Utilizing Diversity to Support Growth

Diversity in business consulting

Several studies have demonstrated the benefits of supporting diversity and inclusion in the workplace, ranging from increasing your bottom line to attracting the best and top talent. We know our workforce is becoming more diverse in age, race, ethnicity, culture, and so much more as we move further into the twenty-first century. While topics of discussion in diversity are heavily focused on external qualities, such as gender, race, and age, what makes us diverse goes far beneath the surface. We are diverse in personalities, thinking styles, interests, preferences, and so much more.

Promoting diversity and inclusion in your organization may seem like a challenge if it’s not something your organization is currently talking about, values, or needs at this time (perhaps, you are not hiring). As a leader, you owe it to yourself and your team to be the one to spark this topic and begin to open the conversation. Your organization will benefit from it immensely because utilizing diversity to support growth can be one of easiest things you can do. You just have to start the conversation.

Greater Diversity

We have internal and external qualities that define who we are, and it is this culmination that determines our personal culture. While discussing race and gender issues is important, I want to remind you that we have the opportunity to connect and engage in more areas. We have to remember that what we see on the surface is minimal compared to the universe of possibilities inside a person’s mind. Below are listed some internal and external characteristics that help make us diverse:

Keep in mind all that makes us diverse as we discuss the benefits of utilizing diversity to support growth in your business through the lenses of race, ethnicity, and gender. We will finish this article by discussing some of the problems you may run into when trying to make your team more diverse and challenge you to begin the conversation of diversity and inclusion with your team.

Increased Bottom Line

In a report by McKinsey & Company, the data suggests, “In the United States, there is a linear relationship between racial and ethnic diversity and better financial performance.” They measured the earnings of organizations in the top quartile for ethnic and gender diversity and compared those to the bottom quartile’s earning. Their data suggests that organizations who are more ethnically diverse can make up to 35% more in profits than industry medians, those who are more gender diverse can make up to 15% more in profits than industry medians, and those who are both ethnically and gender diverse can make up to 25% more in profit than industry medians. Their report also notes, “While correlation does not equal causation (greater gender and ethnic diversity in corporate leadership doesn’t automatically translate into more profit), the correlation does indicate that when companies commit themselves to diverse leadership, they are more successful.”

Increased Innovation and Creativity

While having a team full of people who are similar and think alike feels good individually because it keeps us in a perpetual cycle of confirmation bias, it can actually stunt creative growth and innovation. This study found a causative and correlative link between diversity and innovation. This means diversity directly caused increased innovation as well as being related to increased innovation. This was demonstrated in the amount of patents created, new product innovation, and citations on patents.

There are a few reasons that creative growth becomes stunted when there is a lack of diversity. First, creativity is stifled because each team member doesn’t feel pressured to think outside the box if they believe their team to be non-diverse. Second, each team member doesn’t feel compelled to prove their idea is worth it because they work on a team of people who are so similar to them that they know their idea will most likely be accepted and supported. This means that when we start to feel comfortable and realize that everyone thinks like us, we become more laid back and less likely to generate ideas that will be groundbreaking for our organization. By simply having and being aware of the presence of diversity, team members feel propelled to think bigger and through more lenses, rather than just through their and their non-diverse team’s lens.

Reflecting Society

Supporting, promoting, and facilitating diversity and inclusion is what consumers expect out of organizations. Not only are consumers polling at high levels of wanting to see diversity and inclusion in marketing, but top talent and employees are starting to care more about working in diverse and inclusive workspaces. This is because people want to feel comfortable being themselves in front of others. This isn’t solely true for minorities. I believe all people, whether they be in positions of power or not, crave a space where they feel safe being themselves. We spend at least a third of our lives at work and with our teams, so we should all strive to make these spaces as inclusive as possible for everyone to benefit from. By reflecting society, through organizational diversity and by giving consumers what they want, we take a great step towards creating an organization of belonging and inclusion.

