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Amended Codes: How to ensure that you achieve a successful BEE verification – EconoBEE Newsletter – 21 November 2013

EconoBEE - BEE Points = Business

Our final Amended Codes seminar of the year will be on the 3rd of December 2013 in Johannesburg. This will be the last chance before the end of the year to gain a through understanding of the recently gazetted Amended Codes of Good Practice. If you would like to attend please book early as we have filled up our venues very quickly.

In-house presentations available on request to a minimum of 10 delegates. Please look out for our schedule of events for next year where we will be hosting many more detailed events. These events will include

  • detailed seminars on all elements
  • detailed seminars on specific elements to understand each element in its minutest detail

We are confident that all our clients will be able to achieve the same points on the new scorecard as the current, but your approach will have to be different. We’ll show you how.

Start preparing now, we are on your side Managed Service.

 

 

 

 


 

 

How to ensure that you achieve a successful BEE verification using the Amended Codes

B-BBEE is at the top of mind for many businesses at the moment. Virtually immediately after the DTI announced that they were going to be gazetting the Amended Codes of Good Practice we began receiving calls and emails from concerned businesses to find out what these new codes meant.

Although the Amended Codes state that they come into effect after a 1 year transition (being 10th October 2014) the reality is that your preparation will need to begin as soon as your next financial year begins. In other words if your financial year end is February 2014 you will need to start working on the new codes from March 2014. Any business whose year end was September 2013 has already started their financial year and will therefore need to be applying methodologies required in the Amended Codes now.

A year transition is not a long time, the fact that it is based on a financial year period (12 month rating period) that for most companies begins in just a few months shows the importance of beginning preparation early.

How to ensure that you achieve a successful BEE verification using the Amended Codes.

B-BBEE compliance can be broken into a few core phases comprising of both your last financial year period which is used to get verified and the future financial year period which you can use to maximise your points or refine your methods of earning points.

It has long been our view that a sound understanding of Black Economic Empowerment and how it affects you is absolutely key to a successful verification. As a consultant we recognize that our clients expect advice tailored to their business. We are best able to do this if we are able to gather good quality information from each client. It therefore becomes critical for us to share information about BEE with each client so they can match what earns them points with what they have done.

Once you understand BEE start processing each piece of data, firstly to ensure it is correct and then to ensure it is optimal from a scorecard viewpoint.
We suggest that you start with Employment Equity and Procurement. Then Skills Development, Enterprise Development and Socio-economic Development. Your final element is Ownership as it doesn’t change often. Management is already considered with a comprehensive list of employees and directors.

Effectively you are now able to start producing your first preliminary scorecard – your score will in all likelihood be low – as are most businesses initial scores – but it will give you a starting point. You can work towards increasing the score in line with your strategy. By creating a scorecard you will have a grounding with which to build on.
From a practical consulting viewpoint – once we have a good understanding of your business we then advise you on what activities you should implement that will be most suitable for your business. Once implemented you will know exactly how many points you have earned.

The final step is verification. Many businesses start with a verification which is a very expensive exercise. If you want to know what you score is rather calculate it yourself or use a software system like our EconoBEE V3. If you have a scorecard already prepared you should find your verification to be quite smooth. The only additional information you will need will be the small amounts of sampled data that the verification agency selects.

Preparing for a verification has become more of a science for us. Selecting the best agency, preparing documentation and speeding it up all while earning more points.
Broad-Based Black Economic Empowerment (B-BBEE) compliance is a process and should be viewed as long-term as opposed to a short-term once off event. At EconoBEE, we offer various solutions to assist clients achieve a compliant BEE Status.

Our Managed Service is an ideal solution for any business wanting to save time on implementing B-BBEE. Through our Managed Service we assist clients prepare a scorecard for both last year and the future year with the view of constantly improving the number of points on the scorecard. Since our view is based on a long term view we are able to continuously keep track of progress, advise on important changes as and when the changes happen and ensure success through every single transaction.

Visit our website or contact 011 493 1190 for more information on our Managed Service.

 

 


Understanding the Amended B-BBEE Codes of Good Practice

The new codes will have an impact on your strategies that you need to implement.

Many people think that the new codes will be more difficult to understand and implement. We will show you that this is not necessarily the case.
Join us for a full day and

  • Learn how to benefit from the new codes.
  • Understand the intricacies of the codes
  • See the differences between current codes and new codes
  • Identify strategies to follow
  • Recognise how easy it will be to follow the new codes

Date:3rd December – JHB

We will be hosting additional events based on demand. In-house presentations available on request to a minimum of 10 delegates.

Time:8:30 for 9:00 – 17:00
Price:R2500 excl VAT (R2850 incl VAT)
Booking Details:Email info@econobee.co.za
Contact 011 483 1190
Book online or download our brochure.

 

 

 

 

 


Let our consultants save you time on B-BBEE.

Preferential Procurement – Save Time by using the BEE Procured database containing over 40 000 BEE Certificates. Procurement Managed Service: Our consultants can phone your suppliers for a BEE certificate – Managed Service.

 


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While there is demand for a B-BBEE Scorecard someone will be taking advantage, shouldn’t that someone be you…


Want us to manage your BEE Process – Managed Service.

Turnover below R5 million – find out how to get your BEE Exemption.

Is BEE procurement a pain? Sort it out quick and easy – BEE Procured.

Need a scorecard – produce one yourself – EconoBEE V3

 
EconoBEE Newsletter
 21 November 2013

In this issue

  • How to ensure that you achieve a successful BEE verification using the Amended Codes

In other news

About EconoBEE

EconoBEE is an expert BEE consultancy. EconoBEE helps businesses Become BEE Compliant, prepare for verification, earn maximum BEE Points and ensure that they achieve the BEE Level they need to get more business.

Our services include BEE Management Systems, Training, EME Pack, Complete Managed Services; consulting and advisory and Procurement Solutions.

As leaders in the industry we are driven to help maintain and develop knowledge in the BEE industry.


Already have a BEE Certificate

Please send it to us and we will include it in our BEE Procured database.


Contact Us

Tel: 011 483 1190
Fax: 011 483 1195
Email: info@econobee.co.za
Web: www.econobee.co.za


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Remember
BEE Points = Happy Customers = Sustainable Business
 


Regards
Gavin and the EconoBEE Team
 

  
Executive summary of B-BBEE

Turnover below R5 million per annum – automatic BEE status

 

Turnover above R5 million per annum – you need a BEE Scorecard. Our workshops, scorecard tools, procurement manager or a complete managed services will be best for you.

 

Your time on your business, our time on your BEE status

Tip:

Although the Amended Codes give a 12 month transitional period the reality is that the preparation needs to begin immediately. Through our managed service prepare early and gain a competitive advantage.

 

10 Strategic Steps to B-BBEE!
 We have prepared an easy to follow guide “B-BBEE in 5 Minutes” and “Crash Course to BEE Verification” which explains BEE in a simple step by step approach.

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