BEE, tricky for those who are not ready! – EconoBEE Newsletter – 17 May 2011

EconoBEE - BEE Points = Business
B-BBEE, tricky for those who are not ready!

Who really knows what is happening with Broad-Based Black Economic Empowerment in your company? B-BBEE is so broad it requires a number of staff to be involved all the time. Your HR people are required to understand law and accounting, accountants and auditors to understand psychology and legal advisors to understand finance and business management.
All of this long before having to collect hundreds of documents for a verification agency who quite literally holds you to ransom because you need that verified BEE Certificate.

BEE with its intricate detail can become very cumbersome and time consuming to do properly yet if it is not done properly your customers leave you. The end result is a scorecard that is tricky to calculate, a verification process that is in-depth and immensely time consuming, error prone and frustrating which results in lost productivity and lost focus.

Yet your customers still require your BEE status or else you could lose business.

 

 

Why? Having a good BEE scorecard could land you a fortune of business. Especially with the anticipated changes to the government tender act businesses with a good score will be favoured over those with no score. This means if you are able to overcome the admin exercise you could gain the business that your competitors have just lost.

Your customers need a BEE scorecard so that they can grow their business – they need your score so that they can continue doing this. You need a scorecard to keep them happy and keep them as a customer.

Your BEE Verification on the other hand is intended to give an auditors view of your BEE status, meaning the verification agency will come into your office and check that you are not earning too many points. They will do this by asking for inordinate amounts of documentation and checking with staff. In the end, disagree with the unlucky client and remove all of their points pending an appeal. This appeal fortunately will be “independently” reviewed by the verification agency.

A rocky BEE verification process can be both frustrating and disheartening.  There are certain actions that can be taken to ensure that all of one’s hard work is not thwarted when verifying your BEE efforts.

We have prepared a series of tips to ensure you are very well prepared.
Keith Levenstein of EconoBEE offers the following five tips to assist companies through their verification process:

  1. Prepare for verification: Know what to expect and what will be expected of you by empowering yourself through training workshops on verification; or speak to your consultant to ensure you are thoroughly prepared. This can drastically reduce the time and cost of a verified BEE certificate.
  2. Know your points before hand: Calculate your points on the scorecard before you approach a verification agency.  They will not assist you in finding the last few points required for a higher level; their role is based solely on substantiating your current claims on the scorecard.
  3. Provide the data you want verified: Do not wait for the verification agency to ask for data that they may need as this leads to unnecessary delays.  Ensure all the relevant documentation to substantiate the claims on your BEE scorecard are available for the verification agency to scrutinise at the commencement of the process; such as your Annual Financial Statements, letters from your local charity confirming your contribution and their beneficiaries as well as your employment equity or shareholder information.
  4. Consult regarding interpretation of the codes of good practice: If you feel any of the codes are being interpreted incorrectly; do not hesitate to call in a consultant to clarify the matter as this could be the difference between compliance and non-compliance.
  5. Appeal if you feel there has been an error: The verification agency’s decision is not final; one is allowed to appeal within a reasonable period after their evaluation around any issues that you feel have not been handled correctly.  A BEE consultancy would be able to assist in this regard.

EconoBEE will be holding three “Prepare for Verification” Conferences during July 2011 in Durban (14 July), Cape Town (21 July) and Johannesburg (28 July), providing business managers / owners with vital information that will ensure that one is able to maximise one’s BEE points, avoid unnecessary delays during the verification process and ultimately take control of the verification process to ensure a correct result every time. 

“Verification can take ages if you are not properly prepared. It could also turn out that your score is far lower than you expected.  Essentially, verification could be a pleasure or a huge distraction.  Our conferences aim to prepare you sufficiently to ensure that your BEE verification does not become the bane of your administration,” adds Keith Levenstein.

 

 


Wasting time on your BEE Verification

 

Spending hours collecting the wrong documentation? Unsure of what is needed?

We are pleased to announce another exciting EconoBEE initiative to help assist you speed up your BEE Verification.

During our “Prepare for BEE Verification conference” – we will help you avoid timely delays by explaining what is required, how to prepare the right documentation first time and prevent queries.

If BEE verification should only take hours then don’t expect yours to take any longer.


Contact us on 011 483 1190 or info@econobee.co.za to find out more about our Prepare for BEE Verification Conference.

 

BEE Managed Services Saves Time
EconoBEE can assist you with your BEE Verification – our consultants will even sit in during your BEE Verification giving you the extra time to work on your business. Learn more about our managed service, contact us on  011 483 1190 or info@econobee.co.za.


BEE Crash Course – Phase 2

Become a fan of EconoBEE on Facebook and be first to download EconoBEE’s Crash Course guides – “The 5 minute comprehensive guide to Black Economic Empowerment”. Phase 1 went live last week. Phase 2 goes live today and for a limited time only.

You would expect to pay thousands of rands in consulting fees to gain the knowledge contained in just one crash course guide but for a limited time we will offer this set to you for R999 incl VAT.

However if you connect with us on our EconoBEE Facebook fan page we will give you access to all of the documents costing you absolutely nothing. Simply login to facebook and become a fan of EconoBEE and we will post a link for you to download every one of the documents. You save and gain the most amazing amount of BEE knowledge. Click here and get started – its so easy.

 

 

PS Don’t forget to tell your colleagues and friends so that they can also take advantage of this special offer.


Erratum/Apology

 

We put out a lot of PR every month. Recently our PR company sent out a press release where we criticised some verification agencies that had been forced to withdraw certificates. Regretfully during the editing process they used the words BEE Rating Solutions, which we failed to pick up. BEE Rating Solutions were in no way involved with the issues raised in our press release. We unreservedly apologise to BEE Rating Solutions for their name being included in the press release. It was unintended, and in no way did we conceive of BEE Rating Solutions as being part of the problem we highlighted.

BEE Rating Solutions operates from Weltevreden Park Johannesburg. They can be reached on www.beeratingsolutions.co.za
BEE Rating Solutions are a SANAS accredited verification agency and have an extension of scope to verify on the codes of good practice as well as the tourism, construction and forestry sector codes.

 

 

Expert Advice pays for itself
Save time and effort by allowing EconoBEE, Experts in BEE Compliance and scorecard optimisation handle all of your BEE requirements. Contact us on  011 483 1190 or info@econobee.co.za.

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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 – simple 10 steps to BEE Compliance.

Use our pre-prepared “Verification Ready” documents and templates in your business – contact us for more.


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

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

EconoBEE Newsletter
17 May 2011

In this issue

  • B-BBEE, tricky for those who are not ready!
  • Wasting time on your BEE Verification
  • BEE Crash Course – Phase 2
  • Erratum/Apology

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.

Complete Managed BEE Service

Tip:

Understanding the requirements on the BEE Scorecard – step 1,
your verification – the last step.

Contact us.

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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