First, ask yourself 'why.' Why are you changing your name? What benefit do you hope to get? What's wrong with the one you already have?
Brand recognition is important. You WILL lose some by changing your name. If you're lucky, you won't lose much.
You'll have to launch a communication campaign to let everyone know about your name change, so they don't get confused. Inevitably, people will be confused anyway. It happens.
Unless your business name is something along the lines of “Puppies Suck” or “I hate you don't shop here”, there's very little benefit to changing your name.
Why is this? Because your customers don't really care about you. Are you an NPO? Your donors don't care about you either.
What they all care about is what you can do for them.
If you're a business, do you satisfy your customers' needs? (If you're an NPO - do you do the things your donors want done?)
Reality check: No one really cares about your name except you and your board.
Does your name basically reflect the services you provide. (Obviously, if you're an auto repair business and your company name is “Flowers 4 You” you might consider changing it...)
But if people can tell from your name the industry you're in, and the services you provide, you're fine.
This whole concept of “Re-Branding” bothers me. You know who benefits when you 're-brand'? Your agency. Your customers, once they find you under your new name, could care less. Do you provide them quality service at a price they're happy to pay? That's what they care about.
Your customer wants to buy a hammer? They don't give a damn what your store is called, if you can sell them the hammer they want.
Most often, name changes are a vanity project. They usually happen when new leadership takes over a company or NPO, and feels the need to 'leave their mark'.
The only thing this helps is leadership's ego. It does not help your bottom line.
Ask yourself honestly:
“What are we hoping to gain by this?”
If it's not broke, don't fix it!