Are you the next generation to take over the family business? You may quickly realize that the operations are outdated, the loyal clientele is aging, and you may want to find and reach a new, larger demographic… but where do you start?  Modernizing your business requires analysis of the current business model as well as making updates to the business plan so changes can be implemented that capture and appeal to new clientele.

Here are three tips on how to modernize an antiquated business:

Loyal clientele alone cannot keep a business afloat, therefore, you need a method to reach more potential clients! One of the most efficient ways is to create an easy-to-navigate website. In a world where everyone has access to an abundance of information at the palm of their hands, it is crucial that your business has an online presence. A website gives your business credibility because it tells your customers why they should trust you. Most people search a business online first to inform themselves on your value proposition, which in turn increases your credibility as a business. A website can also be used to showcase your products or services and give clients the opportunity to contact you with questions or even intent to buy! And unlike your brick and mortar store, a website is accessible to an interested customer 24 hours a day, 7 days a week, 365 days a year.

Pro-tip: After your website is built, make sure you link it to all online directories that list your business. That way potential customers can quickly get on your site and learn more, which gives your website more views thus improving the rank in which you appear on a Google search.

The business world today has vastly changed due to social media – who can get their product out the fastest to the most people. Putting your business on social networking sites such as Instagram and Facebook multiplies your reach more than you could ever imagine. These platforms also give you the ability to analyze your demographics and to sponsor posts so you reach a very specific audience. Cobalt & Sapphire works with companies to create content that showcases their product or service but also encourages engagement with the company and client. 

Pro-tip: Social media posts should be eye-catching, just like the front page of your website! Keep in mind you still want to create a professional image while encouraging potential clients to stop scrolling to notice your post.  For example, if you want to showcase words on a photo, make the background simple or minimalistic, but if the picture itself is most important, leave off words or just add your logo. This way your posts have a memorable focal point without information overload in one post!

Sometimes family business models were established by one or two people back in the day, but now there are so many more resources at your disposal! Establishing a team of employees that have multiple ideas and viewpoints can expand your business and help you think outside the box. Collaboration is key to moving forward in your business; whether you are the CEO or just an intern, all ideas are valuable and can help the company move forward. Have weekly department meetings, come up with new ideas to showcase your product or service, or even have weekend events: the list of possibilities is endless. Pick what works best for your company and implement it, you never know when your team will have their next best idea! 

Pro-tip: Depending on the structure of your company, you may not always be able to meet in person. Instead of email communication, consider having a zoom team meeting. This hybrid of virtual and in-person communication builds a relationship between the employees and allows people to fully explain their ideas, which in turn can help your business flourish.

If your business has stood the test of time, then you must have a good business model and strong clientele. Coupled with strategic online marketing and collaboration, your company can only improve. Marketing will be your friend to reach new clients, and we are always here for your business if you ever need creative help along the way. Although business is moving forward into a new generation with new ideas and new technology, never be afraid to put yourself and your ideas out there, and don’t lose sight of your core business values. The growth and potential of your company is endless. Enjoy the ride!