Let $T$ be a sectorial operator. It is known that the existence of a bounded (suitably scaled) $H^\infty$ calculus for $T$, on every sector containing the positive half-line, is equivalent to the existence of a bounded functional calculus on the Besov algebra $\Lambda_{\infty,1}^\alpha(\R^+)$. Such an algebra includes functions defined by Mikhlin-type conditions and so the Besov calculus can be seen as a result on multipliers for $T$. In this paper, we use fractional derivation to analyse in detail the relationship between $\Lambda_{\infty,1}^\alpha$ and Banach algebras of Mikhlin-type. As a result, we obtain a new version of the quoted equivalence.