Considering how costly an exercise Broad-Based Black Economic Empowerment can be, it can be immensely tempting to try and cut corners and do it yourself. While tools such as monitoring software, or even making use of existing or hired-for-purpose internal staff can be immensely helpful in this regard, the importance of B-BBEE for your ability to do business means that it needs to be approached with caution.
“Comprehensive B-BBEE compliance requires in depth knowledge, which takes time and effort,” says Angie Laham-Love, CEO of Lanham-Love Consulting. “If you truly wish to handle your B-BBEE in house, it is worth your while to attend courses, information sessions and read extensively on the subject. Because the B-BBEE codes reside on the legal B-BBEE Act, B-BBEE of course has legal implications, which could have a vastly detrimental effect on your business if not implemented correctly. For this reason, Lanham-Love Consulting has formed a strong alliance with Lanham-Love Galbraith-van Reenen Attorneys (LLGV), who provide legal services and ensures the legal and B-BBEE compliance of every solution we offer.”
“At Lanham-Love Consulting, we engage with you and explore your specific transformation needs to find your “best-fit” solution,” says Lanham-Love. “We learn about your company culture, and the industry you work in. In order to implement the amended B-BBEE codes effectively, it is imperative that your transformation strategy aligns with your business strategy, so that the best possible B-BBEE compliance level for your business can be achieved.”
One of the potential major issues with doing B-BBEE by yourself is that you may not know how to maximise your bang for your B-BBEE buck. “Lanham-Love Consulting believes that the money you spend on implementing B-BBEE in your business should equate back to your company in terms of business benefit, or points scoring in multiple elements of the B-BBEE Scorecard,” says Lanham-Love. “It can be one of the perils of DIY B-BBEE – when embarking on a new enterprise, however intelligent you may be, you simply do not know what it is you don’t know. This is where making use of an experienced consulting firm such as Lanham-Love Consulting can really affect your bottom line.”
“This is not to say that, armed with the right knowledge, time, and determination to do it right, you cannot do B-BBEE yourself,” says Lanham-Love. “It’s just that there’s a very real reason why B-BBEE Consultants such as the Lanham-Love Consulting team have been in business for over twenty years. B-BBEE, done correctly, is a full-time pursuit. Though it may initially seem cost prohibitive to hire a firm that specialises in getting the most out of B-BBEE for your business, you have to ask yourself – what is doing it yourself actually costing you in the long term?”
At Lanham-Love Consulting, we pride ourselves on innovatively embracing and integrating transformation to the point of business growth and development. It is our differentiating factor. Our key philosophy is to create solutions that result in additional benefits and increased compliance across multiple elements of the scorecard. Contact our consultants for your best-fit B-BBEE.