Author: OKSBDC Webmaster

Success Story…The Caring Company

Lynette Morris was not interested in living the “American dream” of owning her own business when she was approved for a $455,000 loan guaranteed by the U.S. Small Business Administration. Instead, she was interested in saving jobs, creating jobs and continuing to provide care to the clients she had grown to love. Morris used the money to purchase The Caring Company, a home health care business in rural Oklahoma.

By purchasing the 15-year-old company, where Morris had worked for over a year, she and her husband, Walt, were able to save nine jobs and create another nine positions. They were also able to continue providing skilled nursing, physical therapy, speech therapy, personal care and some mental health and social services to more than 70 clients located in 15 northwestern Oklahoma counties.

Close to 95 percent of The Caring Company’s patients are elderly and because they live in rural areas, they can feel isolated and lonely, Morris said.

“Paying attention to their psychological and social needs is just as important as making sure they are not running a fever and their heart is beating right. We provide staff that can do housekeeping, run errands, and just take the time to sit and listen to clients’ stories when they talk about their experiences with raising children, surviving the Depression or working in the church. Our patients are just so grateful for the short amount of time we spend with them. We like to make sure the whole person is healthy.”

When the opportunity to buy the business came up, Morris visited with a Business Advisor at the Oklahoma Small Business Development Center (OKSBDC). Their adviser helped Morris and her husband, Walt, develop a business plan and complete financial projections.

Once the package was complete and presented to the bank, the couple found out the deal was even sweeter. Because of temporary changes implemented by the SBA due to the Recovery Act, the couple qualified for a 90-percent guarantee on the loan and saved more than $9,000 in loan fees.

“The whole process seemed very easy,” said Morris. “We used the money to not only purchase the business, but to acquire the hardware and software to bring us up-to-date technologically.”

Morris owned a retail business in the early ‘80s and said she never wanted to be in business for herself again. “It drove me crazy,” she said. However, today, Morris said being in business is better than expected. “We live and operate our business by the motto, ‘Do unto others as you would have them do unto you.’ My husband and I feel this is a fool-proof philosophy.”

Morris said there are two main ingredients to small business success – “Clients who like our work and staff who like to come to work. It’s a team approach to serve a client. It’s not a totem pole situation. We encourage any employee who has a problem or idea to make things better to talk to us, whatever it is. We want everyone to feel like they are a part of this organization, that their opinions are valued and that their concerns are valid. We also want to be sure that as soon as the clients’ needs have been met, the staff [members] are able to go home and spend time with their families. We could have thousands of patients but if we don’t have staff that is capable and content, we won’t have a business very long.”

Success Story…White Dog Hill Restaurant

When Nelson King spotted the abused and vandalized 1925 Clinton Country Club building, he saw potential. He didn’t know exactly what he would make of it at first, but he wanted to preserve the history of the area. King purchased the building in 2000 and today it’s open for business as the While Dog Hill Restaurant and has resumed its position as a central part of the community.

Located at 22901 Route 66 North, in Clinton, Oklahoma, which is now a frontage road of Interstate 40, the old Country Club had a colorful history and most importantly a magnificent view. Although the scenic view from the old country club was remarkable, King knew the view inside the structure, even though it had potential, could not be realized without a significant financial investment as well as many hours of hard work.

King began working with a Business Advisor at the Oklahoma Small Business Development Center (OKSBDC). He discussed converting the extremely neglected two-storied structure built of native red sandstone into a high-scale restaurant. The adviser helped King develop a business plan that included an estimate of capital needs as well as both income and expense pro-forma projections for 36 months. In addition, this complete business plan included break-even analysis and profit margin projections. King was approved for a $175,000 7(a) loan backed by the U.S. Small Business Administration.

Forming a team with the Oklahoma District SBA Office, a local bank in Weatherford, the OKSBDC, the Rural Electric Cooperative, and the Department of Environmental Quality, King was ready to begin construction and renovation.

King completed all of the carpentry work himself, including replacement of windows and facings, replacing the flooring for the upper level, and adding support beams. King did utilize local electricians, heat and air personnel, plumbers and roofers to complete the project. Just weeks before the restaurant was due to open, King lost the new roof during a bad storm, and then had to delay the opening to have a second roof added to the structure with the addition of $30,000 in personal capital funds. Since that time, King hand-selected or constructed all furnishings and decor for this unique bistro to accentuate the exclusive characteristics of the old country club.

