My word for this week is Diversity in recognition of August being Black Business Month.
I view diversity as a catalyst for innovation and growth in business. Used correctly, it can open the door to a wealth of perspectives, ideas, and solutions that will give you a competitive advantage in your business.
As we celebrate Black Business Month, it’s important to acknowledge the unique challenges Black-owned businesses have faced, particularly during the pandemic when 40% of all Black-owned companies went out of business. Their limited access to funding and other resources made it virtually impossible for them to survive the prolonged downturn in their local markets.
As a fellow business owner, I believe it’s critical for all of us to continue shining a spotlight on problems such as access to capital, not only for Black business owners but also for women-owned and all diverse-owned businesses until access to capital is no longer the top obstacle on their paths to success.
Plus, let’s expand our business networks to include people who don’t look, sound, or think like us. If you want a 360-degree view of your ecosystem, examine it for gaps or limited views, then fill those gaps with people who give you fresh perspectives and new ways to solve existing problems.
Diversity? It’s a superpower!
