Choosing the Best Time and Place to Reinvent Your Company

Running a business takes a lot of time and money, it also takes commitment and the confidence to know that your business venture is a good one. However, even with all of these things, you might find that after a few years, you are struggling to maintain the growth you once had. It is usually at this point that some businesses consider rebranding to try and bring a fresh face to their customers. Choosing the right time to do something so drastic can be difficult, so here are a few ideas to help you with your decision.

Is Rebranding the Best Option for you?

There are many reasons why someone might consider rebranding their company. Maybe they are thinking about passing the baton to someone else, or maybe they have grown tired of the way things are currently working. It could also be because your current brand has been wrong, and doesn’t target the right demographic; the global markets can be another reason for the change, especially if it has eroded your customer base. Despite all these reasons, you have to be sure that now is the right time to begin this process. If you have a lot of financial commitments and you are getting a steady cash flow from the company, then you may have to wait until some of your commitments are finished.

How Far do you Want to go?

Once you have decided on the best time to start your rebranding, you need to think about how far you want to go. Do you want to do a little tweaking or go for a major change? It can be the best time to bring in companies such as SmashBrand who can help your company with new packaging design. You will also need to decide on how it will affect your marketing campaign and how you are going to use your new image to the company’s best advantage.

Rethink Your Business Plan

In many ways, rebranding is like starting from the beginning. You need to capture the imagination of your customers all over again and get them to realize that this is a new chapter for the brand. For this reason, you will need to revisit your business plan to see where you are going to take the company in the future. If you have a specific area such as the international markets that you want to target, then this should be reflected in your business plan.

Making a Smooth Transition

Once the process of changing has started, there will be a long period where you will have two different parts of the company running at the same time. It can feel like you are running two companies, although, this phase is important to make the transition as smooth as possible. You might feel tempted to leave the old brand behind, but if you do this too soon, you risk leaving your customers behind as well.

If you have planned everything correctly, then you should find that your rebranding will go smoothly. You can then aim for more growth and higher profits.