Social media for business: A fad or a permanent shift in how we communicate?
Isn’t Twitter a waste of time? Isn’t Facebook for the kids?
Not anymore.
It’s true that Twitter and Facebook started out with very ‘non-business’ objectives. The founder of Twitter actually did invent it so you could tell everyone you were going to the shop to get some milk; and anyone who has seen the movie The Social Network knows about the very lowbrow origins of Facebook.
Other social media platforms include LinkedIn, Google+, YouTube, Pinterest, Instagram, Snapchat, Foursquare, Quora, Tumblr, Vine, Flickr and MySpace, among others.
In recent years savvy marketers and business owners have worked out how to use social media VERY effectively for communicating with the market place, in a new way.
Traditional marketing, like advertising, is a monologue. A one-way conversation, coming from the advertiser. There’s no interaction in a TV or newspaper ad.
Modern marketing—including social media—is about engaging in a dialogue with people. It’s about creating two-way, value-adding conversations (albeit, online ones) with people who are interested in what you do: your ‘followers’, ‘friends’ and ‘connections’. It’s about helping them, listening to what they have to say, and letting them know about useful, relevant information.
This creates a sense of community and stronger relationships. Certainly stronger than any advertising can ever create. We have entered a whole new era, and social media is not just reshaping the marketing landscape, but it’s changing journalism and media, and is even acting as a catalyst for social change, allowing people to combine their collective voice. We’ve witnessed that in world affairs, for example in Egypt where Facebook was used to organise protests.
If you’re still not convinced that your business should actively get involved with Twitter, Facebook, LinkedIn, Google+ or other social media platforms, consider the flipside.
Can you afford not to at least monitor Twitter, for example, to see what is being said about your industry, your business, you? Using social media management software like TweetDeck, HootSuite or SproutSocial you can efficiently monitor your various social media accounts using the one app to display your feeds from a number of different platforms, notifying you when people mention you, your brand, reply to you, ‘favourite’ or ‘like’ your updates and posts, and so on.
We think it makes sense for any business to monitor what’s being said about them—and about their competitors—in social media.
We also know of many success stories of small business owners who are using Twitter, Facebook and LinkedIn as a very effective way to generate referrals and to drive traffic to their website.
Social media works if you learn how to work it.
Obviously the purpose of this article is not to teach you how to use these tools. That would take a book or complete course, not an article.
Its purpose is to open your mind to the possibilities—if it hasn’t been opened already—of how your business can learn to use and benefit from social media as part of your business’ marketing mix.
To start you along that learning curve, take a few minutes to watch this Socialnomics video. The statistics mentioned in it are phenomenal.
At the 1-minute mark you’ll see a quote by best selling author Erik Qualman, “We don’t have a choice on whether we DO social media, the question is how well we DO it.”
And at the 3:50 mark, “Social Media isn’t a fad, it’s a fundamental shift in the way we communicate.”
We are just starting on the path of learning how to best use social media, and by no means are we proclaiming any degree of expert competency. (Yet!)
The question, we believe however, is not whether your business should use social media, but how should your business best use social media.
Need help with your accounting?
June is zooming by! Here’s another handy checklist for business owners—let’s get you sorted for EOFY and tick off those to-dos.
EOFY is almost here — are your finances ready? Our guide covers top deductions, super contributions, SMSF essentials and a 30 June checklist to help you maximise your return. Read it here.
Not sure what you can claim as a landlord this EOFY? From loan interest to depreciation, we break down the most common (and overlooked) rental property tax deductions. Read the full guide.
