Every company in South Africa needs to commit to certain Broad-Based Black Economic Empowerment goals. By encouraging change in key areas of business such as Ownership, Management Control, Employment Equity, Skills Development, Preferential Procurement, Enterprise Development and Socio-Economic Development, B-BBEE seeks to accelerate the participation of black people in the economy where they were previously excluded.
“B-BBEE is not just about redressing the wrongs of South Africa’s past,” says Angie Lanham-Love, CEO Of Lanham-Love Consulting. “It’s about good business practice. When everyone is given the opportunity to become upskilled, uplifted, and is encouraged to participate in the economy of the country, we all benefit.”
Thus, it’s vital to approach B-BBEE not simply as a box-ticking exercise, but as a means to better the South African economic landscape, as well as your own business. “I have spoken to too many people who don’t quite get B-BBEE,” says Lanham-Love. “Too many people see B-BBEE as a must do, a grudge purchase – not the opportunity it truly can be to grow and develop your business. This is such a pity, as, when implemented correctly, B-BBEE can truly benefit all involved.”
That said, if you and your business are to truly benefit from B-BBEE implementation, it is necessary to establish which empowerment goals best suit you and your company’s needs. “At Lanham-Love Consulting, we understand that B-BBEE needs to be approached in a strategic, truly considered way,” says Lanham-Love. “This is why we engage with you, and explore your specific transformation needs to find your “best-fit” solution. We take the time to learn about your specific company culture, and the industry you work in.”
“Ultimately, your approach to B-BBEE should be actually transformative, focused on growing and developing your business,” says Lanham-Love. “Your B-BBEE strategy should initially focus on establishing what your business needs in order to transform, and then work towards meeting those needs. Partnering with a firm such as Lanham-Love Consulting can ensure that your steps towards transformation are the right ones, and give you peace of mind regarding B-BBEE fronting and compliance.”
Lanham-Love Consulting can help you along every step of the way towards establishing your B-BBEE needs, and actually transforming your business. Speak to our consultants for a strategic, considered approach to B-BBEE that is about actual transformation, not just ticking boxes.