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How to truly set your business apart from competitors

Posted on November 9, 2017 by admin

Making your business stand out can be difficult; especially if you are offering the same services as your competitors.

No matter how big or small, or what the financial status of your business may be, there is one strategy any business can adopt to set you apart: customer relationships. Building and placing value on the relationships you build with customers is free. The main focus of these relationships is to truly value the customer as a unique individual and not just view them as another sale or a number. When people feel their transaction with your business has been genuine, the whole morale and attitude within the business can change for the positive and drive up profit.

Consider the following benefits of developing strong customer relationships:

Creates brand loyalty
It is highly unlikely that a customer will return to your business for future services and sales if they unsatisfied with their initial transaction. If they are happy with their transaction with your business and they leave feeling genuinely looked after and positive, chances are they will be back.

Increase in referrals
Word of mouth is a strong tool for generating more business. If a customer is not happy with the service they provided, they are likely to go straight to social media and discuss their transaction, speaking negatively about your business. On the flip side, a satisfied customer is likely to speak highly of and recommend your business to friends, and even strangers on community social media pages. A referral from an existing or previous customer is often more trustworthy than a marketing campaign, so placing value on treating existing customers with the utmost professionalism and diligence can see the business grow and profits increase.

Cost-effective
Treating your customers well is a great marketing strategy. It is more cost effective to bring in more business through treating existing customers well (whilst making money) rather than splashing out on marketing campaigns that may or may not be as successful as you had hoped.

maximise your business's value

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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.

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