5 Ways to Modernize the Family Business

These days mom and pop shops are hard to come by, and as an owner, you know it’s even harder to keep your business afloat. From big name brick and mortar stores taking over smaller companies to changes in how consumers buy products, it’s extremely hard to make it in such a competitive and ever-changing business world.

While it takes time, effort, and money, there are many different ways in which you can modernize your family business. By keeping up with the changing times, you can attract new customers and make a name for yourself in your local area and in your industry.

Here are 5 ways to bring your family business up to speed.

1. Consider a Rebrand

Family owned businesses are all about history and embracing their roots. But, this doesn’t mean that your business has to look as if it’s still stuck in a previous decade. A tried and true way to modernize your family business is to rebrand. This includes changing the look of your logo, brick-and-mortar store, business cards, and anywhere else your brand is used.

A quality rebrand should tell the story of your company. Before settling on a new look, consider the audience you’re trying to target along with the personality, message, and purpose of your business. The brand you choose, from the logo to the colors, should evoke certain emotions, thoughts, and actions from your target audience.

If you have the budget, hire a graphic design who can help you come up with a brand that’s modernized but also shows the history behind your company.

2. Create & Maintain an Online Presence

In the past just having a store was likely enough to produce a profit, but in the age of on-the-go shopping and convenience, a physical store isn’t enough to keep the doors open. Broaden your horizon and audience by creating an online presence. This includes a business website along with a blog and social media pages. With an online presence you’re able to increase your company’s visibility which means more leads and conversions.

When creating your online presence, ensure your new brand is ready to go. This way your website and social media pages can all reflect the new look and feel of your family business. In order for web users to come across your company website, it’s important to create content, such as blog posts or posts on social media.

The more you interact and engage online, the more likely you are to entice new customers to make a purchase from your company.

3. Offer Online Services

Once you have a solid website and social media presence, you’ll want to think about what type of online services you can offer. For example, let’s assume you run a local pharmacy in town and have done so for more than 40 years. While customers will visit your brick and mortar pharmacy, you could also consider offering online prescription delivery. This is convenient for customers who cannot drive or those who don’t want to stand in line for their medication.

There are many different companies who offer this type of service, including popular startups like Medly Pharmacy, so you’ll want to ensure that your brand is widely promoted on and offline. This includes routine blog posts, website updates, and even business cards.

4. Know How to Market

Word-of-mouth referrals and repeat customers will only take your family business so far. Modern day marketing allows you to reach customers that live beyond your small town so that you have a better chance of landing new leads and conversions. Some of today’s top marketing methods include:

  • Search engine optimization
  • Social media campaigns
  • Video content
  • Email campaigns

By using the latest and greatest forms of marketing, you can reach a broader audience, or at least reach the audience that’s most likely to entertain your product or service. By modernizing your marketing efforts, you will boost your brand’s visibility and recognition while also landing new leads and sales.

5. Use Accounting Software

More often than not, small businesses struggle with their finances because of poor accounting practices. In the past you may have been able to get away with pen and paper to keep track of your business dollars, but if you’re looking to grow and modernize your family company, it’s time to step into the 21st century.

These days there are all sorts of software suites and mobile apps that you can use to effectively and efficiently balance your budget. Many of these apps offer features for inventory, payroll, invoices, and much more. With this type of application you can better manage your money.

Conclusion

Consumers value family owned businesses because they’re experienced, trustworthy, and typically offer top notch services. But in today’s highly competitive business landscape, being stuck in the past won’t do you any good. Use these 5 ways to modernize your family business to increase your chance of success now and long into the future.

If you have any tips for family businesses who may not be on the cutting edge? Leave a comment with your thoughts, and best advice for family businesses moving forward in the 21st century.