Whitman Voices

Introduction

Three Ways to Leap into Changes for Your Small Business

Three Ways to Leap into Changes for Your Small Business

If you’re a small-business owner, you probably can’t remember a time you didn’t wish for more hours in a day and every four years on Feb. 29, that wish is granted. But what to do with your extra 24 hours on Leap Day?  Martin J. Whitman School of Management assistant professors of entrepreneurship, Alejandro Amezcua and Todd Moss, offer insight on how small-business owners can use Leap Day to make changes in their business.

1.) Ask yourself, which customers am I not targeting?

Use this extra time to analyze your customer base and contemplate new demographics. Try incorporating different geographical locations. You might discover a new customer base for your products or services.

“Your current customers may not be the most profitable in the next business cycle,” says Amezcua. “Perhaps it’s time to consider your assumptions of who is likely to be your most valuable customer.”

For instance, those born on Leap Day might go ignored as a customer base due to their small quantity. However, their quantity may not indicate their true value to your business. Targeting this customer base and its service demands might create a new profitable trend for your business.

2.) Consider new value

Whether you’re a new or seasoned small business does not mean your forms of value will remain the same. On Leap Day, take some time to think about how your business can generate new value or evolve existing ones.

“Creating new forms of value is what entrepreneurs do better than others,” says Moss. “Perhaps you could create new value through finding ways in which your product or service can complement another existing product or service elsewhere.”

3.) Rest, Relax and Recharge

Between making sales, managing operations and handling unexpected crises, there may be little time for rest and relaxation. Leap Day presents a good opportunity to take some time for you or to spend time with your family.

“Family investments yield rich dividends,” says Moss. “Surprise your spouse with a date to let them know how much you care. Eat lunch with your children at school, or take them out for ice cream.”

After spending time away from work, you may wake up the next day ready to take on your business with renewed vigor.

Arielle Spears