Diversity and inclusion: How to best position your Utah business

With fewer in-person connections taking place in the overall business world, there’s an element that is more important than ever to ensure is taking place — diversity and inclusion in the workplace.

Making sure that a diverse employee and leadership group is represented can not only be essential to the workplace culture you create. Several experts believe that it’s an important part of also doing well financially.

One particular aspect of the drive in the world’s business climate to be more inclusive is access to capital. One way that First Utah Bank can be a particular help is with SBA loans, which are particularly great for businesses that are starting to truly get off the ground and see some success.

The advantages of diversity

Several experts believe that having a more diverse and inclusive policy can help a business do more than just the right thing. Thom Dennis, the CEO of a group called Serenity in Leadership, told HR Director’s website that it can be a vital part of the overall bounce-back of business — as well as society — as the pandemic continues to evolve.

Dennis listed several positives toward making diversity and inclusion central to your business. Among his ideas:



Less group-think
Finding different viewpoints through divergent experiences means that creative and innovative solutions come to the surface. If it’s a culture of sameness, especially in agreement, the possibilities for positive changes shrink.

A better type of collaboration

Conversely, having a diverse and inclusive environment can make ideas flow more freely. Collaboration is something that needs to be fostered and also increases the accountability and responsibility for decisions and strategies that may help your business thrive.

Helping with wellbeing
It’s important in something as disruptive as a pandemic to think about mental health. To that end, having a more inclusive working structure can make employees feel less isolated or anxious, which means productivity could rise and shared ideas can be more freely explored.

A model example of inclusion

 in Utah

One leader who has been used as a great example of how to bring a greater amount of diversity to the workplace is Ryan Westwood. He’s one of the partners who created Simplus in Salt Lake City, which has become a very successful digital transformation company.

As part of his work, he has emphasized diversity and inclusion in hiring practices from the beginning. He told Deseret News that it goes beyond this, though, to how employees are encouraged to take part in business decisions once they are hired.

“How often do we make assumptions and completely miscalculate the person?” Westwood said during a Utah economic summit where he was the keynote speaker. “My plea with you is to ask questions, to be more curious with your employees or co-workers. I think you will become better people, create a better work environment, and Utah will win in business when we spend more time being inclusive and understanding each other rather than being divisive.”

He also shared some intriguing stats about the effects of inclusion and diversity in business:

• High diversity in companies means 19% more revenue than ones that are not.
• Companies that have fostered diverse boards of directors reach 43% higher profits.
• Diverse teams are 87% more effective at decision-making.
• Ethnically diverse companies are 35% more likely to reach above-average financial returns.

SBA loans can be tailored to Utah business needs

As companies evolve with all the changes that take place in the business world, it’s good to know that there are some external resources for you to help in many different ways. This is very true in the financial realm, and First Utah Bank can help our state’s companies that are beginning to blossom with loans from the U.S. Small Business Administration (SBA).

First Utah Bank is the preferred lender for SBA loans in the Beehive State and we have a department dedicated to these types of loans. The specialists at First Utah Bank can help you navigate the details when applying or an SBA loan, which is commonly for business owners who find that traditional or conventional bank financing isn’t available or is too difficult to obtain.

The specific needs for which an SBA loan can be used will all look like milestones that every business goes through. SBA loans can be used for:

• Buying machinery, fixtures and equipment
• Starting expenses for a franchise or a new business
• Money for leasehold improvements
• Buying or building an owner-occupied commercial building
• Expanding or refurbishing facilities in order to modernize them
• Consolidating debt to bring in more money
• Managing cash flow during peak buying seasons
• Adding to working capital (a term loan or line of credit)
• Refinancing debt that is maturing
• 
Financing exports
• Buying an existing business
• Purchasing inventory or receivables

As you continue to navigate the business world, First Bank Utah can be there to provide options for your continued progress and success, whether it’s as an SBA lender or with any banking need. Find out more about what we have to offer at our website, or call us at 801-308-2265.