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Benefits of a socially conscious business

Socially responsible business is becoming highly sought after by customers, staff and communities alike.

Building a socially responsible business helps to set your business apart from competitors, improves your reputation and, ultimately, ensures your business is acting in an ethical and moral manner.

Here are three key benefits of running a socially conscious business:

Attract the right staff and customers
Studies show an increasing amount of workers would like to work for a business that makes a social or environmental contribution. Prioritising social responsibility is one key way to communicate your business’ values and therefore attract talented staff who share similar values.

Customers are also demanding products and services from businesses with a high social conscience. Recent research found that 55 per cent of global online consumers across 60 countries say that they are willing to pay more for products and services provided by companies that are committed to positive social and environmental impact.

Improve your reputation
Socially conscious businesses are dedicated to minimising harm, promoting sustainability and giving back to communities, so it is no surprise these businesses develop a positive reputation. Generally, businesses that commit to and support a meaningful cause develop a better image in their community and are more likely to win over customers.

Build better partnerships
Collaborating with other socially responsible businesses is a great way to increase your business’ exposure and increase community involvement. In addition, teaming up with other businesses and charities helps to strengthen ties and work towards achieving social goals (especially where funds or resources may be limited).

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News

Investing in shares vs property in SMSFs

March 19, 2020

Shares and property are two popular investment options for those with a self-managed super fund (SMSF). However, they both have very different attributes and choosing the one that will achieve the best outcome for an SMSF depends on your personal goals and situation.

While the price of shares can vary drastically, property is a relatively stable asset, making it appealing to those who want more security and predictability. Property prices are also negotiable unlike shares, and you can generally borrow money at a lower rate for property purchases.

It may seem hard to find the perfect investment property, but older and undercapitalised properties can be renovated for profit. However, returns from property rentals can be dented due to factors such as land tax, utilities and rates, maintenance and tenancy vacancies.

Shares are more dynamic and volatile than property. One advantage is the accessibility of investing in shares, as you can enter the share market with a few thousand dollars – much less than what you need to invest in a property.

Maintaining a portfolio of quality shares that pay tax-effective dividends may be a good way to fund retirement. With the right portfolio allocation, shares also have the potential to provide a better, stronger income than property rentals, as long as that income is sustainable and increasing.

Property can generally be used as a wealth-creation tool, while shares can create a reliable retirement income. For those who can afford to put more money into investments, it may be a good idea to consider investing and diversifying in both. If you’re unsure about which investment option is right for you, seeking financial advice may be the best option.