By Rhonda Abrams
Gannett News Service

Over the last few years, the stock market's plunge confirmed an important truth: For financial security, you need diversity.

But when you run a small business - especially a very small business - how can you be diverse?

When you lack diversity, the biggest problem is that you don't know what you don't know. Our understanding of the world is limited by our own personal demographics.

As a woman, I don't necessarily view the world the same way as men. From my male employees, I've learned that men respond differently to certain colors, words, phrases. We keep those differences in mind when we design our book covers or Web site.

Good for business

If you've got a small business, and your business is stagnating, look around. There are tons of great opportunities to be had by reaching out to new markets, especially neglected markets.

In these times of economic uncertainty, embracing diversity may be a smart strategy for improving the bottom line, not just a "do good" thing to think about during the Martin Luther King Jr. Day holiday. My business publishes books for entrepreneurs, and there's a big market of entrepreneurs who are Hispanic, black, Asian, senior citizens, disabled and so on. How do I capture more of these markets?

If I just create a great, quality product or service isn't that enough? Well, it certainly helps. But remember, we're all limited by our own background and worldview. Increasing my interaction with, and understanding of, a more diverse population means I may be able to identify great opportunities to increase sales.

Diversity tips

So, what can a small company do?

Don't discriminate in hiring, buying or serving customers. It's not just the law, it's a very good law.

Take a hard look at yourself. Most of us are more isolated in our interactions and worldview than is good for business.

Reach out. Seek a broader range of job applicants, suppliers, customers, marketing vehicles. Join organizations serving different target markets.

Rhonda Abrams writes the nation's most widely read small business column and is the author of "The Successful Business Organizer." To receive her free business tips newsletter, register at www.RhondaOnline.com.