I own Business Changing (www.businesschanging.com) and work with businesses of all sizes and industries. Previous company I ran won "Best Workplace in New Zealand" and I personally won "MYOB Awesome Customer Service Award". Specialise in helping businesses work out what they could be and how to get there. Work with over 100 clients each year. Recently won International Coach of the Year 2014 (awarded by The Coaching Institute, in America). I am a generalist who can help in most areas of business and has total focus on growing your profitability and value of your business. Work with all industry segments and sized businesses.
Hi there... I would say the reasons would be potentially three-fold. (1) Obviously if your name was a little "weird" as in for whatever reason no longer fitted with what you are doing... (2) If something "bad" had been associated with your current name, so in your marketplace, your name no longer means good things, 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 kick start, as a name change will not get you this positive kicker unless you change "how things are done around here" too. There might be a 4th one, which might be if your name is close to someone else's business name and you do not want to have a close name to them (for whatever reasons)? 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. Cheers Zac
Hi there... It does depend on what you do but... A good business with a medium to high gross profit % should aim to make over 20% of sales as profit. I see it that 0% to 10% profit (as % of sales) is like a C grade at best (obviously not near the 0% mark), 10% to 15% is a B grade, 15% to 20% is like a B+ to A-, 20% to 25% is A grade and 25% + would be like A+. If you operate with a low GP, then it is often better to look at your profit % over GP instead of over sales. And the above #s would be similar re what you want to aim for, albeit probably slightly higher %. Of course there are extremes and some companies can make 30% to 50% + profit, but that does not happen overnight. A "normal" business would want to be aiming along what I note above and of course aim for world-class too and blow them away. The above would be pre tax profit % aims. Enjoy and good luck in getting great profitability %.