Sharing edited colour labels

[Iria]

I would like to be able to edit the names of my colour labels to reflect our business needs. Unfortunately although the rest of the team have access to my calender, the labels go back to their default setting, so although i can have sight of what the appointment may be, via the edited label option, the rest of the team have no idea as the default names are not relevant to the business.

Can I do something to change this?

I am using Microsoft Outlook 2002.