Inclusion & diversity are not just feel-good marketing terms. Diversity businesses are on the rise & every business owner should understand the power behind diversity in business.

Importance of Values in Business

Values define what is important to us and how important they are. They help to guide and determine our actions and attitudes in order to outwork those values into our lives.

In business, values play a vital role. They are more than just a list of ideals. A company’s values will define everyday business interactions and transactions, moulding and shaping the company’s structure, culture, drive and reputation.

Setting the core values for a company will help clarify what that company believes to be important and this will influence how the company is governed, developed and managed.

According to Derek Cafferata, CEO and President of franchise experts All State Franchise Finders, core values need to be clearly defined and actively integrated into every part of the business.

“Core values need to be filtered down to every level of a company,” says Derek. “Every single employee, manager and board member should be able to clearly state the company’s core values. Otherwise, they are just empty words.”

If every employee understands and can clearly identify their company’s core values, then the likelihood is that customers will also be able to identify those same core values. This will, in turn, lead to greater customer satisfaction, a stronger customer loyalty base, higher employee retention and workplace satisfaction. And all this leads to business growth, competitor advantage, greater market share and long-term business success.

Diversity Spending Power

Without realizing it, many businesses lack diversity within their reach. While they may not lack diversity within their company structure, their target market is limited. Making a conscious decision to market and advertise to diverse communities is what sets apart some businesses from others. And those reaching out to these groups are reaping the benefits of this diversity spending power.

Growth of Diversity Businesses

Diversity and inclusion have been the buzz-words floating around the business world for a while now. And, as companies are showing how effective it is to be diverse, more and more business owners are trying to find ways to become diverse and inclusive.

“Developing a diversity business is something that needs to be interworked into the DNA of the company,” says Derek. “Diversity businesses make for better work environments, create superior products, provide all-round better services, have a more influential reach and build a strong loyal following.”

A study from the Boston Consulting Group found that companies who focused on diversity and inclusion, for example, having a diverse leadership team, saw a 19% increase in revenue due to innovation.

Diversity businesses will continue to lead the way in shaping how companies structure themselves to promote innovation and creativity and increase productivity. It will be these businesses that successfully adapt to the changing marketplace and stay ahead of the competition, establishing a solid and loyal customer base.

All State Franchise Finders Here to Help

Derek and his team at All State Franchise Finders have the knowledge and experience to help businesses to achieve genuine and effective diversity and inclusion. For more information, call All State Franchise Finders on 1-800-544-2161 to speak to a franchise expert or visit allstateff.com today.