{"id":39809,"date":"2024-03-28T16:08:18","date_gmt":"2024-03-28T15:08:18","guid":{"rendered":"https:\/\/europepublic.com\/why-dei-still-matters-for-small-businesses\/"},"modified":"2024-03-28T16:08:18","modified_gmt":"2024-03-28T15:08:18","slug":"why-dei-still-matters-for-small-businesses","status":"publish","type":"post","link":"https:\/\/europepublic.com\/why-dei-still-matters-for-small-businesses\/","title":{"rendered":"Why DEI Still Matters for Small Businesses"},"content":{"rendered":"
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\n Opinions expressed by Entrepreneur contributors are their own. <\/p>\n
All businesses want to succeed, but there is something many of them may not realize can support their growth. They say diversity is our strength as a society<\/i> and encourages new ideas and perspectives. Well, I am here to tell you that the same things \u2014 diversity, equity and inclusion<\/a> \u2014 can give businesses an edge. Some small company owners may think focusing on making sure their business and culture are unbiased, fair and welcoming to all types of people is just about being politically correct. Let’s see how centering on these values \u2014 what I will call DEI<\/a> for short \u2014 can truly help startups and smaller companies be stronger and more profitable over the long run.<\/p>\n Related: Prioritize DEI and Crush Your ROI Goals \u2014 How Inclusive and Authentic Marketing Drive Business Growth<\/a><\/b><\/p>\n One big reason why DEI is important for small businesses is because attracting top talent is constantly becoming more competitive. Nowadays, when people, especially the younger generation, are looking for jobs, they do not just look at pay and benefits. They also want to work for companies whose values match their own<\/a>. Top candidates may leave a small business or startup to work for organizations that value DEI; hence, the latter risk losing out on excellent applicants. As smaller businesses look to expand, having an inclusive culture and a diverse team can help them attract the most incredible talent available.<\/p>\n Having a more diverse workforce can help you better understand and service a broad consumer base, which further motivates startups to focus on DEI. It will be more difficult for employees to relate to and address customers’ demands from different backgrounds if they all have similar experiences. On the other hand, a diverse team of employees from various backgrounds may offer insightful advice on connecting with and pleasing clients from all backgrounds. More satisfied customers<\/a> and growth prospects will follow from this.<\/p>\n Related: The Burden of Breaking Barriers is Pushing Black Leaders to Breaking Point. This DEI Expert Reveals Where We Are Going Wrong.<\/a><\/b><\/p>\n Research repeatedly shows that having a varied group of people with different viewpoints, experiences and backgrounds fosters greater creativity<\/a> and more creative problem-solving. A workplace where all views are heard can help spark innovative solutions that may not originate from a homogeneous group. This is beneficial for smaller companies and startups that are attempting to remain dynamic and come up with fresh ideas. Diverse perspectives produce more creative products, services and methods, essential for any expanding business.<\/p>\n Even if your small business is just starting now, you can set the right example when it comes to DEI from the beginning. While some established companies may find it hard to change their culture<\/a>, new startups can build inclusion into their foundations. Leading with strong DEI practices from day one allows you to attract like-minded customers, partners and investors who want to support companies demonstrating fairness and equality. It also prepares you to be a responsible community member and role model for positive change as your company succeeds.<\/p>\n Related: 4 Ways Inclusive Leaders Can Respond to the Weaponizing of DEI<\/a><\/b><\/p>\n Focusing on DEI for small businesses is also essential simply for legal and regulatory compliance reasons. As anti-discrimination laws and regulations continue to strengthen over time, companies of all sizes must ensure equitable policies and an inclusive culture. This reduces the risks of unfair treatment claims that can damage brands or result in lawsuits. Having defined DEI best practices and annual training shows that even a young company is operating ethically and by the law from the start.<\/p>\n My advice would be to analyze how balanced and welcoming your business is, look for low-cost ways to enhance fairness and continue working on DEI as your operation expands. If you prioritize DEI and focus even a little each month on improvements, your business will be on the right track to attracting and keeping talent and customers for the long run.\n <\/p><\/div>\nAttracting top talent is getting more competitive<\/h2>\n
A better reflection of your customer base<\/h2>\n
Improved creativity and innovation<\/h2>\n
Setting the right example for others<\/h2>\n
Legal and regulatory compliance<\/h2>\n
Some practical ways small companies can improve DEI:<\/h2>\n
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