Diverse Small Businesses are More Successful, Data Shows

How Diversity Leads to Success

Employees in your small business often have a direct impact on your business success. If you have a diverse team on board, your business is more likely to be successful.

According to the latest data compiled by SCORE in the form of an infographic, small businesses having diverse teams are more innovative and better perform financially. Also, diversity at the workplace helps in hiring and making better and faster decisions.

Needless to say, the path to small business success is never easy. Be it bringing in innovative ideas or growing revenues, you try hard to make everything fall into place. Having a diverse team, as the data indicate, can help you struggle less and succeed more.

How Diversity Leads to Success

Diversity has been a frequently-used word in the business space for the last few years. More and more businesses are reaping benefits from having diverse teams.

Following are some ways that diversity leads to success:

Innovation

Companies that are having diverse teams are good at earning through innovation. This is because people from different walks of life bring in more innovative ideas owing to their different backgrounds.

As the data from SCORE state, companies with above-average diversity earned 45% of their revenue through innovation. What’s more, businesses with more diverse management earns 19% higher revenue due to innovation.

Revenue

People at SCORE found that gender-diverse companies are 21% more likely to outperform and ethnic-diverse companies are 33% more likely to outperform.

And if you don’t have a diverse team, your business is 29% more likely to underperform, SCORE data indicate.

Better and Faster Decisions

As employees in diverse teams have rich experiences of different walks of life, they can provide your business with new ways of thinking and innovating.

So there is no surprise that diverse teams make decisions 2X faster with half the number of meetings. Also, decisions of diverse teams deliver 60% better results, state SCORE data.

Ease in Hiring

Small business owners struggle to hire top talents. Having a diverse work culture can help your small business attract talented employees. Are you wondering how?

72% of job seekers would leave for the company that they find is more inclusive, the data says.

Bridget Weston, the CEO of SCORE, said in her prepared statement, “Small businesses with diverse teams have a greater ability to produce creative ideas that catch the attention of consumers, and resonate with a more widespread audience,”

“Additionally, with 67% of job seekers saying a diverse workforce is an important factor when evaluating a job, small business owners understand that in order to recruit and maintain the best team, they’ll need to emphasize the importance and value of diversity and inclusion in the workplace,” She added.

In today’s highly competitive business world, you need to have an edge over your competitors to outgrow them.

As employees from different walks of life bring more innovative ideas on the table, diversity can help you get that edge.

So make diversity a new priority of your small business if you have not already done it.

Do you want to know more about how diversity drives business success? Look at the SCORE infographic below:

How Diversity Leads to Success

Image: Depositphotos.com

This article, "Diverse Small Businesses are More Successful, Data Shows" was first published on Small Business Trends



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