As all entities have now seen over the years the different amendments to the B-BBEE codes. Which leads to whereby companies cannot create, implement and ensure your B-BBEE certificate achieves the desired status in a month’s time frame. So, approach B-BBEE as a long term -goal and not just a short-term compliance.
Over the years I have seen a few entities and client trying to achieve a compliant certificate or increase their current score to improve their overall rating in a short time frame and they fall short on targets or do not have the capital available to spend.
As the saying goes: “Rome was not Built in a day, the same principle can be exercised in the B-BBEE industry and practise.
A continual B-BBEE strategy is the best approach to achieving and maintaining a desirable level. This involves creating a plan that is executed over several years to gradually improve the company's score and level. By doing this, the company can spread out the financial investment and mitigate the impact of sudden changes that may affect its score.
Yes, everyone wants to achieve the best possible level as quickly as possible, but why not achieve it over a couple of years and slowly let B-BBEE work for you and your company.
Some elements of the B-BBEE scorecard are interconnected and improving one can positively impact the other. Companies should identify areas where they can leverage existing initiatives to improve their scores in multiple areas simultaneously.
Let’s take Management Control and Skills development for example. Your company achieves lower score on your management control element due to no qualified or trained employees in lower management level that can fill that specific position. Look at your skills development which will increase an employee’s skills through Skills development, which will ensure that you have skills people available to fill new or vacant positions. This can secure your Skills points and increase your overall management control points. Always confirm which level your clients will require and are they willing to give your company a grace period to achieving the B-BBEE level.
It is also important to regularly review and adjust the B-BBEE strategy to ensure that it remains relevant and aligned with the company's goals and objectives. Regular reporting can help track progress and identify areas where improvements can be made.
In conclusion, a continual B-BBEE strategy is an effective way for companies to achieve and maintain a desirable B-BBEE score and level. By taking a long-term approach, companies can spread out their investments and leverage existing initiatives to improve their scores. Regular review and adjustment of the strategy can help ensure that the company remains aligned with its goals and objectives.