Socio-economic Development in the context of Business
Original publish date – Fri, 06 Mar 2009 13:57:08 +0000, patience
Socio-economic Development is one of the noble and good ways to earn BEE points. The key principle of Socio-economic developments is for enterprises to carry out initiatives that result in the beneficiaries having sustainable access to the economy and hence reduce the poverty barrier. However it involves costs to the enterprise since the enterprise should spend 1% of its Net Profit After Tax to earn all the points available.
In this period of recession where budgets are tight and management of costs is imperative, it is prudent for companies to align their social development programs that include corporate social investment, corporate social responsibility and marketing programs with their BEE targets and initiatives. We always say BEE initiatives should be implemented within the context of sound business principles. So I encourage businesses to incorporate and align their BEE activities with business goals and strategies. If your business strategies are linked to your social development campaigns the enterprise can earn the BEE points required whilst the enterprise market its image, brands or services and gain respect from government and customers.