May is National Small Business Month, which is as good of a time as any for company leaders to take a look at their organization and make sure everything is in working order. For some small to medium-sized business owners, this might be an ideal time to try something new, like offer new services or a different product.
Testing the waters can be unnerving, but recent research shows that some owners are willing to try new things, even if failure is a possibility.
Deluxe, a provider of marketing services and products to small businesses, conducted a survey that found that 77 percent of small business owners would rather learn from failure than never try at all.
"With confidence, drive, tenacity and talent, small business owners will improve their chances at being sustainable and profitable," Tim Carroll, vice president of small business engagement at Deluxe, said in a press release.
However, respondents also highlighted the importance of research, with 79 percent saying that they looked into products and services before making purchases - a number that exceeds that of the general population.
This is a crucial takeaway from the survey. Even though it is important to learn from mistakes, some small and medium-sized businesses will not be able to recover from certain errors, such as overlooking an insurance policy. But, when working with commercial insurance specialists, who understand your industry, comprehensive coverage can be found.
A general business owner's policy is a step in the right direction, helping solidify a company's long-term stability. Even though some organization leaders are willing to learn from failure, falling short when it comes to insurance is not an area in which to play trial and error.