Most businesses are hemorraghing big money in business growth opportunities. Their incapacity to develop global competence internally disables trade and growth for their teams.
The corporate marketplace rewards companies whose corporate standard centers, rewards, and operationalizes EDI (Equity, Diversity, & Inclusion).
As covered in my previous article (Why White America Cannot Afford To Be Racist), a non-diverse management and leadership membership perform as a business that has incurred a “tariff on trade”.
When we take this a little deeper and when we more expansively further the analysis, here’s what we come away with;
a diverse C-suite and workforce means a “greater access to markets and resources” (LenguaTec 2018)
“improved reputation with specific geographical markets” (Jill Konrath 2006)
a greater capacity to broker deals across “big and complex markets” (Alexika 2018)
the opportunity to develop new profit centers
the opportunity to strenghten a greater international client portfolio
All of the afore-mentioned empower businesses to tap into “additional potential for revenue gain” without ever needing to develop new products or services (Forbes 2014).
EDI means that with the selfsame original business value and offering you can:
amplify reach across old and new markets
hit a greater critical mass of your “smallest viable audience” (Set Godin)
increase name recognition and brand awareness
get more of a foot-in-the-door leverage with big international clients
conduct international business with a lesser rate of administrative/clerical errors and miscommunications
unlock new demographics within the same geographical area
“enable competitive inroads” and mitigate opportunity cost (Jill Konrath)
To be market-dominant, one must:
develop an international focus
“leverage simultaneous markets” (TranslateMedia 2015), and
establish strategic partnerships with international clients, brands, and stakeholders
EDI organically compels you to automate a strategic planning and scaling and growth strategy wherethrough talent brings their cojoined networks, client bases, “competitive inroads”, assets, expertise, and competitive intelligence to the mix.
When your diverse talent holistically stewards and informs your international expansion and go-to-market strategies, your operating baseline as an industry leader is competitively more sizeable, value-adding, and high-leverage. Thus, your operational default sets you up to be more global market-ready because of your ingrained ability to establish new clients, increase unit volume (per transaction), execute greater rollouts, and “increase response rates from [high-leverage] prospective [international] clients” (Jill Konrath).
All in all, EDI (when properly and tactically implemented at scale) means:
drastically improved profit margins
go-to expert status
increased market shares
an expanded target market
When we throw in the necessary facts and figures EDI helps companies save billions in miscommunications - “$37 billions annually in the US” - (LenguaTec 2018).
It increases bilateral trade (through the use of multilingual corporate mandates) by 75% and 170% (TranslateMedia 2015).
It ramps up company revenue by 1500% in corporate teams with “high levels of racial diversity” (America Sociological Association 2019).
In a Western-first corporate world, going global means centering organizational clients and partners who are institutionally domestically alienated. Therefore, to land deals within that paradigm, cross-cultural intelligence is paramount. That’s where EDI comes in to facilitate that broadening of perspectives into viable international expansion and global business development.
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