Forward planning in today’s world can be tricky, to say the least. It seems like every day there’s a new crisis, a new technology… something new which changes the game and can make all our plans seem pointless. But, if you do not have some kind of idea of what you want the future of your business to look like, how will you know when you get there – or if you’re even on the right track?
“When it comes to establishing a strategic approach to your Broad-Based Black Economic Empowerment goals, it’s not just enough to look at where you want to be in five or ten years time,” says Lanham-Love, CEO of Lanham-Love Consulting. “You have to take your current context into account as well. It can be tempting to set a lofty goal for your business’s future, but if it does not make reference to your current context, it’s unlikely that you and your company will ever achieve it.”
“Context matters,” says Lanham-Love. “Where you are now in terms of your existing B-BBEE implementation affects where you’re going. This is why Lanham-Love Consulting dedicates a considerable amount of time to learning about your company culture and industry you work in. It would make no sense for us to attempt to suggest that you put B-BBEE programmes in place in your business when they will not benefit your business overall.”
“Take, for example, the Ownership element of B-BBEE,” says Lanham-Love. “Many of our clients initially come to us thinking that Ownership will be the best way for their business to achieve the maximum level of B-BBEE points on the scorecard. But what they haven’t considered is what type of ownership structure will best fit their business. This is exactly why establishing a strategic approach to B-BBEE is not simply a case of picking a solution off the shelf and shoehorning your business to fit. B-BBEE should be a puzzle piece that fits into your business’s existing strategy – not something that requires you to tear down and recreate your business in its image.”
“Lanham-Love Consulting is committed to ensuring that our client’s transformation goals are aligned with their existing business goals,” says Lanham-Love. “In fact, we pride ourselves on ensuring that they money you spend on B-BBEE equates back to your company in either business benefit, or points scoring in multiple elements across the B-BBEE scorecard. This is why establishing a current – and future – strategic approach to B-BBEE is so utterly vital. Knowing where you are now, as well as exactly where you want your business to be in the future, means that you are far less likely to waste time on B-BBEE policies and programmes that are not going to take you in that direction.”
Broad-Based Black Economic Empowerment seeks to accelerate the participation of black people in the economy by encouraging change in key areas of business, such as Ownership, Management Control, Employment Equity, Skills Development, Preferential Procurement, Enterprise and Supplier Development and Socio-economic Development. When implemented correctly, B-BBEE supports job creation, global competitiveness and economic growth. Ensure your business’s transformation goals are aligned with your overall business goals – speak to Lanham-Love Consulting today to learn how.