radford tax logo
07 5495 4100 ◆

Acting on customer feedback

Posted on March 8, 2017 by admin

Customer feedback is a great learning source for any business looking to improve their competitive edge. But actually acting upon this feedback is the most important, an often neglected next step.

Feedback from customers is a valuable asset for many businesses. It provides them with customer insights which can assist in improving services, products and overall customer experience. Feedback has also been shown to improve a business’s customer retention rates.

But while feedback does create a competitive advantage for businesses, that advantage doesn’t just come from collecting the feedback. It is how a business chooses to act based on this feedback that makes all the difference.

Businesses may like to treat the challenges that come to light through customer feedback as projects with defined deadlines and expected outcomes. Details such as how long it will take to address a challenge, what strategies should be used or what actions need to be taken, should be taken into consideration when
developing the projects.

An action log can help to maintain the momentum and focus of these projects, and after a reasonable period of time, may serve to give businesses a good understanding of whether goals and targets were achieved in an adequate space of time.

Communicating results with customers is the next important stage. When businesses make any changes that are customer-based, it is important to keep customers who were part of the feedback process updated. This encourages customers to continue giving their input if they know they are being heard and are responsible for any positive changes.

A business may want to conduct follow-up feedback once customers have experienced the improvements. Customer feedback, after all, can be the reason for short-term programs as well as entire company transformations.

When collecting feedback, the overall task isn’t in the listening, but the actual implementation and follow-up. The more businesses can get their customers to participate in these kinds of projects, the more likely a business is to grow.

maximise your business's value

latest news

Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

radford tax associationsradford tax associationsradford tax associations