Due to the complexity and oft-changed codes and regulations, achieving BEE compliance remains at the forefront of many business’ concerns in South Africa.
There are many ways in which to attain BEE compliance but very few organisations know how to do it profitably and sustainably. With that in mind, the experts from Gestalt B-BBEE Consulting Solutions have a few points for you to consider while selecting a strategic partner to implement your BEE roadmap.
Identify Where You Want To Go
A key question any business hoping to achieve sustainable BEE compliance should ask is, “What level do we want to reach?”, “What will our business opportunity be when we do achieve compliance?” and “By when do we want to get there?” This will help your BEE consulting team clarify your business goals in order to give you a recommended strategy.
Familiarise Yourself With The Scorecard
By all means, let the experts do what their good at, but it helps if management has a clear understanding of how the new BEE codes have affected the way in which the BEE scorecard adds up. The scorecard is basically a set of targets and will give you a good idea of what you have to aim for and how your business might get there.
Think About Your BEE Budget
Ask yourself, what investment is the business prepared to make to implement the BEE strategy? Remember, successful BEE strategy implementation should yield longer-term dividends and potentially financial profit. So, consider it an investment and not an expense when you enlist a trusted BEE consultant because you can make your money back while assisting in the growth and development of previously disadvantaged groups.
Know there are many ways to get there
Each business is unique and has its own goals and BEE requirements. That is why a one-size-fits-all strategy does not exist. What may work for one business may not be feasible for another. It’s about doing the best you can with what you have. A reputable and experienced BEE consultancy, like Gestalt Growth Strategies, will be able to work with your existing structures and budget to create a long-term, tailored strategy to help you reach your ultimate goal.
Like many things in life, it’s not what you know, but which BEE consultant you know that can help you achieve long-term business growth.