Future Proof your BEE Status – EconoBEE Newsletter – 6 April 2016
Amended Codes Future Proof your BEE Status
April 2016 is an extremely important month for many South African businesses. Since the Amended Codes transitional deadline ended at the end of April 2015 many businesses received their last old codes scorecard in April 2015 which expires in April 2016. The Amended Codes are significantly more difficult with a harsher points to levels table which will mean the majority of those businesses will have a substantial level drop from the previous year which can impact business significantly.
Ownership has been the talk of the town of late with many feeling that without Ownership they cannot achieve a compliant score. The reality is that, yes, Ownership is key to achieving a good score but vital steps needs to be taken prior to the Ownership discussion. BEE is measured via a scorecard however that scorecard is always measured retrospectively. Most businesses fail to take into consideration the future implications of activities that they should be implementing to earn additional points. If they don’t implement activities soon enough they will achieve a low score and risk customers finding alternative suppliers. Our Managed Service is geared towards assisting businesses work pro-actively on their BEE activities which gives them the best chance of achieving a high score.
Once sufficient planning is in place the Ownership discussion becomes far more viable. A good Ownership deal is an advantage in business. The problem for many business owners is that they don’t know where to start or how to implement an Ownership transaction. EconoBEE has designed an ideal solution to assist business owners begin the seemingly daunting process of Ownership. EconoBEE is hosting an Ownership workshop on the 19th of April 2016 presented by Keith Levenstein – CEO of EconoBEE and member of the DTI Ownership Task Team on BBOS and ESOPS. During that session you will gain insight into how deals earn points, are sourced, transacted and ultimately concluded.
Talk to us today about other solutions to help your business achieve its objectives.
Implementing the Amended Codes
Changes to the BEE legislation will cause most businesses scores to drop substantially which will substantially limit their competitiveness in the market place. Alternative activities to earn points such as changing suppliers might require a radical directional change in business thinking and processes. Identifying points scoring activities while simultaneously eliminating weaknesses is essential to maintaining a satisfactory scorecard.
A good understanding of BEE is perhaps the single best method to cause long term improvements to your companies BEE status.
EconoBEE is proud to offer various courses designed to increase your understanding of BEE.
While there is demand for a BBBEE Scorecard someone will be taking advantage, shouldn’t that someone be you…
Remember BEE Points = Happy Customers
That’s it for the time being. Regards Gavin and the EconoBEE Team
EconoBEE assists companies prepare their BEE Scorecard for Verification by offering consulting & advisory services, management tools and training courses. This ensures a cost effective and efficient approach to becoming BEE compliant.