If an ongoing company designs its business around a particular item and creates trademarks, sales items, signs, ads, websites, etc around this product, will changing the true name of the item have an effect on the income of the business?
Let's have a look at a current event in Canada as an example. For the last 40 years, anyone who understood they would not pass a criminal record check could apply for a pardon, and based on some requirements, the request was granted. Many businesses had been developed around this process, and for the sake of effective printing, they all have the term "pardon" or "pardons" in their business name. More than the last few months nevertheless, the national government has been looking at changing the pardons process in Canada. The primary of their adjustments will be to change the term "pardon" to "record suspension." Let us look at how this will affect the many businesses which have constructed a business name around the phrase pardon.
There are a few changes that would have to be made instantly following the passing of the latest laws concerning pardons:
Companies would have to change their business titles.
All online and printing ads would require being changed.
Businesses would have to print new flyers, business cards, posters etc.
They would have to change the name of their website(s).
These noticeable changes would each have an adverse effect on any business; there is usually room for specific changes to have a positive impact, but the reality is that the pardons businesses shall lose earnings. First of all, these companies shall have to pay for each of the above mentioned four changes to their business. Changing a continuing business name means buying a new sign, when the old one could have survived a few years.
Modifying any print or online advertisements would cost the least amount of money, since prices stay the same generally, and it only takes a phone call or an email to produce the noticeable change. The third modification could price quite a bit, depending on how much the company has paid for their flyers and business cards already. If for example, a firm paid a few thousand dollars for a flyer advertising campaign simply, they would today have to pay that cash all over again for re-printed flyers that replace pardons with record suspensions, as well as replace the previous business name.
Changing a pardon site to a record suspension website would be fairly easy, but the ongoing company would still have to spend the hours spent re-vamping the old website. The smart thing to do would be to purchase a brand-new WEBSITE with the appropriate term "record suspensions" and just re-direct the WEBSITE ADDRESS to the old website. Nevertheless, they would need to re-write their internet articles still, re-format headings and buttons, and basically change anything that talks about pardons.
The new pardons law is in its second reading in parliament, and will most be passed in the next few months likely. Regrettably, many businesses will find the visible adjustment to be an unfavourable influence on their revenue margin, but the great news is that it will only be a brief term loss, and all of the competition shall be struggling at the same time.