Why Businesses Should Verify Their BBBEE Status

Being a BBBEE company is currently a huge aspect of all South African businesses, notwithstanding the size of the company. It is most possibly one of the biggest drivers in the South African economy and it has an objective of bringing about lasting change in the SA business sector. It will also benefit previously disadvantaged people and communities if used correctly.

There are unfortunately many misconceptions regarding BBBEE. This has led to many companies avoiding BBBEE altogether or completely dismissing it. In doing this, companies deny themselves of the many benefits associated with BBBEE. You will need to develop a sustainable BBEEE strategy for your company in order to be verified as a BBBEE complaint company in SA. There are many benefits to this including:

• Accessing new markets and contracts
• Creating many opportunities for your staff to develop themselves and enhance their competencies and skills which will ultimately enhance your business too
• Participating in the national transformation strategy while also being role-players will need the development and change

The consultant assesses the compliance level of the company and will indicate what the current state or scorecard is. This will not be your rating certificate. This main function of the consultant will be to educate all the stakeholders.

This will help your organisation in sourcing the most effective way to earn the BBBEE points. The consultant will then be able to assist your company in collecting the required info by a rating agency. The consultant will help you in designing a BEE strategy for sustainability that will help you to go forward too. The continual support is available for clients which would like support during the BEE strategy implementation phase.

The role of rating agencies is to verify, assess and validate all the info that is presented to them. They will help the client if the client fails to meet the requirements instead of the client forfeiting those points.