King uncovered original landscaping by noticing that bulbs came up in a star formation, which is now a part of the herb gardens that contribute to the unique cuisine of the White Dog Hill Restaurant. In addition, King also constructed walkways and patios around his unique eatery.

“None of this would have happened without the support of the OKSBDC and the state SBA staff,” said King. “My adviser has always been there mentoring, sympathizing, encouraging – whatever was needed at the time. Without him, White Dog Hill would still be a pipe dream and a pile of rock!”

Although the economy has taken a dip, King said, “I don’t think we have been affected by the economy. We have not seen any decline in sales figures. I attribute that almost exclusively to word-of-mouth advertising. We are drawing customers as far as Norman, Oklahoma City, Edmond and Altus. It’s particularly gratifying when the Greater Oklahoma City customers justify the drive because of our level of service, quality of food and atmosphere aren’t available anywhere in their area.”

Others who are thinking about going into business should continue to persevere, advises King.

“It can take years, but just stick with it. You have to be self-motivating. If you really believe in it, you’ll stick it out. Surround yourself with people who trust your vision. If it’s the right thing, it will pay you back. And the payback is not always financial. It’s the pat on the back and the reward you get from people in the community who take a real personal interest in what you’re doing. They are proud we are here.”

Success Story…Southern Maid Donuts

The Lawton satellite of the Southwestern Oklahoma State University Small Business Development Center (OKSBDC) is committed to the economic development of southwest Oklahoma, hence improving the quality of life of its citizens. This mission focuses not only on the large employers but also on the smaller entrepreneurial ventures that provide services important to rural Oklahoma, thus positioning the region for future economic growth. This illustration highlights the resolve of a family to bring just such a business to Elgin, Oklahoma and realizing the American dream.

Tim Turney contacted the Lawton branch of the Oklahoma Small Business Development Center in December 2005 after discovering the OKSBDC website while conducting research on business resources. At that time, Tim and his wife, Maria, were living in Heath, Texas, and wanted to relocate to Oklahoma. Originally from the Elgin area, they wanted to “come home” to raise their children where they could be near their large extended family. They were not certain of what kind of business they wanted to start but were inclined toward either a pizzeria or donut shop. Tim and Maria had previously owned a small takeout pizza place in Texas and found that experience both enjoyable and rewarding. In addition to their restaurant knowledge, Maria is a former teacher and Tim has more than 12 years’ experience managing technicians and working on printers and fax machines.

After the initial telephone call, an OKSBDC adviser sent Tim a packet of helpful information including the Business Plan Guide and Business Basics. Following up, she scheduled an office appointment with Tim later in the month when he was going to be in Oklahoma visiting relatives. During this initial counseling session, she gave Tim an overview of how OKSBDC could help in the development of the business plan, identify sources of funding and offer training after the business was opened. Our adviser’s extensive knowledge of the business community enabled her to explain the growth potential of the Elgin area due to the results of the Base Realignment and Closing process, which increased the missions at Fort Sill, resulting in a population growth of approximately 10,000 people over the next five years. Another significant factor was the development plans for a new Comanche County Industrial Park just southwest of Elgin, which will house the assembly plant for the Non-Line-of-Sight Cannon as well as other occupants.

After examining the needs of the community, Tim discovered the closest donut shop was located 12 miles away. Further research revealed the availability of a franchise with Southern Maid Donuts. Started in 1937, Southern Maid is still operated by the founder’s children and is known for creating a mixture of flours that makes the donuts melt in your mouth. Tim quickly identified an ideal location in a new strip mall that offered him the opportunity to take advantage of the morning commuter traffic flow to Fort Sill and Lawton.

Since Tim was still living in Texas, he and his adviser were able to use e-mail and the telephone in addition to office visits to fine-tune his draft business plan to a point where it would be an effective tool for the bank to determine if they wanted to fund this venture. During this process, it became apparent that the Business Loan Express Community Express Loan would be ideally suited to this project. After a thorough financial analysis, it was determined that in addition to the $5,000 owner investment, $50,000 would be the loan amount needed to successfully launch this business. OKSBDC worked to get Southern Maid listed as an SBA-approved franchise and then sent the completed packet to BLX for approval. The adviser was more than pleased to be able to contact Tim with the positive news that he was going to be able to realize his dream.

Soon, the building space was being transformed and the equipment and supplies were ordered. Tim and Maria were able to open their Southern Maid Donut Shop in June 2006.

