Much management theory has been published around the benefits of diversity. However, cutting through all of this, there’s really one thing you need to remember: if you do what you’ve always done, you’ll get what you’ve always got!
This naturally extends to your advice business. When you are presented with a challenge you generally turn to those closest to you to help you through. Their guidance can often be invaluable: but you’ve asked them because they’re part of your ‘inner circle’ – meaning they may think similarly to you.
Think about this another way. When a business problem arises, if you had the benefit of years of experience gained from across various industries by men and women from many different walks of life, wouldn’t the guidance you receive based on this incredible depth and breadth of experience be exponentially more valuable?
That’s the power of diversity!
Get out of your comfort zone
It’s easy to surround yourself with like-minded people. People who share your views on the world and with whom you enjoy spending time. As you’re reading this you’re probably thinking ‘that sounds like my friends’ – and you’d be right. However, the message here is not to fall into the trap of building your advice business around people that think just like you.
Some helpful ‘tips and traps’
Take the time to think about the objectives of your business and the skills that you might need to help you succeed. For example, this might include understanding the issues that some of your customers might be facing in their own business, to help develop solutions to improve customer engagement.
Listen to perspectives from people who have worked in other industries; or who are from a different generational demographic to you (for example, finding out how to attract and retain Gen Y staff – who better to ask that Gen Y’s themselves?).
Given the volume of research that identifies women as key decision makers in finance (and the small fact of being cognisant of the gender balance in society as a whole…), ensure you fully understand the perspective of women as critically important stakeholders in your business.
Diversity in practice
Having incredible ‘bench strength’ of experience helps to bring a valuable range of views and perspectives to the table; which in turn helps in making good decisions that are not influenced by your own biases.
As a small example, Infocus’ leadership team is evenly gender balanced. Overall 48 per cent of our staff are female and our staff range in age from 20 to 55 years of age. Our team’s experience encompasses the wealth management, stockbroking, funds management, consumer goods, agribusiness, consulting, education and travel industries.
You don’t need to have all the answers all of the time, but you do need to recognise when you need outside assistance and know where to go to get help.
The more diverse your sources of advice, the wider perspective you will be able to bring to solving the particular problem you’re presented with and the better your advice business will be for the diversity you have.
Rod joined Infocus in February 2011 and was appointed managing director in October 2012. His experience includes delivering strategic business change in medium to large private sector and not-for-profit organisations. Previous roles have included chief operating officer and alternate managing director at Commonwealth Securities Limited and national chief executive of Australia’s largest environmental NGO, Greening Australia Limited.
