Financial Data
Updated 29 Sep 2020

Getting your BBBEE feet wet

Regardless of how many newsletters you read or consultants you talk to, tackling BBBEE for the first time can be intimidating.

02 April 2012  Share  0 comments  Print

All the answers to your unique business lifestage questions

Bruce Rowe, managing director of Mpowered Business Solutions, suggests a seven-step process to get started.

1.Understand the Codes:
Familiarise yourself with the Codes of Good Practice. Find out if a charter or code has been finalised for your industry and familiarise yourself with its targets and time frames. These can all be found on the Department of Trade and Industry (the dti) website:

2.Assess yourself:
Assess your company against the current version of the Codes or sector charter with which you should comply.

3.Evaluate your environment:
Identify the characteristics of your industry and business environment that may influence how, where and to what extent your business should empower itself.

4.Review the scorecard:
Match these conditions to the general or relevant sector scorecard to identify where you can boost levels of empowerment in the most practical way (eg, if you buy a lot of raw materials you could score additional points by using suppliers who already have a high BBBEE rating).

5.Develop your strategy:
Draw up an outline of specific actions that will help you to score points in each area.

6.Set targets:
Set realistic goals and time frames. Refer to your sector charter to ensure that these are in line with those of the broader industry.

7.Take action:
In the words of the world's favourite shoe manufacturer - just do it! Don't wait to be asked for your rating before you put a strategy in place. Follow up on your action list and review your progress every month.

Rate It12345rating

Introducing the cash solutions for a growing business

Are your cash solutions supporting your growing business? Leigh Livanos, Head of Payments, Collections & Cash for Business & Commercial Banking explains how your cash solutions needs will evolve as your business expands.

Login to comment