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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

Understanding various kinds of super fees

February 16, 2018

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital.

When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money.

You should be aware of the various types of fees you are being charged. If you would like to find out the fees you are being charged, you should do two things. Firstly, Google your fund’s product disclosure statement and scroll through to the fees section. You should see a list of different types of fees, with an explanation of what they are, how they are applied, and how often they will be incurred. Secondly, you should log in to your superfund account and take note of all the fees being charged to you. Investigate how closely these correspond and correlate with the product disclosure statement.

If you feel there are discrepancies, do not hesitate to contact your superfund or financial advisor and ask for clarification. It is worthwhile doing your research and comparing the fees you are being charged against other super funds and what they charge. Being complacent and not paying attention to your super is extremely irresponsible; the dividends you will receive later in life for being diligent now outweighs the burden of taking time to be informed today.

Some of the common super fees across the board include:

Another major factor contributing to how much you accumulate in your super account throughout your working life is the rate of fees you pay. Plain and simple, some funds offer much lower fees than other, creating a difference of hundreds of thousands of dollars when it comes time to retire.

Generally, funds are categorised into three groups; low super fees, medium super fees and high super fees. Ultimately, you want to be in a fund that charges low super fees. In saying this, it’s not only about super fees, as some funds have medium-high super fees but also perform better based on investment strategy, meaning you will get more back from your investments.