Why Encouraging Diverse Representation Will Help Your Business Grow

Diversity in the workplace is a hot topic for business owners in recent years, changing from a novel idea to a necessity for success. Diversity comes in many shapes and sizes; differences in age, gender,economic background, race, and cultural differences are just some of the ways your business can focus on representing a diverse workforce.

While not always easy to achieve without dedicated time from your hiring team and management, when done successfully encouraging diversity at your business can actually help you reduce turnover, increase innovation, and help your business grow overall.

Improved Market Share

One of the most crucial parts of having a successful business is understanding your products and services and who your target audience is. Only employing staff from similar backgrounds in the name of ‘culture fit’ limits your understanding of other markets and ways your business could grow and succeed when marketing to these diverse groups.

By hiring employees that come from a wide variety of backgrounds, religions, sexual orientations, genders, age groups and spending habits, you are gaining insight into the market groups you want to learn more about. This allows you to create products and services that are sustainable. for them more effectively and it enhances your chance of capturing a wider market share.

Increase Innovation

Not surprisingly, an increase in difference of opinions, experiences, and ideas can lead to innovation in your business when a safe space is created to share such ideas. A study by NC State’s business school looked at 3,000 of the largest publicly traded companies and found that those with a diverse workforce were better at developing innovative products and services.

This is especially helpful for those companies working in global markets, which tend to evolve more quickly and compete with other businesses who also hire diverse workforces. It is important to emphasize that your staff must feel that their differences in outlooks are respected and they are encouraged to express these differences to their coworkers to maximize your potential for innovation.

Recruit and Retain Talent

Finding talented workers can be a difficult task for a business, especially as you compete with other jobs that may be able to offer better benefits or pay. One easy way to do this is by hiring diverse employees. A company that embraces diversity is automatically throwing a wider net to applicants of diverse backgrounds, letting a larger audience know they would be welcome and fit into your company culture, increasing the talent pool you will see.

A recent study from Atlassian found that 80% of respondents believed diversity and inclusion to be important in the workplace, and companies like B Corps, who openly are rated on their employee happiness and diversity are highly sought after by top MBA students. Tiffany Jana, CEO of TMI Consulting, a B Corp, stated that, “I can barely keep up with the droves of highly qualified, passionate, values-aligned millennials who want to work for TMI. I no longer search for high-potential staff; they now come tome.” As you bring in a more diverse staff and focus on employee well-being, you will see a positive impact on your reputation as a great place to work.

When it comes to retaining employees, diversity can also help. It does this by communicating to employees that your business is open-minded to different ideas and ways of doing things, which research shows greatly increases employee happiness. When workers feel a sense of autonomy in daily operations, meaning they have a say in their own goals, responsibilities, and creative process, they perform higher, have a better moral, and tend to stay with that business longer.

It also communicates to your workers that you do not practice workplace discrimination, which again increases workplace morale and trust in you as the employer, leading to longer retention rates.

Increased Profits

Another benefit of having a diverse staff is an increase in profits. If your employees are helping you improve your market share, increasing the level of innovation at your business, and you are recruiting highly talented workers and are able to retain them, it is easy to also expect an increase in profits for your business. A recent study by the Boston Consulting Group (BCG) found that diversity increases the bottom line for companies,especially when that diversity is in the board room. 

Of the 1,700 companies surveyed, those companies that reported above-average diversity on their management teams reported 19% higher revenues than those companies with below average leadership diversity, with innovation cited as the reason for increased revenues. 

Overall, improving your workplace diversity can help you attract and keep talented employees, increase creativity in your workplace which can help you better understand your markets, and increase the profitability of your business. But despite the overwhelming evidence that diverse workplaces help your business grow, many businesses still struggle to implement changes that are sustainable. Check out this list of easy steps your business can take to make sure your business is successful at encouraging diversity and reaping the benefits.

Sam Casteris is a small business owner and freelance writer operating out of Phoenix, AZ. You can find more of her work on Contently.

Easy Business Growth Strategies to Follow Right Away

It is difficult to grow a business and requires considerable effort. You must begin by handling your own marketing, sales, corporate compliance, taxes and customer interactions. You can grow your business efficiently and quickly with the right perspective, hard work and a good growth strategy. The strategy you choose will impact your profits and the bottom line of your business. The value you build must be honest and help your customers. Your foundation should be based on genuine caring.