Already in growth mode, Tim and Maria have expanded their menu to include sausage rolls and have added two employees. Gratified to see an Oklahoma family business succeed and prosper, OKSBDC continues to follow up with Tim and Maria to develop additional marketing strategies that will enable their business to continue to thrive well into the future.

Success Story…Pa Pa Jim’s Outdoor Furniture

In July of 2009 Jim Collins decided that he should turn his hobby of building outdoor lawn furniture into a business. Jim has refined his woodworking skills over the years and is now a true craftsman in his profession building Adirondack chairs and other pieces of outdoor lawn furniture. Early in the morning you will find Jim in his woodworking shop planing the rough sawn cypress lumber as he prepares to build the next set of chairs.

Jim and Donna Collins discovered the OKSBDC while attending the Oklahoma Tax Commission new business workshop. After the workshop they had many questions ranging from “How do we structure and register the business?” to “How do we market the business?”. Melinda Craige of the Southeastern Small Business Development Center worked with the Collins to obtain their manufacturing permit and set up their merchant services to accept debit and credit cards.

Jim manufactures Adirondack chairs with a separate foot piece which together make a lounge chair. A small table compliments the Adirondack chairs. In addition to the traditional Adirondack chair, Jim builds another chair with a bottle shaped back. Jim uses cypress wood purchased in Northeast Texas to build his furniture. Jim chose the cypress wood for the outdoor furniture because of its water resistance, durability, and strength knowing the final product would bring many hours of comfort and pleasure to his customer.

How Fast Is Too Fast?

An Original Article from Inc.com

To determine the right growth rate for your business, ask yourself some key questions.

Dear Norm,

Our telecom company started out in 1994 as a dial-up Internet service provider, but we’ve evolved into a wholesale supplier of broadband services to other ISPs. It’s a low-margin business. Although we compete with a number of larger companies, we’ve been growing at a rate of 30 percent to 40 percent a year, financing our growth out of cash flow. We don’t have many assets we can borrow against, and we don’t want to use other people’s money. I am concerned about growing beyond our available cash and am thinking of raising prices as a way to slow down our growth. My question is, How do you determine a healthy growth rate for a company like ours?

–Brian Worthen
President, Visionary Communications
Gillette, Wyoming

If you’re selling a commoditized product in an ultracompetitive market, raising prices will no doubt slow your growth rate. It could also cripple your business. It’s smart to be a premium provider and charge more for great service. But I told Brian Worthen he would probably undermine his company if he set prices more than 5 percent to 10 percent above the going rate.

Instead, I suggested he change the way he views his problem, which is the result of the company’s slim gross margins. Accordingly, he might consider trying to boost margins by coming up with new products or services. Beyond that, he needs to ask himself some important questions: “What do I want out of this business? Do I intend to sell it? Do I want faster growth? More income? Do I want a lifestyle business?” Because Brian may not be able to achieve his goals with the company he has. There are limits to what you can do in a business with thin gross margins. I discovered that when I had my delivery business. But then I started an adjunct business in document storage, which had very high margins. That became my main business, and I sold it for more than $100 million. Brian may want to try doing something similar.

As for the question Brian asked at the end of his email, there is a simple answer: You can grow only as fast as your resources allow. If you don’t want to raise capital from outside sources, your growth rate will depend on the amount of cash you generate internally. In deciding whether to take on new business, you have to be certain that you will still be able to pay your bills even if everything goes wrong. I know of plenty of profitable companies that went belly up because they didn’t have enough cash flow to sustain themselves.

Click here to view the original article.

The Right Way to Hand Over the Reins

An Original Article from Inc.com

Bringing in new leadership can foster growth–when it’s done with wisdom and discipline.

Dear Norm,

My wife and I think it might be time to bring in someone to run our ATM installation and maintenance business. We’re nervous, because we don’t know how to choose the right person or make the transition. Our employees are rather set in their ways, because we haven’t managed them closely. At the same time, we’re looking for faster growth. There are going to be major changes in our industry soon, and we want to take advantage of the opportunities they will offer. Any advice?

–Name withheld

Entrepreneurs constantly get new ideas; it’s part of the entrepreneurial affliction, and it’s generally a good thing. But if you don’t have the discipline to focus on one idea at a time, or if you get too far ahead of yourself, your bright notions can wind up doing more harm than good. The writer of this email–I’ll call him Hank–was on the verge of making both of those mistakes.