Industry Bias

You may be reading and thinking that finding, attracting, and hiring top diverse talent in your industry is close to impossible. For some industries, this is a hard truth! It’s certainly not impossible, but there are some industries that are so dominated by particular races and genders that minorities shy away from entering those industries, making diverse talent highly sought after. For example, women are underrepresented in tech. CIO discusses a report by the National Center for Women & Information Technology (NCWIT), which states that women make up roughly 47% of the workforce, but as of 2015, only 25% of women are in tech roles. Of those 25%, White women account for a majority at 16%, Asian women at 5%, Black women at 3%, and Hispanic women at 1%, respectively. This employment gap in the tech industry, for example, is becoming so well known that Google has been releasing an annual diversity report since 2018. Google’s Diversity Annual Report 2020 can be viewed by clicking the link.

If we continue to shallowly look at gender, there are industries dominated by women as well where men are considered the minority. Minority Nurse reports that approximately 9.1% of Registered Nurses (RNs) and 7.6% of Licensed Practical Nurses (LPNs) are male. Additionally, Washington Post reports that women now outnumber men in medical schools, but the industry is a different story. In their report, they state that “male doctors still outnumber female doctors, 64 percent to 36 percent, according to 2019 data from the Kaiser Family Foundation.” These are just examples of diversity issues with gender, but issues of diversity in industries heavily impact minorities, especially in leadership positions. In this infographic, the researchers state that while minorities do occupy positions of management and senior executive teams (25% White women, 9% men of color, 5% women of color), currently white men (statistically) occupy 61% of these roles. They state that this is a disproportionate representation of these groups compared to those who possess a college or advanced degree.

For further examples, according to the U.S. Bureau of Labor Statistics, the workforce is made up of roughly 46.8% women, 78% White, 12.1% Black and African American, 17.6% Latinx, and 6.4% Asian. Black and African American workers exceed their 12.1% in some of the following industries: motor vehicles and motor vehicle equipment manufacturing (18.2%), electronic shopping and mail order houses (19.6%), bus service and urban transit (33.4%), and psychiatric and substance abuse hospitals (30.6%). Latinx workers exceed their 17.6% in some of the following industries: crop production (30.3%), animal slaughtering and processing (36.9%), grocery and related product merchant wholesalers (26.6%), and services to buildings and dwellings (42.1%). Asian workers exceed their 6.4% in some of the following industries: oil and gas extraction (10.5%), computers and electronic products manufacturing (22.8%), pharmaceutical and medicine manufacturing (17.1%), and barber shops (28%).

More industry examples:

What Are the Most Segregated Jobs in America? by National Geographic

10 male-dominated jobs where women are joining the ranks the fastest by CNBC

From bioengineering to winemaking, women advance in dozens of careers by LinkedIn

US Solar Industry’s Top Jobs Remain Dominated by White Men by Green Tech Media

Celebrating diversity and inclusion across industries doesn’t have to be a race or gender war. What we want to ensure as business leaders is that we are creating equal opportunity for hiring and promotion so that we remain equitable and on the high road. The faster we can accept the truth that most industries are biased and skewed, the faster we can start to come up with solutions. Ask yourself if you’re in an industry that is inclusive and full of equal opportunity. Ask yourself if your company is inclusive and equitable. You don’t have to have the answers to solve this. Let’s just start talking about it.

Conclusion

There is so much that makes us diverse, and most of those things you can’t even see on the surface. While the world is heavily focused on gender and race diversity, because we need to make the workforce more equitable in several industries, that doesn’t mean we have forgotten about all that makes us diverse. You are unique through your values, beliefs, personality, religion or creed, sexual orientation, communication style, education, habits, marital or parental status, geographical location, and so much more. While the discussion is heavily focused on gender and race, with statistics showing that increasing these diversities may likely increase profits and innovation, that doesn’t mean those are the only things we need to talk about in our organizations. We do need to drive the conversation on diversity, inclusion, belonging, and unconscious bias, but making these changes will take time and starting today isn’t too late.

