• Posted on: 26 June 2019
  • By: admin
Benjamin Franklin once said “By failing to prepare, you are preparing to fail”

These words have particular relevance in the ever-changing Broad-Based Black Economic Empowerment (BBBEE) space. The ability to plan is of paramount importance, as is being able to execute, monitor, compensate and mitigate the risks during the planning process. These considerations will ensure overall success.

The planning phase starts with the identification of the strengths and weaknesses of your business. This is done by conducting an unaudited snapshot by using the latest developed BBBEE software available. This will be your foundation. A strategic BBBEE plan will be developed after this exercise, and areas of concern will be highlighted. Suitable solutions and measurable process goals will be tabled, discussed and implemented to address these areas. Monthly monitoring of how the business develops during the financial year and the BBBEE strategy will be ongoing, to ensure the target level set out, is met at verification. 

During this process, relevant evidence will be collected and collated to prepare the portfolio of evidence. The collection of the necessary evidence in a structured and timely manner will ensure that the onsite verification runs smoothly. The onsite verification is a statutory requirement and it is conducted by a verification agent.  

Therefore it needs to be said again, failing to prepare, you are preparing to fail.