Hank and his wife have been in the ATM business for 16 years. She does the bookkeeping, but he withdrew from day-to-day operations eight years ago to become a currency trader, a business he enjoys in part because he can do it on his own, without having to manage anyone else. As a result, his employees have grown accustomed to working with minimal direct supervision. They apparently enjoy it as well.

Now Hank is thinking about hiring someone to fill the leadership role. He’s concerned, however, about alienating his employees. Meanwhile, he can see big changes coming to the ATM business, as smartphones make it possible to access the machines remotely. There’s an opportunity, he believes, for his company to become a leader in supplying technology to ATM companies not affiliated with banks. He has been thinking the new person could work in business development while preparing to take over the company. “I’m looking,” he said, “for a situation where I can pass the ideas and strategic planning in my head over to someone who can enact them.”

I told him it was highly unlikely that he would ever be able to make that happen.

To begin with, it never works to bring in a new leader and insist on remaining in charge behind the scenes. What Hank needs is a manager, preferably one with experience exploiting opportunities like those Hank has identified. But he can make it clear to everyone that the new manager reports to him. The employees will feel comfortable knowing that they will still be able to get to Hank if they need to, and the manager will have time to get established without the burden of immediately taking full responsibility for the company. As for Hank, he can go on having great ideas.

Click here to view the original article.

5 Baby Steps Toward Going Global

An Original Article from Inc.com

Doing business abroad doesn’t necessarily have to take a Herculean effort, especially if you sell your products or services online.

Doing business internationally is a big and exciting step for any company. But going global doesn’t have to take a Herculean effort, especially if you sell your products or services online.

Here are a few baby steps you can take to grow into the international market.

If there is an e-commerce element to your business, make sure you’re set up to take credit cards and/or Paypal, if you aren’t already. This often solves your currency exchange issue. Don’t forget to factor in the fees they charge for foreign transactions.

Target English-speaking countries first. True, each English-speaking country has its own slang, and you need to be aware of them. But focusing on English-speaking countries saves you the huge labor and cost of translating your website, training a foreign-language staff, etc.

Advertise your company using Google Adwords. With Google’s advertising platform, you can set it up to display your ads for searches originating from the UK, Canada, Australia, etc. That’s mainly how small businesses and non-profits outside of the U.S. know about VerticalResponse, my online marketing software company.

If you’re shipping products overseas, have a clear international shipping and costs policy on your website. Read up on customs laws, taxes and duties, and decide if you’ll pay for all costs or if the customer will be charged. Will you allow returns on international orders? Who and how will they pay return shipping?

If you find that business is brisk in a specific country or two, you might want to focus on developing those channels into a well-oiled machine before expanding to more countries. Once you get comfortable with the processes of doing business abroad, you’ll be in a great position to expand even more.

Have you dipped your toes into the international marketplace? What lessons have you learned?

Did you enjoy this post? If so, sign up for the free VR Buzz weekly newsletter and check out the VerticalResponse Marketing Blog.

Click here to view the original article.

Five Tips for Retooling Your Business

An Original Article from Entrepreneur.com

As a business debt solutions provider, I’m finding that there are many entrepreneurs whose companies survived the recession, but are still struggling to make the bottom line.

They never turned to the real solution, which is management by the numbers — not by the heart or gut.

Maybe you used to give your customers 60 days to pay you, or paid a noisy creditor right away because you felt bad you couldn’t pay. But you don’t have that luxury any more.

You can no longer afford to be sentimental. Revenues are down, competition is fierce and thus profit is reduced. The business has been in a car wreck and needs some serious triage. It’s time to get smart.

Related: Four Tips for Working Out Your Business Debts

Here are some steps you can take to retool your business post-recession:

