Diversity is Good for Business

It’s Pride month, and here’s what I have to say about that…

Owning a small, diverse business is an awakening. A journey. It’s own special hell. The list goes on. Starting that small business just months before a global pandemic is a hard lesson in what really matters. Here’s what I’ve learned about the importance of diversity to the future of business.

If you do what you’ve always done, you’ll get what you’ve always gotten

So, the question is: do you like the results you’re getting from your current vendors? Or are they just “OK?”

Diverse teams perform better

I know this to be true, but don’t take my word for it, just ask…

  • Inclusive teams make better business decisions up to 87% of the time.
  • Teams that follow an inclusive process make decisions 2X faster with 1/2 the meetings.
  • Decisions made and executed by diverse teams delivered 60% better results.

Collaboration is key

This one comes from personal experience: as a consultant, I have found the most success by partnering with others — leveraging our separate expertise and building something greater than the sum of its parts.

Money spent on small businesses goes further

If you need more reasons to diversify your supply chain, here’s a big one: every dollar you spend on a small business goes so much further.

Diversifying your supply chain manages risk and boosts value

Diversifying your supply chain, including service providers and vendors, helps manage supply chain risks. If you are all in with one or two companies, what happens when they are at capacity or a technology they rely on shuts down? You should diversify your vendors, consultants and suppliers to bolster your resilience to climate, regulatory and market shocks.

Key Take-Aways

  • If you do what you’ve always done, you’ll get what you’ve always gotten; so maybe it’s time to switch it up.
  • Diverse teams perform better; the research is clear.
  • Collaboration is key; there’s room for everyone and combining separate expertise creates a sum more innovative than its parts.
  • Money spent on small businesses goes further; where are you spending your dollars?
  • Diversifying your supply chain manages risk and boosts value; prepare for climate and market shocks and capture the benefits of widespread adoption of ESG.

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Nicole DeNamur

Nicole DeNamur

Attorney + sustainability consultant. I write about how we can drive deep green innovation at scale. https://www.sustainablestrategiespllc.com