This means that a large percentage of businesses are not benefiting from BBBEE, when they could be using it to improve their businesses and actually save money. Keith Levenstein, CEO of EconoBEE offers simple steps that all companies can follow to maximise their BBBEE scorecards.
- Understand BEE. Know the indicators and seven elements of BEE before making critical business decisions because ultimately you need to know what is expected of you.
- Work on the scorecard continuously. BEE is a long-term process not a once-off event, it needs to be managed constantly. Simply by focusing on the BEE scorecard you will find your score increasing.
- Internal self-assessment. This is one of your most valuable management tools for implementing and earning points and preparing for your verification.
- ‘No points without proof’. During your internal self-assessment you should list and collect evidence to support the points you have earned.
- Take advantage of experts and knowledge. Use a BEE consulting company for advice to ensure you are able to achieve the best scorecard for your company.
- Your last task is verification. Don’t call in a verification agency if you are non-compliant. Remember, the task of the verification agency is to ‘audit’ your BEE status and not assist you to improve it. Only call in a verification agency once you understand BEE, are prepared and have sufficient points.
- You can’t do a scorecard at the last minute. Once you have run out of time you will not be able to do anything to earn more points.
- Choose wisely. Don’t make BEE business decisions unless you are 100% sure they will positively affect your scorecard.
- Don’t engage in ‘fronting’. Fronting can not only be illegal and disqualify you from doing business with government and corporates, but has the potential to severely damage your reputation.
- Don’t assume your suppliers are BEE compliant. Often they have the same issues in becoming BEE compliant as you do. Rather help them by guiding them through the process because the extra time you spend will undoubtedly earn you additional points.