  • Stop being a bank for your customers. Cash is king. That means very short-term or no term payment rules for customers. In other words, give them only a few days to pay you. You can accomplish this, too, if you’re an important supplier adding value. If you are not important or valuable to your customers, you better change that – quickly. Otherwise, you are floating a loan to your customers – be it for 30 or 60 or 75 days.
  • Start collecting. If you haven’t already, make sure you have a collection strategy and an employee dedicated to manage it. I have seen collections nearly double for businesses that put in place a consistent collection process. No matter what you decide on how to collect, base your policies on the principle of clients keeping their word – even if their word ends up changing. Basically, be easier on the businesses that are up front about what they can do, versus the ones that lie to you. Have them make a payment commitment and hold them accountable for keeping their word.
  • Prioritize your paying. On the other side of the equation, make sure you’re paying the most important vendor first, such as your landlord and the Internal Revenue Service, and not less important vendors that complain the most – such as a bank that’s provided a secure loan. (The bank is more likely to work with you if you don’t pay.) I often advise small-business owners to write all the checks they need to pay for the month – making a pile for each week. They should wait until Friday, then send out checks in order of importance until the cash for the week runs out. Any checks left over go into the pile for next month. This way, you always pay the highest priority first.
    Related: The Six Biggest Downsizing Mistakes
  • Get rid of inventory. I find that businesses often tie up way too much cash in inventory, and this is not a good practice. Sure, you might miss a potential sale occasionally because you’re out of stock of something, but that’s better than missing a rent payment because you don’t have the cash. I once remember a client who literally had tears in his eyes when he liquidated $1 million-worth of component parts for $125,000, but the move saved the company.
  • Add value. Figure out meaningful ways to add value to the products or services you are providing. Adding value allows you to mark up higher and be more profitable. The name of the game is figuring out ways to be special. That included extended guaranties, customer education, intense service, knowledgeable sales people and customized delivery. Most important, define your niche and exploit it. Don’t be everything to everybody. Be profitable by adding value. Providing excellent service is an important area to look at when it comes to adding value.
  • Make the Web a money-generator. Is the website wasting your money, versus generating sales for you? It’s time to really grasp the Internet, especially social networking. That means dedicating time to create an online community of customers and potential customers using Facebook, Twitter, video, blogging and on and on. Turn to Google AdWords, too, and get smart about your website analytics. Maybe you do this, or maybe you recruit a local college student to do it. But do it.
  • Think outside your history. The Great Recession permanently changed the U.S. economy. If the business isn’t performing well, you need to ignore what you were and reconsider what you want to be. Experiment changing everything, and see what works. Manufacture or import, use brokers or salespeople, sell direct through the Internet or open stores, distribute or not. Find your niche, your specialty, your unique opportunity. Reinvent yourself and focus on boosting profitability, instead of gross revenues.

Also, don’t be afraid to also cut your losses if debt is too high. Do the workout and save the business. Get rid of debt and negotiate a sharp reduction of the personal guarantee with your lenders. Managing impossible debt service is a slow boat to self-destruction.

Related: 10 Rules for Surviving the Recession

Click here to view the original article.

Five Steps to a Successful Business Turnaround

An Original Article from Entrepreneur.com

When there was still a frontier, Americans were pioneers. In the 21st century, they need to be “visioneers” — especially when it comes to growing and maintaining successful businesses.

Related: 7 Ways to Help Ensure Your Business Succeeds

What do I mean by “visioneering?” It is nothing less than the embrace of constant change.

The change needs to be accepted and capitalized on because it is happening.

The recession made it painfully apparent that the Internet, smartphones and other new technologies are causing huge disruptions. The economy has changed, the world has changed and with these changes business has also changed dramatically.

The only question is whether you are going to change too in order to capitalize on it, or be left behind.

You may be a natural when it comes to adapting to chaos and change. But even those who are not can still thrive by consciously changing their daily thinking and planning to stay one step ahead.

Here are some strategies to get you started:

1. If you need to, consider a debt workout.

It can be a game-changer. To be sure, defaulting and the likely ensuing foreclosure, concluding in total loss, is a recipe for chaos. But chaos is the name of the game. Sometimes you need to clear out the old vegetation before you can grow anew. Removing the debt from the business and reducing the personal guaranties to affordable losses can allow you to operate the business at given revenue, giving you the freedom to make necessary changes to succeed.

2. Track, monitor, control.

How can you change if you don’t know what’s going on with your business? You must diligently track, monitor and control how your business performs and with this information make rapid and appropriate adjustments to enhance profitability. Key indicators to follow include profitability by the job or product, costs, overhead ratio and payroll ratios. Follow these measurements and then manage by the numbers.

3. Make change part of your business model.

Constant reinvention is the way to win, because stability and predictability are no longer a reality. You should honor your core mission and be who you are. But you also have to adjust with the times. This comes from frequently reconsidering and questioning your business strategy, experimenting and stepping outside what you “normally” do. Specialize, find your niche, provide amazing service, be the best, the most, the go-to business. It is no longer gross revenue; it is net profit that we pursue.

