The importance of prioritising BEE
Published by Business Essentials
Companies should be prioritizing BEE more than ever before, particularly in the economic climate South Africa is currently facing. BEE has become very much entrenched in the way we do business and increasingly becoming an excellent vehicle for transformation. It operates at optimum levels when it is fully integrated within an organisation. And we do know that this can be a process, which is why there should be a Transformational plan in place which states what you want to achieve, why, and how you plan on achieving your long term goals.
BEE gives companies a platform for a great competitive advantage, in both the private and public sector. In the public context it is a minimum requirement for engaging with Government and other parastatals. In the private sector, it is increasingly important to show BEE compliance not just for tendering purposes, but for general business trading and good governance. Businesses can get a head start on their competitors by implementing the Amended BEE codes which came into effect, 1 May 2015.
On a macro context, supporting BEE will stimulate growth in our economy, especially with Enterprise and Supplier Development, which seeks to support SMME's, increase their supply chain participation and stimulate entrepreneurship in general. BEE gives companies opportunities to invest in a significant part of the population and giving more people access to the economy.
Being committed to transformation makes for good corporate citizenship and displaying good governance. Companies want to invest in the communities in which they operate. It is “paying it forward “and giving a ‘hand up' vs a ‘hand out' which will encourage development at all levels. BEE will help to create and stabilize a business environment for people to thrive in, and that is worth prioritizing.
Where does one start?
The first step is to meet with a Verification Analyst or BEE consultant to do an in depth analysis or audit of where your business currently stands. There will be some elements of the Amended BEE scorecard that will be easy to embrace, and other areas might be more challenging. Put a committee together or appoint a BEE champion who can put a plan in place for buy in from team players.
Transformation through BEE is not a quick hit – it is a journey, but one so worthwhile taking for the benefit of not just your organisation, community or SMMEs but for the nation as a whole.
