Business as usual can’t be the mantra, especially in this ever changing marketplace. Sometimes a small business needs some tweaking and that’s where rebranding comes in.

Whether it’s a rebranding of the company’s name or logo, the addition of a new product or service or an effort to boost sales, when done right it can help you gain a competitive edge or grow a stagnant enterprise.

“Whether it’s Coke, McDonalds or paper towels -advertisers must keep up with trends, events and marketplace in order to retain past clients and gain new ones,” says author and small business expert Greg Reid. “It can be as simple as a fresh jingle, design, or social media, knowing that you don’t always need to change the wheel, but simply install a new hubcap.”

According to rebranding experts, before you jump into a new marketing initiative you need to weigh the costs and benefits. Rebranding doesn’t happen overnight and requires a lot of effort and commitment. It also isn’t something void of risks. For instance, companies with longer histories risk hurting their established brand during the process, which can be lengthy.

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