BBBEE Checklist, Checklist of documents needed for verifying a BBBEE scorecard. .
Regardless of how many newsletters you read or consultants you talk to, tackling
BBBEE for the first time can be intimidating. Bruce Rowe, managing director of Mpowered Business Solutions, suggests a seven-step process to get started.
By supporting skills development, enterprise development and socio-economic development, you will boost your BBBEE rating while helping the economy to grow.
The preferential procurement aspect of the scorecard allows you to gain significant points (as many as 20) if you buy from businesses that have a high BBBEE score. In this way, the pressure to become BBBEE-compliant is spread all the way down the value chain. It pays, therefore, to select your suppliers with care.
A scorecard rating is the only way to get an accurate measure of how much - or how little - your business contributes to BBBEE. Over the past few years hundreds of companies have sprung up (some purely Internet based) offering to conduct this analysis for you. But how much value do such ratings really have?
The practical outcome of the Codes of Good Practice is that more and more companies are obtaining BBBEE ratings (either self-evaluated or from a ratings agency), and are insisting that their suppliers do the same. Here's what it means for you.
The days of listing your gardener as a director of your company to score BBBEE points are long gone. Fronting is very much frowned upon and could cost you contract and, ultimately, your company.