One of the most powerful decisions you can make with your superannuation is whether to run your own self-managed super fund (SMSF) and whether to invest in property through it. Most people know it's possible to use super to buy property. Far fewer know how to do it well. The following seven tips are designed to help you make the right decisions. 1. You Can Borrow Money to Purchase Property in Superannuation. Don't have enough in your SMSF to buy an investment property outright? Since 2008, superannuation held in a self-managed super fund can be used to borrow money for property purchase. This is done through a 'limited recourse loan' using a Bare Trust as the Custodian entity. You can't borrow the total value of the property—typically it's up to 80% for residential properties and 60% for commercial properties, with the required deposit held in the SMSF as security. The SMSF then makes the loan repayments, with rental income received by the fund and property expenses paid by the fund. Importantly, if there is a default on the loan, your other assets in the SMSF are generally protected from standard debt recovery and bankruptcy proceedings. The lender only has recourse to the property itself. Upon completion of the loan repayment, ownership of the property transfers legally to the SMSF. 2. Follow These 8 Steps to Set Up Your SMSF Setting up an SMSF properly can be a complex process. It’s best to set up an SMSF with the assistance of a qualified superannuation advisor, like us! We can assist with both the initial setup and the ongoing management of your fund. There are eight core steps to SMSF set up: Select the appropriate structure and name Sign the trust deed that covers how your SMSF is set up and run (it can have up to four members) Establish a trust for the SMSF by investing assets into the fund Register your SMSF with the ATO Set up a separate bank account for your fund Submit your tax file number (and those of any other trustees) Obtain an electronic service address to receive employer contributions into your fund (if applicable) Roll over funds from your existing superannuation account into your SMSF 3. Keep a Liquidity Buffer If you're buying property through superannuation, make sure you plan to keep a liquidity buffer of cash and/or shares in your fund. Lenders will check for this before lending to you—it should be at least 10% of the value you intend to borrow. But beyond satisfying the bank, it's simply good risk management. Property is an illiquid asset. Having accessible funds in the SMSF means you're not caught short if repairs are needed, the property sits vacant, or an unexpected expense arises. Because superannuation is central to most Australians' retirement security, the government has carefully regulated what can and can't be done with it. They don't want people gambling their retirement away on poor investments or incorrectly using their superannuation fund. 4. Use the Rental Income to Repay Your Loan You cannot live in the property you purchase through your SMSF until after retirement. Most people purchase an investment property and use the rental income generated to repay the loan—which makes excellent financial sense. The key is selecting a property that rents easily and delivers a strong rental return. Your purchasing criteria may look a little different to buying a home you'd live in yourself. For example, proximity to public transport, local amenities, and average rental rates in the area matter more than personal preference. 5. Get It Right and Enjoy Significant Tax Efficiencies One of the most compelling reasons to invest in property through superannuation is the tax efficiency on offer. These benefits can significantly improve the long-term return of a property investment compared to holding it in your own name. Key tax benefits include: No capital gains tax or tax no yearly investment earnings if under super caps. Salary sacrifice advantages if you're sacrificing salary payments into super, loan repayments are effectively tax deductible. Capped tax on investment income—the maximum rate of tax on income after expenses is 15%. Any capital gains on investments held for 12 months or more, is taxed at 10%. Standard investors outside super can pay up to 47%. 6. Follow the Same Due Diligence Rules as Any Property Purchase Buying through superannuation doesn't mean relaxing your standards. If anything, the rules governing SMSFs mean you need to be more rigorous, not less. Property is likely one of the most significant financial decisions of your life. Research, not emotion, should drive your choices. The same rules apply whether you're buying in or out of super: Visit and compare multiple properties Know the values of similar properties in the same area Get all property checks performed by the right professionals Shop around for the right loan structure and lender Don't abandon good investor habits just because the structure is different. 7. Always Get Quality Professional Advice Nothing comes without risk—but the right advice significantly mitigates it. The key is understanding what you're getting yourself into: making informed decisions based on accurate data; keeping a diversified superannuation portfolio that doesn't place all your eggs in one basket; and not underestimating how complex buying property in superannuation can be. Sound Simple? It’s all in the details. If the above tips have made it sound straightforward, know that the detail is where the complexity lives. Getting professional advice from the start helps ensure you make the best possible decisions for your future. When selected according to rigorous property-purchasing criteria, property can be an excellent way to grow your superannuation and increase your chances of building a retirement fund that supports the lifestyle you want. Ready to Explore Property in Your SMSF? Whether you'd like to discuss whether an SMSF is right for you or need help setting one up, reach out to Ascent Accountants . If you want assistance managing the property within your fund, contact the Ascent Property Co team .
June 30 is closer than you think. Learn what tax strategies are still on the table, how to keep more of what you earned this year, and how to get your payroll ready for Payday Super from 1 July 2026.
Is your business structure still working for you? This EOFY, learn how to read the signs of growth, rethink your strategy, and build a real plan from the numbers that actually matter.
