Diversity, equity, inclusion and accessibility are drivers for business
This article was contributed by Rouya Botlani , Manager, Inclusion and Community Outreach, City of Vaughan
Small Business Week in Vaughan is officially here, and if there’s one thing the City’s Oct. 21 kickoff event emphasized, it is the importance of diversity, equity, inclusion and accessibility (DEIA) in business strategy.
Small businesses in Vaughan drive much of the economic activity, with 19,700 businesses employing more than 220,000 people and contributing roughly $25.5 billion in output. But as Faitha Senhaji, Vice-President of Inclusive Entrepreneurship at the Business Development Bank of Canada (BDC), highlighted in the keynote address; to be future-proof, businesses must adapt to the trends influencing growth. These four trends are high costs, shifting customer preferences, labour shortages and technology adoption.
Focusing on two of these trends, shifting customer preferences and labour shortages, DEIA can be at the root of the solution and support businesses in pivoting to these challenges and embracing the opportunities that come with them. By expanding the hiring pool, adopting inclusive hiring strategies and mindfully targeting a diverse client base, businesses, particularly small businesses, can stand out.
Our panel of experts and Vaughan entrepreneurs spoke to the importance of this as well. The panel, comprised of Amy Siu (BDC), Misha Munim (Munim Consulting), Dr. Julia Bao (Bao Laboratory) and Madonna Cicconi (The Wellness Studio by Cicco Aroma), shared their experiences of how their intersectional identities were the main motivator for starting their entrepreneurship journey. The intersections of our identities are fundamentally what makes our experiences unique and allow us to stand out amongst other businesses. It is, unfortunately, also the reason that so many larger businesses fail to retain talent within their businesses. The nuances of identity are either dismissed, ignored, unwelcomed or criticized.
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So, in order to future-proof your business, and to adapt to an ever-changing landscape, start by seeing DEIA as an opportunity, not a burden, for driving your business and you’ll see that you’ve achieved so much already.
The City of Vaughan remains committed to DEIA initiatives both for our employees, and for our resident and business communities. Vaughan’s Council recently approved the Reimagining Black Futures in Vaughan: Addressing Anti-Black Racism Action plan (2024-2031), which is a key example of how our dedication to DEIA is making a lasting impact in our approach to city-building and community engagement.
For more information about the City’s diversity, equity and inclusion initiatives, please connect with Rouya at rouya.botlani@vaughan.ca.