As mentioned, small businesses can benefit greatly from improving their D&I efforts. Studies have shown that companies perform better on several indicators when they have diverse leadership, which, in turn, can impact every level of the organization.

According to a 2017 McKinsey Report, companies that have leadership teams that rank in the top 25% for racial and ethnic diversity are 33% more likely to outperform their industry peers in terms of profitability.

Meanwhile, another research and consulting firm, Gartner, reports that, through 2022, 75% of organizations with frontline decision-making teams reflecting a diverse and inclusive culture will exceed their financial targets.