 Renorming a bounded multiplicative semigroup

Let $S$ be a bounded multiplicatively closed subset of a unital Banach algebra. The displayed auxiliary norm $p$ is equivalent to the original norm, and each left multiplication $L_s$ is a contraction for $s\in S$. Taking the operator norm of the faithful left regular representation produces an equivalent algebra norm with $\Vert 1{\Vert }_S=1$ and $\Vert s{\Vert }_S\le 1$. If $M=\max (\Vert 1\Vert ,{\sup }_S\Vert s\Vert )$, then $\Vert a\Vert /M\le \Vert a{\Vert }_S\le M\Vert a\Vert$. The auxiliary norm is itself submultiplicative, since $p(ab)\le p(a)\Vert b\Vert \le p(a)p(b)$, but $p(1)=M$ can exceed one. The operator norm enforces the required unital normalization.