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The Sales Funnel

Building your sales funnel is the first step in growing your business. This will help your business become automated resulting in easy and fast growth. You will have to put in some work on the front end but once the process is established it leads to smooth sailing. You need to think about the different types of funnels such as high-ticket coaching and free shipping offers. To establish growth, you must have an automated selling machine for your business.

The Customer Management System

It is difficult to manually track your transactions and becomes harder as your business expands. The best solution is a customer management system. There are numerous types available depending on your business type. There is software based in the cloud, accounting software, sales and marketing software, etc. You need to figure out which software will best suit you needs and run with it.

The Competition

You must take the time to research your competition to assure your offer reaches your target audience. There are different platforms available but they all provide competitive intelligence. This is the way to see your competitor’s ad copy, landing pages and every stage of their funnel. You will reveal your competitor’s online strategy and their longest running ads. Emulating these ads will help scale your business. If the add was effective for your competitor, it will work for you as well.

The Loyalty Program

A good loyalty program will increase your sales. Acquiring a new customer is three times more expensive than selling an existing customer. It costs a lot of money to acquire new customers. You can retain customers with a customer loyalty program. You need to provide your customers with an attractive incentive. This can be anything from free shipping to buy one get the second product at fifty percent off to five-dollar coupons. You can also try to arrange different kinds of wellness programs like health tips seminars, informative session on ‘what is calisthenic’ and how to maintain health. These programs may increase their loyalty towards your brand as it shows that you care. When your loyalty program is accessible to your customers, your sales will soar.

The New Opportunities

When you analyze any new opportunities, it will help you understand the demographics for your business better. This includes your distribution channels, analyzing other industries with potential, foreign markets and your direct competitors. Your analysis will reveal dozens of opportunities with immediate potential.

The Email List

An email list is an excellent way to grow your business quickly. Once you have a lead magnet, an email list and a sales funnel, your customer base will begin to increase. You must provide a good incentive for consumers to subscribe to your email list. The more creative and unique you make your emails, the better the results. There are also excellent online tools available to help you manage your list efficiently.

The Strategic Partnerships

Forming a strategic partnership with the right business will make a big difference. This will enable you to reach a wide variety of customers much faster. It can be difficult to identify the right companies. Find the businesses that compliment what you do, make contact with them and propose a business venture beneficial to both companies.

The Franchise Model

If you already have a successful business but are looking for fast growth, considering franchises. A franchise model is complicated and will require significant research, expenses and marketing knowledge. This being said, this is an excellent opportunity to procure growth extremely quickly.

The Diversification

Your offers should be diversified. Your business should include any complimentary services or products appropriate for your customers. This will help expand your business and achieve growth. Look for any new opportunities available in your niche. You need to figure out what you can sell your clients to add extra value to their purchases.

The Passive Income

Passive income streams are incredibly beneficial if your margins are razor thin. This will enable you to make errors without losing everything. The ample resources provided by a passive income will help your business market excel and achieve growth more quickly.

The Business Acquisition

One of the best ways to grow your business quickly is to acquire other businesses. You need to look for businesses or competitors in industries that will compliment your business. These acquisitions can be used as a launching platform to scale your business at an increased rate of growth. Do not limit yourself to just looking inside your industry, look outside of it as well. You will find the potential for numerous opportunities.

International Expansion

You may be able to use your existing offers for international expansion. Your offers may scale well for Europe, Mexico or Canada. International expansion is an excellent opportunity if you have an offer capable of converting. There will be costs involved but the potential for future profits is astronomical.

The Webinar

A webinar is a great way to promote your services or products. This is also a way to establish fast business growth. A webinar will help you reach a large audience extremely quickly and is an automated selling tool for everything your business has to offer. A webinar will help captivate your audience and make sales automatically.

Conclusion

Growing a business takes a lot of hard work but the results are well worth the effort. Following the above tips will help ensure your hard work pays off. Remember your goals and celebrate every milestone.

Is Your Startup Making Any of These Huge Legal Mistakes?

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The last thing you need when you’re starting a business is legal trouble. And that’s why you shouldn’t underestimate the task of making sure you’re compliant with the law! Unfortunately, a lot of new business owners make these sorts of mistakes. We’re going to go through some of the most common.

