Business Changing

Profit and Growth Specialist

What’s the name of your business?

by Leave a Comment

When should you change the name of your business? I’ve had this question asked by a few of my business coaching clients recently – they’re become unhappy or unsure about the business name they originally chose or the one they inherited. But re-naming your business comes with considerable cost – it means changing all your stationery, your packaging, your logo, your website… But in some cases if you don’t do it, the costs as far as future customers and business could be higher.

 

When would you consider changing your business name?

 

(1) Obviously if your name was a little “weird”, as in for whatever reason it no longer fits with what you are doing or people often mis-spell it or just cannot remember it, no matter how much marketing and branding you do. Or perhaps it jars with people or has weird connotations that have nothing to do with your business.

 

(2) If something “bad” has been associated with your current name and you think your business and reputation has been tainted as a result. This may not have happened to your business in particular, but to a company or person with a similar name. Remember when rock band Shihad changed their name a few years ago because it sounded too much like Jihad? If your name no longer means good things in your marketplace, it would be worth considering changing your business name…

 

(3) If your company needed a complete re-boot and wanted to start afresh in many ways. A name change could add impetus to you getting back on track and having a good chance of hitting your full potential. It is only a change in name and you would need to make sure that the internal heart of your company (culture, people, customer experience etc) also had a kickstart, as a name change will not get you this positive kicker unless you change “how things are done around here” too. It might signify you moving into a new area or era, a la Telecom becoming Spark.

 

(4) People keep confusing your business with someone else’s? I particularly remember Kmart (big retailer of all sorts) and KMarket (fruit shop) of the 80s. You might want to change your name if it is close to someone else’s business name and you feel like that is having an impact on your business or reputation.

 

Overall, you might consider your business name if you were sure that it was part of the pieces to the puzzle of how your business can perform better. But a name change in itself is not the only answer to take your business to the next level…

 

For more business strategy and to find the other pieces of the puzzle in getting your business to perform better, contact Zac: zac@businesschanging.com

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

  • "Zac has also become a key enabler and contributor to us working towards the development of both our employee engagement and customer experience roadmaps. Kotahi is a new and fast-paced environment and it has been great to have Zac as a trusted advisor to both myself and the CEO. He has a no-nonsense and solid experience-based approach to his consulting style. I have enjoyed working with Zac and look forward to continuing on our engagement journey with the support of Business Changing”
    Jay Padden, HR General Manager, Kotahi
  • "The business planning workshop run by Zac is a great opportunity to challenge existing thinking in your business and take results to the next level. The workshop was well thought out and provided a structured environment to channel ideas and ambitions. Zac has the perfect presenting style allowing for plenty of interaction amongst your team and networking with other business from a variety of backgrounds. Highly recommended"
    Gray Borell, Novii
  • "Transformational… Revolutionary… Awesome… Take your pick! Our business looks nothing like it did just three months ago – our brand is visible in the market, there’s a buzz about what we are doing, doors are opening and our heads are in the game. Business Changing changes business for the better… I’m very very thankful we met – my only regret is that we didn’t seek you out sooner!"
    Nick Brown, Huffman Sauces
  • "Zac has given myself and the business a real sense of clarity, and a better sense of day-to-day achievement for myself and the team. Zac’s ability to ask questions that are relative and beneficial have helped me grow the business and my self-awareness and create a more enjoyable workplace. Give Zac an inch and he’ll take you a mile!”
    Mathew Phelan, New World Churton Park
  • "Zac’s business workshop totally exceeded my expectations. The two days are well planned out to ensure your thought process takes you through the various stages needed to question why you are in business, where your business currently is at and where you want your business to be. Provoking questions, explanations, stories, presentations from successful entrepreneurs and of course Zac’s personal attention ensure you walk away with a clear and dynamic business plan. The venue was perfect, the lunch and refreshments sublime."
    Rachel Kann, IQ Property Management
  • "Zac is incredibly insightful, inspiring and has been absolutely vital in contributing to the growth of my business. He's made me think beyond my goals and really given me the push my business has strived for."
    Bex Riley, Tosca Salome
  • "Great two-day workshop that gives you a chance to reflect on your business, and focus on key points that need to be addressed to maximize your effectiveness and outcomes. The workshop was both entertaining and informative and really helped us to think about how we might navigate Covid / post-Covid, and plan out our next few years to guide the direction of the business. Food and hospitality was also great. Highly recommended!"
    Nelson Raynor, Isle of Eden