We frequently resolve to reinvent ourselves in the new year — exercise more, eat healthier, read more or save more.
This concept of reinvention carries over to several aspects of the financial world as well, both personally and in businesses.
At a certain age, it’s common for people to put their materialistic desires behind them and focus on a more personal lifestyle. We grow up learning to want things, but after our income level reaches a comfortable level, we reflect on whether we have what we really want. At that point, our perspective can change.
If we can help you refocus your financial situation to match the type of lifestyle you want to lead going forward, we’re here for you.
[CLICK HERE to read the article, “Minimalist Living: When a Lot Less Is More,” from Time, March 15, 2015.]
[CLICK HERE to read the news release, “What Psychology Says About Materialism and the Holidays,” from the American Psychological Association, Dec. 16, 2014.]
Companies often find themselves needing to reinvent as a result of rapidly changing surroundings. Not long ago, Yahoo and Barnes & Noble were industry leaders. But, as new technology and competitors emerge, a period of poor sales or stock performance can put once-successful business models in need of a shakeup.
[CLICK HERE to read the article, “Is It Too Late to Reinvent Yahoo?” from Knowledge@Wharton, Jan. 4, 2016.]
[CLICK HERE to read the article, “How Can Barnes & Noble Avoid Borders’ Fate?” from Knowledge@Wharton, Dec. 18, 2015.]
An alternative method of reinvention is simply changing the impression presented to consumers through a rebranding. This could mean a new logo, a new look for brick and mortar stores, a new look for the website; basically good branding means creating a cohesive look across all customer touchpoints.
Does a new logo mean the service or product has changed? Perhaps. Sometimes companies rebrand to reflect changes, other times it’s just a new update to their look. While a fresh, new look could attract new customers in the short-term, if the product hasn’t improved, it won’t be long before it’s time for another overhaul.
[CLICK HERE to read the article, “When’s the right time to reinvent your brand with a new logo?” from W.P. Carey School of Business, Arizona State University, Jan. 4, 2016.]
[CLICK HERE to read the article, “Three ways Fortune changed in 2015,” from Fortune, Jan. 4, 2016.]
[CLICK HERE to read the article, “Goodbye, Moto(rola): Iconic brand name to be phased out,” from CNET, Jan. 7, 2016.]
The same can be true when it comes to reinventing our own situation. Sometimes we just “rebrand” ourselves, informing friends and family that we’ve joined a gym or started shopping at Whole Foods.
Truly reinventing ourselves requires commitment and discipline. We can’t just say we’ve made a change, we have to take the often painstaking steps to get there. If any of your reinvention plans involve your financial situation, remember that we’re here to help you develop a strategy and stick to it.
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Prostatis Group LLC is a registered investment adviser.
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