Improving your B-BBEE Score is essential to opening further avenues of business opportunities in South Africa.
B-BBEE is not a once-off exercise and all businesses, should develop effective strategies and plans to effectively promote and implement B-BBEE in all facets of their operations which may also result in an improved B-BBEE rating.
If the essence of B-BBEE implementation as per the B-BBEE Act and the Constitution of South Africa is not understood then no meaningful transformation will occur.
Below are basic examples of what can be done to assist your business in achieving an improved scorecard.
- Create key business drivers that align B-BBEE goals and objectives with your business strategy.
- Create and implement a plan to achieve the goals encapsulated in the 5 elements of the B-BBEE Act.
- Identify the priority elements and sub-minimum criteria to be achieved by the B-BBEE Act.
- Implement realistic and meaningful targets. Be pro-active in your outlook and create an in-house working group of forward-thinking operational and administrative managers to assist you with achieving your B-BBEE goals and strategies.
- Identify a B-BBEE Champion to drive this process on a daily basis.
- Implement succession planning for all key positions in your company and ensure that you have compiled and regularly reviewed your employment equity plan and skills development matrix.
- Identify skilled candidates for promotional opportunities to improve your management control score.
- Identify suitable beneficiaries for Skills Development, Enterprise and Supplier Development and Socio-Economic Development. Review the effectiveness regularly.
- Maximise the impact of Skills Development for non-employees to empower young people outside your entity.
- Use the benefits of the Youth Employment Service Initiative too. Focus on scarce skills as defined with the SETA within which your business industry operates.
This article is provided for information only, and does not constitute the provision of professional advice of any kind.