Diversity is A Key to Growing Your Small Business

Companies who seek to grow in today’s business market place have to make diversity central to operations.

 

Aside from the fact that we live in a diverse, globalized society, more and more employees and customers alike are expecting to work or buy from companies that understand it takes various perspectives to get a job done. 

One truth is very evident as one scours over business magazines or attends business events, depending on whether your company is as diverse as the world we are in, customers are deciding to buy or ignore what you are selling!

If the company doesn’t pass that diversity test, then customers will keep shopping until they find one that does. 

Do you want to be the company passed over?

Diversity is much more than tokenism and political correctness.

It’s much more than a feel good quote on a human resource poster or a sentiment at a diversity luncheon. It is about truly embracing what different people bring to the table even if they stand for different ideologies, thinking and represents different cultures and age groups.

People do expect you to walk your talk!

Here are some significant reasons why diversity is key for your business from two perspectives, employees and customers.

Employees: If you have visible proof and actions documented that you are committed to diversity, you are more apt to attract great employees because they apply with the belief that at your business there is a value placed on mutual respect, they believe that their perspective will be valued and thus open the doors for job promotion . 

Finally, there is an underlying understanding that diverse opinions are celebrated and when conflict arises due to those diverse opinions there is more of a chance of having conflict resolution versus black listing or firing.

Customers: Studies have shown that companies reporting the highest levels of racial diversity brought in nearly 15 times more sales revenue on average than those with the lowest levels of racial diversity.

By bringing together individuals from different backgrounds and experiences, businesses can more effectively market to consumers from different racial and ethnic backgrounds.

Next-  5 ways can you begin to diversify your company?