Three reasons why diversity gives small businesses in SA a competitive edge

THERE is a strong case for diversity and inclusion in business and not just among large corporates.

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Given the vital role that small and medium-sized enterprises (SMEs) play in the South African economy, their potential to contribute to a more inclusive and diverse economic landscape should not be overlooked.

Research shows that building diverse teams is so much more than a moral or ethical imperative.

In an increasingly interconnected working world, diversity can translate into tangible business metrics.

For example, in a study conducted by LinkedIn, 60% of respondents said that diversity within their sales team contributed to greater levels of success.

In this particular study, 'success' was benchmarked across a number of different metrics.

The study reveals that teams with more diversity were tied to higher sales conversion rates, higher revenue, better deal-making ability and better customer satisfaction.

More diverse teams have also been found to outperform their peers in terms of non-revenue related metrics, such as better decision-making, higher levels of innovation, better talent retention and more effective problem-solving.

Diversity in the workplace can also be a powerful way to expand and scale a business.