot of small businesses could cater for people who can’t really get to supermarkets and drive and things that they used to do,’” he says. ”This could be an area for smaller operators, because there’s not necessarily a size advantage for those sorts of businesses.”
He advises companies to take a “fresh look” at their marketing to ensure it is not aimed solely at young people and ensure businesses employ mature workers to deal with mature customers.
Professor Sherris claims the online provision of services presents another opportunity for small businesses. “The generation that is retiring in future years is going to be a lot more tech savvy, and is using mobile phones and the internet much more,” he says.
He says builders and home designers can also expect more work, as they adapt homes for mature consumers in the coming years.