Related: From Major Crisis to Comeback, What One Startup Learned

4. March to the beat of a different drummer.

There are all kinds of routes to consider: importing instead of manufacturing, adding services, focusing on a niche, emphasizing a competitive advantage, expanding horizontally or vertically, allowing employees to telecommute from home. The possibilities are infinite. The idea is to determine what works and does not on a daily basis and then make the adjustments required to stay profitable. Lead or get out of the way.

5. Get your marketing online.

If you haven’t done it already, Internet marketing is a big change to consider as you reinvent your business. The Internet has already changed the world, so it’s time for it to change your business too. Options to consider include: a beefed-up website and online sales operation, search-engine optimization, blogging, deal-of-the-day services such as Groupon and LivingSocial, Facebook and Twitter. The Internet can help a small micro-business compete with the largest international business. Budget no longer controls the outcome, but neither does price alone. But perceived value and niche marketing will win, developed and enhanced with the community support that social networking provides. This can best be accomplished via the Internet.

Adapting to change is not a new challenge. American entrepreneurs in the past found ways to reinvent their businesses amid mind-boggling changes: the settling of the frontier, railroads, steel, antibiotics, electricity, automobiles, telephones and airplanes.

We must learn to do so again. Embrace change. Do not avoid it. It is happening anyway. So make it part of your business plan.

Related: How to Know When It’s Time to Walk Away

Click here to view the original article.

Make Over Your Business’s Image

An Original Article from Entrepreneur.com

The makeover business is booming–and not just on TV. In today’s image-conscious society, everything is judged first by how it looks. Rebranding has become the “cure du jour” for everything from sluggish sales to increased competition and outdated products. So how well do these makeovers work?

It depends. There are times when rebranding is crucial, and times when it’s nothing short of perilous. Remember, branding should be a reflection of your company, not just a projection of what you want it to be. You must ensure that the customer experience equals the expectation, or no amount of image revamping will work–at least in the long run. Before you rebrand, there really does need to be something different about your business, product or service–unless, of course, your image never accurately reflected your company to begin with.

You should also keep in mind that the more dramatically you change your brand, the more likely you’ll lose your current customers. This may be an unpleasant fact, but it’s an unavoidable one. For example, if you attract price-sensitive consumers and you change your brand to appeal to upscale trendsetters, your price-sensitive customers are going to run for the hills. Do you care? No, you don’t care if you can keep your brand promise to your new, more upscale customers. But if you can’t keep this promise, you shouldn’t have tried to cast a wider customer net by rebranding. You simply can’t be all things to all people.

That’s why established companies with market share should always consider adapting their brand before starting from scratch. There’s value in your name and image, even if you’re tired of it personally. Is your look out of date? Consider updating it by keeping key design elements that still work, while shedding those that don’t. Keep your name or alter it only slightly. The key is to bring your look current without losing its original appeal, and thus customers.

Perhaps a more common problem is the small business whose image never truly reflected its brand in the first place. A poor-quality logo or clunky website does damage to any company, regardless of size. Does your image as projected by your sales materials reflect your product, your mission, and your values? They should. Branding is about using “mind share” to influence “market share”–but if your promise doesn’t match your product, it’ll be all for naught.

Another valid time to consider a brand makeover is if your company is headed in a new direction–either due to new technology, new industry trends, new markets, or a new product launch. If you decide on a ground-floor makeover, work from a sound strategy based on facts related to sales and profits, not fatigue related to marketing consistency.

Rebranding must be conducted carefully and comprehensively. Ideally, you should change everything at once. Redo your logo (and name if necessary) and brand standards, then apply them to all sales tools–from your business cards and website to your signage and brochures. Of course, this can be expensive, and requires some cost-risk analysis. If you can only afford to change one thing at a time, focus on your customer’s typical first point of contact. For example, a retail business might consider its signage and/or ad in the phone book, while a B2B firm might concentrate on its website.

If you change the name of your business, know that it’s rarely a good idea to substitute the name of one of your products for your company, even when your product is well known within your industry. Doing so can be self-limiting, making it difficult for you to keep pace with future industry changes.

Branding isn’t an option today–your business will be perceived in a certain matter either by default or design. You choose. Reinventing your business time and time again isn’t a good idea, but adapting to changing consumer needs and industry direction is crucial. Take control with strategic, relevant branding that differentiates you from the competition.

Click here to view the original article.