For 19 years the flagship publication Impumelelo: Top Empowerment has tracked the changes, possibilities, growth, challenges and successes of transformation in South Africa. Have you joined our empowerment network?
TOP 10 TIPS TO IMPROVE YOUR B-BBEE RATING
1. Skills development is about leveraged training and building a scorecard
The difference between a poorly planned skills programme and a well-planned one can be massive. A proper strategy would include a focus on people with disabilities and programmes that allow for salary inclusion as well as maximise tax breaks, subsidies and SETA funding.
2. BBBEE scorecard and business benefits are not mutually exclusive
The BBBEE Codes provide structure regarding how businesses can contribute.
3. Know what you need from your BBBEE partner
If you are clear on what you need from the partner, the next step is to check that it is realistic. If not, change your expectations. If it is, make sure that it is properly set out in a contract.
4. Do at least the minimum in terms of ownership
The Codes define ownership quite broadly and provide for a variety of structures. Just be vigilant of structures that sound too good to be true. If it is not real ownership held by real BBBEE partners, you could be at risk of fronting.
5. Price your BBBEE ownership deals right
The principle would be based on mutual future benefit and not as if you sell to retire. Rather structure the deal for growth and expansion and plan to exit the business together at a later stage.
6. React quickly when you get your scorecard for the previous year
The sooner a new strategy is finalised, the more time there is for implementation and to reap the benefits.
7. It does not have to be difficult
The codes allow for properly structured loans to be recognised for enterprise and supplier development.
8. Have a Level 1 plan
Even if the business leadership has settled on a strategy to achieve a BBBEE Level 5 or even a Level 8, it is imperative to have a plan to reach Level 1.
9. Use the correct resources for every stage of the process
Plan, implement, document. These are the three pillars of a great BBEE strategy
10. Take the paperwork seriously
Build the file during the year.
Deon Oberholzer, Group CEO of the Gestalt Group
Minister of Energy Jeff Radebe echoed this sentiment at the recent Black Business Quarterly Awards: “Transformation is well recognised as a change management strategy, which aligns people, processes and technology initiatives – irrespective of the industry – in order to survive and evolve in a business environment. Changing the structure of the South African economy will result in it being more inclusive and sustainable, with opportunities for all, integrated value chains and less barriers to entry. In South Africa, the transformation agenda is critical in all our endeavours and decisions.”
The much anticipated 19th edition of the Impumelelo Top Empowerment is on the shelves in August 2019.
To profile your organisation in this important publication please contact:
Justin Daniels on 0793527761 or email Justin.email@example.com