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From the YMCA to NPR to BP to J-Lo—brands seem to love abbreviating their names. But the fact of the matter is, there are both hazards and rewards to doing so. In order to ensure the success of your decision to shorten your business name, there are a few rules of thumb you should consider. See two of them below:

• Could an acronym position us more effectively than our existing name? When your name misrepresents the company — as was the case for Minnesota Mining — an abbreviation may be worth a thousand words.
• Could the shift to an abbreviation sacrifice hard-earned brand equity? Harley Davidson would have little to gain (and lots to lose) by abandoning its iconic name for an unfamiliar acronym. (Harley, however, did sensibly replace its non-descript ticker symbol “HDI” with the on-brand “HOG” — a trademarked acronym for Harley Owners’ Group — and familiar biker slang.)

Full story plus more tips at Harvard Business Review.

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