Writer’s Note

I would like to make a personal note here that we are not trying to say that any race or gender is better or worse than another. We fully believe, as does the research, that we are all important and have something to offer our teams. If you feel triggered by reading this post, please ask yourself why. Perhaps you have identified some unconscious bias. I want to remind you if you are feeling negative by this post that you are still important. You matter. When we talk about uplifting others, that doesn’t mean pushing you down. What’s equitable for others may not be for you, and that’s okay. We all deserve the same access to opportunities because we are human. From there, let people prove themselves. If you would like to discuss coaching through any issues or negativity you feel, contact us.

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How to Mitigate Financial Risk Using the S.M.A.R.T. Management System

June 9, 2025

In an increasingly volatile economy, businesses cannot afford to be reactive when it comes to their finances. Whether you're a startup founder, a growing enterprise, or a seasoned business owner, the risk of financial instability is real—and growing. At IA Business Advisors, we help companies proactively navigate these risks using our comprehensive S.M.A.R.T. Management System . S.M.A.R.T. is more than just a goal-setting acronym. It is a decision-making and execution framework that brings clarity, structure, and alignment to every part of your business. From six-week action plans to one-year targets and long-term strategy, S.M.A.R.T. ensures your financial operations support healthy growth and resilience. Understanding Financial Risk in Today’s Business Climate Financial risk is multifaceted. It ranges from cash flow disruptions and market shifts to internal mismanagement and over-leveraged growth. As Brian Smith shared on a recent Daily Influence podcast episode, unchecked growth can drive a company into bankruptcy. Scaling without intention—chasing fast growth without aligning the internal team and financial resources—leads to diluted communication, quality issues, and operational chaos. Mitigating financial risk begins by understanding that more revenue doesn't always equal more stability. True sustainability comes from building systems that support intentional, well-paced growth. The S.M.A.R.T. Framework in Action: Reducing Financial Risk Our S.M.A.R.T. Management System guides businesses in creating resilient, financially stable operations through: 1. Specific: Build with Intentionality Clarity is power. One of our podcast guests, Mike Heatwole (CEO of The Dala Group), emphasized the importance of sitting down to define what matters most—whether that’s paying down debt, investing in growth, or launching a new venture. When your financial goals are specific, your strategy becomes targeted and less prone to reactive decision-making. “If we don’t know what the goal is, how do we get there?” — Mike Heatwole, CEO of The Dala Group 2. Measurable: Track What Matters Many companies are blindsided not by invisible risks, but by unmonitored ones. We help clients implement tools to track cash flow, margin fluctuations, and budget variances in real time. Visibility into your financial health gives you the power to respond early and course correct as needed. 3. Achievable: Assign Financial Stewardship Risk is reduced when financial responsibility is distributed. Through teamwide financial literacy and clear accountability, we empower organizations to make stronger daily decisions. No individual person should carry the entire burden—and no key area should go unmonitored. 4. Relevant: Make Risk Management a Habit Quarterly or biannual financial health check-ins create a sustainable rhythm. These don’t have to be complicated—they just need to be consistent. Regular reviews embed risk awareness into your company culture and decision-making process. 5. Timely: Foster Honest Dialogue Financial silence is a hidden threat. As Brian noted on the podcast, emotions like fear or shame can prevent businesses from facing financial realities. We encourage honest, blame-free communication around financial performance, creating space for solutions and collective action. Case in Point: Short-Term Action, Long-Term Impact One of our clients, a family-run distribution company, had strong revenue but was bleeding cash due to aging receivables. Together, we built a six-week S.M.A.R.T. Plan focused on accounts receivable recovery. We implemented weekly check-ins, assigned ownership, and used real-time tracking. Within 90 days, their outstanding A/R dropped by 22%, freeing up capital and restoring operational confidence. It’s Never Too Late to Get Financially Intentional Many leaders in their 40s, 50s, or 60s worry they’ve waited too long. But as Mike Heatwole wisely shared: “It’s never too late. Just get started. Do something.” Progress—not perfection—is the goal. Start small. Build momentum. Take the next best step. This mirrors a concept we love from The Gap and The Gain by Dan Sullivan: measure progress based on how far you've come, not just how far you have to go. Final Thoughts: Make Financial Stability a Strategy Mitigating financial risk isn’t about a dramatic overhaul. It’s about consistent action, visibility, and intentional decision-making. With the S.M.A.R.T. Management System, IA Business Advisors helps businesses turn risk into clarity, fear into focus, and instability into opportunity. If you’re ready to start, we’re ready to help. Let’s have a conversation about what matters most to you—and build from there.

