Broad-Based Black Economic Empowerment (B-BBEE) is by no means a one and done exercise or achievement. It requires an ongoing commitment to real transformation as your business grows, changes, and develops, as well as a certain flexibility to ebb and flow as changes in B-BBEE are enacted.
“This is why Lanham-Love Consulting works hand-in-hand with our clients on an on-going basis,” says Angie Lanham-Love, CEO of Lanham-Love Consulting. “We manage and implement your B-BBEE strategy together throughout the year, run quarterly reviews and gap analyses, and provide board pack reporting around B-BBEE strategy and its effectiveness.”
This is by no means overkill when it comes to the effective management of your B-BBEE strategy – especially if you are looking to achieve the maximum value from your B-BBEE investment for all of the stakeholders involved. “My colleagues and I have seen too many examples of businesses who have not yet seen the value of a strategic B-BBEE approach to their transformation goals,” says Lanham-Love. “These companies need to recognise that B-BBEE is not a grudge purchase, or a nice-to-have, but rather an investment in the future of your business, and the country as a whole.”
Lanham-Love is passionate about adopting the right B-BBEE approach from the outset. “Done right, a strategic approach to your B-BBEE transformation goals can have an overwhelmingly positive result across your business,” says Lanham-Love. “It’s not just about B-BBEE being the right thing to do or ticking boxes in order to achieve a higher B-BBEE level and enabling yourself to do business with governmental bodies. It’s about having a holistic view of the effect the implementation of your transformation goals will have across all relevant platforms, and, of course, establishing the reputation of your business – not something to be taken lightly in the age of social media.”
So, how does Lanham-Love Consulting establish what the right B-BBEE approach is for their clients?
“For a truly effective B-BBEE strategy, Lanham-Love Consulting offers an annual consulting service,” says Lanham-Love. “This consists of a workshop to design and set your ‘best fit’ B-BBEE strategy for the current year, which is then implemented with you throughout the year. We run a high-level gap analysis every quarter and assess where we are in terms of that strategy. At the quarterly reviews, we can adjust and tweak the strategy as required. The final quarter is the rating quarter, where we prepare all the required documentation for the rating with you.”
“In addition, we workshop and take corrective action as and when it is needed,” says Lanham-Love. “The benefit of doing this on an ongoing basis is, of course, that your business’s approach to transformation can be more agile, able to respond to changes in in the market and economy, as well as legislation, as and when these changes occur. At Lanham-Love Consulting, we are fully aware that B-BBEE can be an expensive exercise. This is why we are determined to deliver the maximum return on B-BBEE investment for every one of our clients.”
For peace of mind regarding B-BBEE fronting and compliance, contact our consultants at Lanham-Love Consulting today. We offer true B-BBEE flexibility, excellence, and are perfectly positioned to ensure comprehensive B-BBEE compliance that benefits every stakeholder involved.