Incorrect legal form

Before you operate as a business, you need to decide what kind of legal form you will be operating as. This is also known as deciding your legal entity type, or your business legal structure. It’s absolutely vital that you get this correct. This isn’t always a safeguard that prevents you from filing your company incorrectly. If you’ve filed as a partnership when you, in fact, operate as a corporation, for example? Then you could find yourself in big legal trouble. Make sure you pick the legal form that works best for your business and keeps you on the right side of the law!

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Dealing with diversity incorrectly

Okay, so you probably know that discriminating against job candidates is against the law. Unfortunately, what a lot of modern employers are doing is trading one form of discrimination for another. In an attempt to increase diversity, many employers are reducing the amount of white males they’re hiring. The end, of course, is a more diverse workplace. A good thing in theory, right? But hold on – what you just did was discrimination! You should be hiring people based on merit alone.

Not treating safety as a priority

You may be under the impression that there are a million other things to be more concerned about than employee safety. Wrong: employee health and safety is your top priority. After all, employees are basically compelled to work for you by their need to pay their bills. They have to spend hours in the building you’ve arranged to do business in. And if that workplace puts them at risk, then you’ve messed up pretty bad! Law firms such as Strom and Associates take special aim at those who violate employment law. So make sure your workplace is safe.

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Misclassifying workers

How do you misclassify a worker? Well, put broadly, there are two types of workers. There are employees. They work for you either part-time or full-time. They’re on your payroll and must be paid minimum wage. They have more laws protecting them. The other kind are contractors or freelancers. They don’t have to be paid minimum wage and don’t have as much legal protection. Some business owners may classify an employee as a contractor. Sometimes, this is a simple mistake. Other times, however, employers have done this in order to get away with paying someone less.

Neglecting data protection

Data is a pretty big thing in business these days. The average modern company has an absurd amount of data on both employees and customers. Of course, you need to make sure that data is protected. If your security negligence results in a data breach that releases private information to others? Then you could be in a world of legal hurt! Ensure that your business is properly secured from such threats.

The Right Hires Can Make All the Difference

people_potentialjpgThe hiring process can make or break a business. This is probably why so many business owners look to successful companies like Google to learn more about their hiring methodology and apply those strategies to their business.

But before you start formulating the ideal interviewing format or sample tests, it’s vital to understand why hiring the right people can take your business from good to great.

Impact on Company Culture

The right new hire will not only excel at the responsibilities of their new position, but they should be a valuable contributor to the overall company culture.

Hiring based on nepotism or cronyism can torpedo a company’s overall morale whereas truly fresh hires can reinvigorate a team’s enthusiasm and positive attitude.

As the lines between work and life continue to blur, it’s more important than ever that you hire people you actually want to spend time with.

Value of Diversity

New hires are also the ideal opportunity to infuse diversity into your team.

When you have more representation within your staff, you’re getting a more diverse set of perspectives that lead to innovation you wouldn’t otherwise achieve.

Likewise, if you have diversity internally, your employees can help stop preventable PR gaffes by calling attention to potential insensitivity in things like your marketing campaigns.

Curiosity

As technology evolves, so should business.

The right new hire will be a person that understands this fact and makes a concerted effort to stay curious about how they can further develop their skills.

As the article, “People Are the Soul of Every Organization” points out an experimental spirit within your team can boost technological development.

Whether it’s learning social media strategy or mastering a coding language, the right hire will want to take their personal development and infuse that back into your business.

Team Players

One of the biggest fears of hiring managers is finding a genius candidate with boundless talent that can’t play well with others.

The right hire will undoubtedly have a stellar resume, but they’ll also have the capability to be a team player.

Putting in the effort to hire one of these candidates can even help you retain the talent you already have on staff that may be on the fence about staying with your company for the long haul.

Cost-Effectiveness

On the most practical level, finding the right hires is essential to keep your company great because it saves money. High turnover and constant hiring and firing prove costly.

Posting job listings and hiring recruiters can drain resources and conducting interviews is time-consuming for your staff, especially upper management. Getting hires right the first time around helps the bottom line.

While cracking the code for the perfect interview is still in the works, one thing is for certain.

Hiring the right candidates from the get-go can save companies time, money, and headaches.

About the Author: Kristin Livingstone writes on a variety of topics including hiring and business development.