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Preventing a business burnout

Posted on October 21, 2015 by admin

If you’re the kind of business owner whose average working day consists of feeling anxious, exhausted, helpless or stressed, then you may be teetering on the very brink of burnout.

Burnouts are a state of physical, emotional and mental exhaustion caused by excessive and prolonged stress. They usually occur when owners feel overwhelmed or unable to meet the constant demands of running and managing a business.

In addition to negatively impacting on a business owner’s individual work performance, burnouts can also create secondhand stress for the owner’s employees or coworkers.

While running a business can take up much of an owner’s time, it is important for owners not to neglect their responsibility of staying physically and mentally healthy. To avoid burnout from happening to you, here are five tips to creating a happy, thriving workplace:

Realise that you can control your emotions
A person’s thoughts ultimately determines their feelings. We have 100% control over what we think i.e. the way we interpret situations, the expectations we place upon ourselves, so make the conscious effort to find a benefit from every situation and go easy on yourself if things don’t necessarily go to plan.

Focus on goals
Becoming goal-oriented instead of time-oriented can help to maximise efficiency and stay focused on your business’s key objectives. Regularly think about your reasons for starting the business to make sure they align with your professional and lifestyle goals.

Establish boundaries
Try to avoid working beyond a set number of hours each week, make sure you unplug from technology when you get home and spend some uninterrupted, quality time with family and friends.

Avoid multi-tasking
Multitasking has been found to reduce productivity by 20-40% and can increase the chances of making mistakes or errors. Try developing the habit of single-tasking throughout the day so you can focus completing a task with maximum efficiency.

Nurture your health
Being healthy can shield owners from stress and improve their resiliency. Regularly exercising, eating a balanced diet and getting a sufficient amount of sleep each night are all small changes that can make a big difference.

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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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