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What to consider before rebranding your business

Posted on October 18, 2016 by admin

Branding can help small businesses stand out from the competition and gain customer loyalty – but only if it is effective.

Businesses with brands that are confused, outdated or simply not appealing to the eye can hurt a business’s reputation and even repel customers. Businesses suffering from a branding problem may need to look at rebranding.

Rebranding should never be taken lightly – it can be expensive, time-consuming and involve a lot more than simply tweaking a logo and hoping for the best. But it may be necessary to strengthen a business.

Here are three things to consider before embarking down the rebranding path:

Recognise your branding problem
Before committing to a rebranding strategy, ensure that you are fixing an actual branding problem; updating your logo won’t fix issues like slow customer service or poor communication. Identify why you want to rebrand your business and establish how rebranding will help fix your problem.

Plan to start small
One of the best ways to assess whether your rebranding idea is heading in the right direction is to start with small, subtle changes i.e. sharing a rebranded logo on your website or social media sites. Sharing this small change with your online customers can gauge customer reactions and even gain some valuable feedback as to whether they like the new you.

Consider hiring an expert
Rebranding can be especially difficult for small businesses who know their brand too well to be objective. This is where hiring an expert can come in handy. Using an expert’s unbiased opinion can often be invaluable when establishing a rebranding strategy.

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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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