Every business needs to foster a tolerant culture by promoting diversity and inclusiveness. Apart from making perfect business sense, promoting diversity creates a personally enriching and excellent environment for the staff, suppliers and clients.
Benefits of diversity are still compelling in today’s business, regardless of the size of an organization.
What is diversity? Diversity is the distinct difference in gender, nationality, religion, education, race, age and sexual orientation, among others. While such differences create a beautiful entity if handled well, it can turn chaotic be a and source of deep hatred curtailing the business.
There are three ways diversity strengthens a business.
It decreases conflicts
The Internet has turned the world into a global marketplace. As a result, you are most likely to interact with people from a diverse cultural background in your professional assignments. One of the most invaluable workplace skills today is cross-cultural communication. A great message can cause adverse effects if conveyed in the wrong way. To get a positive response from clients, financers, and other stakeholders, you need to put the message out in a pleasant way that depicts tolerance.
Communication within the workplace also promotes a conducive culture that increases productivity and individual output. Also, address policies and values that may suppress a particular community or individuals.
A culture of tolerance promotes unity in small businesses, which increases productivity.
It promotes innovation
Employees have rich ideas and problem-solving approaches. Employers can tap into this by making employees feel respected, connected and involved in the business. Tapping into the power of diversity will help the company respond well to clients, empower teams to collaborate, and retain high-performance employees among others. With the right environment and support, individuals will give the best and offer solutions that will take the business to the next level.
Every business seeks to offer unique products and services. Getting every team member involved in the running of the company will help you create a unique product or brand.
There is power in diversity. To deliver to clients, different thinking, talent, and views that reflect the society is crucial.
Increase market base
The critical goal of any business is to increase its customer base. One sure way of pushing sales is through diversity. Being able to meet customers at their point of need while talking their language is a great plus. As a business, you can employ low-cost and straightforward ways like recognizing different holidays and ensuring that your staff represents different cultures.
When business respects and appreciates the differences in individuals, more people feel comfortable doing business with them. Leveraging diverse perspectives, backgrounds, and lifestyles will drive a company to success.
Diversity is fast becoming a strategic priority. It is an enabler that helps businesses survive in the ever-evolving marketplace. The business world today faces geopolitical shifts and complex challenges which makes diversity a necessity.
About Ebong Eka
Ebong Eka is no stranger to the world of personal finance. As a certified public accountant and former professional basketball player he offers a fresh perspective to small business planning and executing. With over fifteen years of accounting, tax & small business experience with firms like PricewaterhouseCoopers, Deloitte & Touche and CohnReznick, Ebong provides practical money solutions tailored to the everyday person, the aspiring entrepreneur or the small business owner.
Ebong is the founder of EKAnomics, a sales, pricing and leadership firm. He is also the founder of Ericorp Consulting, Inc., a tax and management consulting firm. Ebong is the author of “Start Me Up! The-No-Business-Plan, Business Plan.”
Ebong is also the founder of The $250 Tax Pro, which provides tax preparation and consulting services in the Washington, DC area.
Bank of America, N.A. engages with Ebong Eka to provide informational materials for your discussion or review purposes only. Ebong Eka is a registered trademark, used pursuant to license. The third parties within articles are used under license from Ebong Eka. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation