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Why You Should be Turning to BEE Consulting Companies

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    Due to the sheer quantity of complexities that can often be found within the Broad-Based Black Economic Empowerment (B-BEEE) codes and regulations, many businesses have found the need to turn to BEE consulting companies to prevent themselves from falling short of what is expected from BEE-compliant businesses. As the South African economic environment is currently experiencing a state of slow growth, businesses that are looking to implement and benefit from BEE should keep in mind that this system is not one that should be taken lightly.

    However, before we explain the importance of hiring BEE consulting companies, let us first explain what BEE consulting is on a fundamental level. For starters, a BEE consultant is a person or a company that can provide you with expert and professional advice within the realm of the B-BEEE codes and regulations. Such consultants help in unravelling the various specifics regarding B-BEEE and thus turning the compliance thereof into a growth strategy that remains measurable and easier to grasp. This makes BEE consulting companies an essential commodity for any South African business that aims to remain compliant with BEE legislation.

    With anyone of the most reliable BEE consulting companies by your side, you can expect to receive a viable BEE strategy that is best suited for your specific business or industry. This plan will outline anything that needs to take place so that your business can more easily achieve the various outcomes that are needed to fulfil your BEE objectives. Along with this outline, your chosen BEE consultant provides you with any necessary advice while also remaining involved in drawing up and adjusting their BEE strategy plan to best suit the needs and requirements.

    This BEE strategy plan will likely include the following:

    • A complete layout of specific terminology that is used throughout the plan
    • A rundown of the information that was used to compile the strategy plan
    • An overview of the most recent BEE legislation
    • A breakdown of all necessary BEE elements
    • And so on…

    This plan will help to serve as a form of guidance throughout the following year, for the consultant being hired as well as their client. This helps to keep track of any proposals that are made as well as the implementation thereof. When the client makes sure to follow this guidance, they can feel at peace knowing that all elements found on the BEE scorecard are covered.

    This can lead to several benefits, including professional advice on the following BEE elements:

    • Ownership – Such as what this entails as the various structures made available
    • Management Control – This helps reflects your staff’s current position and any changes that are proposed
    • Skills Development – Any training that needs to take place over the coming year, which is based on the client’s estimated payroll
    • Procurement – Refers to the spending on BEE suppliers, and then identifies the strengths and weaknesses regarding the scorecard.
    • Supplier, Enterprise, and Socio-Economic Development – Refers to the qualifying beneficiary, the value that needs to be spent, as well as the implementation of important elements for the beneficiary throughout the financial year, all of which are based on the financial figures provided by the client.

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