Once you installed and set your BuddyPress in which BuddyBar contains your site name. which you can change.
After activating CD BuddyBar Logo Changer you should go to “Logo Changer” submenu under “BuddyPress” menu,where you can specify your text instead that long sitename or use image as your logo.
Than Turn on the plugin and save options – that’s all! No need to code anything.
Requires WordPress Version: BuddyPress 1.0 or higher