Welcome to a new business year! As colleagues and team mates slowly filter back into the office from the summer holiday, and the hazy memories of New Years resolutions continue to fade away from the top of your mind, it’s important to stay committed to those truly important goals you set for yourself and your business this year. But how can you ensure that the goals that truly matter are actually achieved in 2024?
“When it comes to goal setting – in general, as well as specifically for you and your business’s Broad-Based Black Economic Empowerment goals – it is vital to take a strategic approach,” says Angie Lanham-Love, CEO of Lanham-Love Consulting. “And the first step to a strategic approach is to figure out where you are right now.”
“Take, for example, your current business prospect pipeline,” says Lanham-Love. “If one of your goals this year is to increase your number of clients, it is imperative to ascertain what your client book currently looks like. For instance, if you are hoping to increase the number of clients you service in 2024, it is a good idea to establish just how many clients you currently service, and what resources you are using to effectively service those clients.”
“It does no one any good to aim for an increased number of clients if it turns out that you are already at, or in fact beyond your capacity to service your existing client base,” says Lanham-Love. “Overextending yourself at this stage can only serve to damage your reputation if you cannot deliver on your service promises. If this is in fact the case, taking this kind of stock can be useful in helping you to pinpoint where you need to increase your resource base. Do you have enough staff to take on new challenges at this stage? Are your staff sufficiently skilled to service your prospective clients?”
“If you establish that you do indeed have the capacity for new clients, now is the time to confirm that you have what is necessary to secure those clients,” says Lanham-Love. “For instance, most businesses in South Africa require that the companies they do business with have some level of B-BBEE compliance. Is your B-BBEE compliance level sufficient to attract the kind of clients you are looking for? If not, it could be worth your while to investigate what it would take to get there.”
That said, strategy is not just about planning how to get where you want to go. “An often-overlooked aspect of a strategic approach is the need for continuous assessment,” says Lanham-Love. “This is why Lanham-Love Consulting dedicates time every quarter to implement B-BBEE strategy with our clients 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. We offer ongoing guidance, regular assessments, and strategic adjustments to help your business navigate the evolving landscape of B-BBEE. Our goal is to assist you in maintaining a proactive and effective approach to B-BBEE that aligns with your organizational goals and contributes to lasting economic transformation.”
“Defining your business goals – and making the effort to stay on track – means that you can make 2024 a great year, for yourself and your company,” says Lanham-Love.
Broad-Based Economic Empowerment can involve substantial financial investment, and developing a well-crafted strategy can significantly reduce these costs – without compromising the effectiveness of the transformation. Strategic planning allows for resource optimisation and targeted initiatives, ensuring that the investment in B-BBEE delivers impactful and sustainable results for your business. Let Lanham-Love Consulting help you to navigate the complexities of B-BBEE in a cost-efficient manner, making transformation not just a compliance exercise but a strategic investment in your business’s future success.