A recent news report reveals Disney just might change its studios park name from Disney Hollywood Studios to Cinemagine. It’s one of several choices put out by the entertainment company in a survey. Other names included Beyond Park, Storyverse Park, and Legends Park. But, it appears Cinemagine is the favorite. While a big deal to Disney enthusiasts, it might not strike you as a big deal. It is. Here’s why. A business name plays a pivotal role in marketing. It’s the company’s identity. It also helps to separate it from the competition. So, if you’re considering changing your business name, you should think seriously about a few factors. Steps to Change a Business Name Disney isn’t the only company to go about renaming a product. For instance, Netflix revamped its icon. Dunkin’ Donuts is also in the process of tweaking its name. Now, these examples are important because it’s a really big deal for such recognizable brands. But, for most small businesses, this isn’t as nearly as involved. All you need to do is to change your DBA and consult the IRS’ bulletin “Do I need a new EIN?” One question that small business owners commonly ask is how to change their business name. It’s only natural for a business to grow, evolve or change direction over the course of its lifetime. The name you hatched in the early days may no longer fit your business’ market, activities or brand personality now. The question is: is there an easy way to officially change the business’ name without having to start all over again? —Small Business Trends Then, you can go about changing the LLC or the corporate name. (The procedure will differ from state to state and might also involve the county. So, be sure to learn what is and what isn’t necessary.) How to Know When It’s Time to Change Your Business Name While the step-by-step process isn’t all that difficult, it’s not something you should rush into doing without stopping to consider a few factors. After all, changing your business’ name deals with public perception and more. Here are a few good reasons you should change your business’ name: It’s too complicated. If your business name is long and/or complex, it’s probably time for a change. Names which are difficult to pronounce or are unusually long just cause confusion or waste space. It’s just too generic. If your business name is too plain or it doesn’t convey a message, that is also a strong indication it’s time for a change. Look at your competition and even names from other industries for inspiration. It no longer fits your model. It’s common for a business to start off in one direction and then move into another. Should this be the case and the name no longer fits what you’re doing, it’s only sensible to change your company’s name. There’s no harm to brand equity. This means if people readily recognize the name, it is its own asset. So, you should think carefully about making a change. But, if there is little to no brand equity, a change might be worthwhile. Have you changed your business name? What other factors would you consider important? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

ZTE who? What? Wait just a moment. There’s headlines all over and most Americans don’t know what to make of the situation. In fact, it’s a bit confusing since it deals with a very boring subject. But, it’s really not that difficult to understand. Ostensibly, it’s the result of bad business practices, and it’s causing real-world consequences for a very large company. At the most basic level, it delivers a great business lesson, which many entrepreneurs would otherwise avoid. It’s an uncomfortable topic but it’s also a never-ending threat — complying with the law. The Trump, ZTE Fiasco in a Nutshell Of course, very few business owners intentionally break the law. However, this doesn’t mean it’s not possible to accidentally cross the line. (In fact, it’s entirely possible to inadvertently make a mistake, only to realize it when it’s too late. After all, there are so many laws, it’s nearly impossible to always be in-the-know, all the time.) Basically, the Chinese company, ZTE, sold its products to Iran and North Korea. Now, what triggers the trouble is the fact those products contained American-made components. Today’s business owners have a wide array of concerns, not the least of which is turning a profit in what can be a volatile economy. However, financial success is of little consequence if the government compels you to dissolve your company for failing to comply with legal requirements. —Intuit Quickbooks The net result is a colossal fine of $1.19 billion. Yes, “billion, with a ‘B.’” That’s the cost of violating trade agreements and it’s one which will surely make every international company take notice. But, such a financial penalty will put ZTE out of business. That’s where the controversy comes into play. What to Do if Your Business is Out of Compliance Now, let’s look at the core lesson here — operating a business within the confines of the law. Sure, breaking the law is not something you set out to do. Although, this doesn’t mean it can’t happen. If it does, here are some helpful suggestions for how to deal with a compliance issue: Don’t try to hide it or ignore it. Whatever you do, don’t attempt to hide it or ignore it. The problem won’t magically go away. It will only worsen and that’s much more damaging. Face it, apologize, ask for forgiveness, take responsibility and do so humbly. Get sound legal advice, right away. If your business does break a law, it’s not necessarily the end of the world. Sure, it’s definitely unpleasant and uncomfortable. But, that means it’s time to tackle it head-on, as soon as possible. Speak with a lawyer, if necessary to learn about your options. Openly address the situation carefully. Chances are excellent your team members will learn about it at some point. Do yourself a favor and address it pragmatically. Just like when you fire an employee, there will be questions and you have a duty to provide answers. Learn from your mistake and move on. While it’s a bad experience, that doesn’t mean it’s worthless. Take the opportunity to learn from your mistake and then put it behind you. Have you ever experienced violating a code or law? What other advice would you offer about learning and getting past the experience? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.