by Gyawu Mahama, Social Media and Marketing Manager at Hiscox Small Business Insurance
What would you do with an extra 24 hours? The possibilities are endless. Fortunately, there’s no need to wonder because every four years an extra day arrives on our calendars with a leap day – February 29th. Technically speaking, the leap day is just an additional day added to the calendar year to keep it synchronized with the astronomical year. As an event that occurs only once every four years, it’s an occasion to pause, recalibrate and shake things up in your small business.
Here are the top four ways entrepreneurs can take advantage of the leap year:
1. Do Something Courageous.
According to Irish tradition, the leap day was historically the only time when it was appropriate for a woman to propose marriage to a man. Putting this outdated norm aside, using the leap year as an opportunity to do something truly courageous in your business is an idea you should get behind. Have you been toying with the idea of launching a new product or marketing initiative? Are you a ‘wantrepreneur’ who has always wanted to become an actual entrepreneur? If so, remember anything worth having in life comes with at least a little risk. It’s finding the courage to embrace that risk that matters the most.
2. Catch up on Unfinished Business.
Most entrepreneurs are no strangers to being strapped for time. According to Hiscox’s 2015 DNA of an Entrepreneur Report, the average small business owner spends three3 hours and 13 minutes dealing with some sort of government regulation each week. If this sounds familiar, take February 29th as a time to catch up on unfinished business.
Do a quick checkup to make sure your business is still set up for success. Check on your marketing plans and decide if everything you have planned for the year is realistic. Evaluate your balance sheets and take note of any growing expenditures. Most importantly, consider risk management. If your company has changed recently, now might be a good idea to have a conversation with your insurance provider to make sure your business is protected by tailored small business insurance.
Late February is also the perfect time to circle back on any business resolutions you set in January and keep yourself honest about what you can do to meet them.
3. Surprise and Delight Customers with a Leap Year Sale.
An extra day should mean an extra dollar. This leap day is a chance to attract new customers through a special leap year sale. Since February 29th only occurs every four years, consider playing around with prices relevant to the number 29 for the product or service you’re selling. Whether it’s $29.99, $299.99, or $2999.99, customers won’t be able to pass up on this once-in-four-years sale. If you have a surplus of inventory, now is your chance to move some of it out of the door.
4. Incentivize Employees with a Leap Year Sales Challenge.
If you have employees, consider issuing a leap year challenge as a way to incentive increased sales activity. Offering a once-in-four-years style prize is a great way to imbue your team with some healthy competition around the leap year. If you’re a solopreneur, set a personal goal to do something different or challenging on leap day – make an extra phone call, go to that networking meeting you were thinking of skipping, or do something new and innovative with your social media.
The next leap year isn’t until 2020. Take a leap forward this year and don’t miss out on the opportunity to do something memorable for your business.
Gyawu Mahama is Social Media and Marketing Manager at Hiscox Small Business Insurance. In this role Gyawu is responsible for driving social media engagement, publishing Hiscox’s award winning small business blog, and internal communications. Follow Gyawu at @GyawuTweets.