Long Haul Trucking Company
Clerical Staffing Agency
Some people may wonder why a successful and growing company would change its image despite the fact that it was already popular with customers. There are several reasons why companies change their image, but customers can rest assured that it is not an easy decision. It takes time and a lot of money to re-brand a company and move it from one phase of its history to its next. It is not something that a company can do quickly and it is definitely not something that a company takes lightly.
There are several elements of the company's public appearance that must be changed in order to update the company's image. When you start to understand all of the costs that go into changing a company image, then it becomes easy to see why a company has to plan these kinds of things months in advance. There is a great deal of planning that goes into an image change, and that includes determining where the funding is going to come from.
There are several things to consider from a marketing point of view when a company changes its image. Whether the company is just changing its logo, or if it is changing its name, the same preparations must be made. New letterhead, envelopes, business cards and exterior building pieces need to be purchased and all of the old product disposed of. Once the image change takes effect, you do not want to go back to using the old materials for any reason.
The company trade show booth has to be redesigned and all of the outstanding advertising has to be recalled. There needs to be a separate campaign to announce the image change, and then all subsequent advertising will follow the new designs. The marketing end of an image change is a lengthy process that can become extremely expensive. In many cases, the company will be forced to waste money just to re-brand its name or logo.
When you decide to re-brand your company, you need to give your customers plenty of notice in the form of letters and pamphlets. You will need to get your sales staff involved in contacting customers to remind that all invoices coming from the company will bear a different image and, if there is a name change, your customers will also have to go through the process of altering their internal records to reflect the change.
Your customer service staff will need training to be able to handle the certain influx of phone calls that will come when the image change is taking place. While you may be able to prepare your larger customers for the change, your casual clients will be confused. You need to be prepared to lose revenue because customers will be looking for your company under its old image, but will be unable to find it.
The marketplace consists of your vendors, customers and competition. When you change your company image, there will be an initial negative impact on the marketplace that you will need to be prepared for. As a general rule, people are adverse to change. If you have a good reason for the image change, then it may be worth it to express that reason in your correspondence to the marketplace. If the reasoning is complicated or company confidential, then simply say that it was time for a change.
Funding The Change
There is no one event or period of time you can point to in an image change as being that moment that you will need to have your finances in place. Most of the processes involved in an image change are ongoing and can peak at different times. It may take months for you to completely change out the old company logo for the new one in all of your marketing materials, while it may only take a couple of weeks to get your larger customers on board with the change.
Bank borrowing for an image change simply does not work. If you intend to apply for bank loans, then you will need more than one. If the bank feels that you have exceeded your limit before the image change is completely done, then you are stuck with no answers. A bank line of credit will simply turn into a recurring source of compounded interest which will cost your company more money than would be necessary.
Use Your Cash Flow
The logical way to fund an image change for your company is to utilize your company's cash flow. But past due bills make your cash flow unreliable, and this will be amplified when you start to see the effects of your image change on your customer base. You need a way to stabilize your cash flow and get you the ongoing funding you need to make your image change successful.
Invoice factoring services can advance you the cash you need based on the face value of your invoices and you will have the ongoing cash flow you need to keep your company going. 1st Commercial Credit is a recognized international leader in invoice funding for small to medium sized businesses, and we have the tools you need to make your image change effective.
1st Commercial Credit Turns Your Outstanding Invoices Into Cash
Your outstanding verifiable invoices with creditworthy clients are all assets for your company. 1st Commercial Credit turns those assets into collateral that we use to advance you cash directly into your company bank account. We will advance you the full face value of your invoices, minus our lending fee.
Our two-page online application gets the funding process started and we can approve applications the same day we receive them. After we set up your account in five business days or less, we will be able to advance you funds within 24 hours of receiving your qualified invoices.
Invoice Factoring Works For Bad Credit Or No Credit
We base all of our financial decisions on the strength of your clients' credit scores and not yours. We do not need your credit profile to approve your account or advance you funds. That means that we can use our receivables-based finance services to help companies that have bad credit, or start-ups that have no credit history at all.
Let 1st Commercial Credit show you how factoring services can provide you with the ongoing cash flow you need to make your image change a success. Let us be the financial business partner that utilizes our invoice factoring services to make your re-branding project a complete success.