Welcome to May! As we enter the third month of a year that is seemingly flying by, it seems that very few of us have managed to hang on to those habits and changes we were absolutely going to stick with this time. Those of us who have managed to keep our resolutions going have a few things in common: willpower, means, and, most importantly, a good strategy.
“A good strategy is what allows you to maintain a consistent, cohesive effort over time,” says Angie Lanham-Love, CEO of Lanham-Love Consulting. “To achieve true, meaningful, long-term change, such as the kind of change that Broad-Based Black Economic Empowerment seeks to achieve, you need to have an approach that, firstly, understands the problem that you are seeking to solve. Secondly, your approach needs to establish what objectives you hope to achieve. And thirdly, your approach needs to contain an element of commitment.”
Understanding the Problem
“Fundamentally, B-BBEE is the cornerstone of our Government’s efforts to educate and train the large sector of the population that was previously disadvantaged,” says Lanham-Love. “By establishing what needs to be changed in key areas such as Ownership, Management Control, Employment Equity, Skills Development, Preferential Procurement, Enterprise and Supplier Development and Socio-Economic Development in your business, you can begin to understand where there is room for improvement, and to what extent your business can start to become a solution to South Africa’s ‘problem’ of Black Economic Empowerment.”
Establishing the Objectives
“Once you have investigated where your company has room to improve on your B-BBEE efforts, it’s time to establish which particular objectives you wish to dedicate your time and efforts towards,” says Lanham-Love. “For example, Enterprise Development is an area in which your business strategy and B-BBEE strategy may already be more closely aligned than you think. Focus on the development and upliftment of those Black owned or managed enterprises you are already doing business with, by means of increasing volume of work, investing in their business so that they can better service your business, or finding further ways in which to support their business. By doing so, you are directly involved in growing the local economy, which in turn promotes a healthy business ecosystem, while benefitting from an increased B-BBEE rating.”
The Element of Commitment
“A truly strategic approach to B-BBEE requires a firm commitment to seeing it through,” says Lanham-Love. “This is why Lanham-Love Consulting implements your decided-upon B-BBEE strategy 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 your business requires. In the final quarter, we prepare all the required documentation for your B-BBEE rating with you.”
“B-BBEE can have an enormous net benefit for everyone involved when it is implemented correctly,” says Lanham-Love. “That is to say, when it is implemented strategically and deliberately. Lanham-Love Consulting prides itself in offering a truly strategic approach to B-BBEE. Speak to our consultants to see how we can help you to get the maximum benefit for your B-BBEE investment.”