Enhancing Interpersonal Relationships for Toxic Workplace Recovery

May 29, 2025

Hello, team! Mary here, continuing our journey through the I in Team series, where we challenge and empower you to Find , Be , and Build Your Influence. One of the most common things we’re asked to help our clients with is toxic workplace recovery. This directly connects to the culture of the team, and while rebuilding that culture takes time and intention, it is absolutely possible. In fact, with the guidance of our I in Team approach and S.M.A.R.T. Management system, we’ve successfully helped more than 19,000 teams evolve into high-performing, values-based cultures. If you’re ready to take the lead and breathe life back into your team, we’re here and ready to support you. Practice Emotional Intelligence One of the most impactful steps you can take on your toxic workplace recovery journey is to practice emotional intelligence (the ability to recognize, understand, and manage both your own emotions and the emotions of those around you). Toxic environments are often the result of emotional disconnection, poor communication, unnecessary competition, and a culture that avoids constructive feedback. Begin by shifting your perspective: respond with empathy, ask thoughtful questions, and use “I” statements. These habits model two traits, emotional regulation and empathy, that influence how your team interacts and solves problems. Start small. For example, set a personal goal to give one piece of sincere praise or recognition per day. This is a S.M.A.R.T. goal, and it starts to reinforce positive emotional exchanges. Over time, this contributes to a psychologically safe environment where people feel seen and supported. Foster Open Communication Once emotional intelligence begins to take root, toxic workplace recovery is just around the corner. Open communication becomes more natural because when team members are aware of their own and others’ emotions, communication becomes seamless. The number one rule? Listen. Really listen. Without listening, communication is incomplete. Try implementing monthly influence partnerships—team pairings that rotate so members can get to know each other beyond surface-level roles. This creates connection and, when done with consistency (Timely), fosters trust across your team. Another way to build open communication is by creating a structured feedback loop. Clarify how and when feedback should be given—perhaps during weekly one-on-ones or monthly review meetings—and make sure all team members understand the difference between criticism and constructive feedback. S.M.A.R.T. feedback is Specific and Relevant, and when delivered with respect, it encourages team members to grow without fear. Lead by Example As we say throughout the I in Team series, everyone is a leader regardless of title. Whether you’re in the C-suite or just starting your first job, how you show up directly shapes the culture of your team. To begin, set some respectful boundaries rooted in your values. Let others know what you need to succeed and what behaviors support or disrupt your work. When disagreements arise, demonstrate what respectful disagreement looks like—calm, focused on solutions, and free from personal attacks. If your workplace has leaned into competition, shift the focus to collaboration. Collaborate on micro-goals, like shared tasks or cross-functional projects. Make the results Measurable and celebrate wins together (publicly, if possible). Consider S.M.A.R.T.-based team-building events (like problem-solving challenges or goal-setting workshops) to reinforce collaboration in a meaningful way. Final Thoughts Toxic workplace recovery starts with you. Every interaction, every word, every moment of listening is a chance to model what’s possible. Show up the way you want others to show up. If your team is struggling to rebuild or you need expert guidance, reach out . We’re here to help. Let’s keep influencing responsibly and positively together.