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The Importance of B-BBEE Consulting in Business

  • BEE consulting helps in matters or complications related to B-BBEE (Broad-Based Black Economic Empowerment) Codes. However, there is a huge shortage of accurate and reliable B-BBEE advice which leaves many business owners helpless when they try to develop and implement their BEE strategies.

    Therefore, many companies source assistance from B-BBEE consultants in Cape Town.

    What is BEE Consulting?

    A consultant is any person who offers expert and professional advice in a certain field, such as B-BBEE or BEE in this case. The BEE consultants in Cape Town assist the companies to unravel the intricacies of B-BBEE. At the same time, they help to turn B-BBEE compliance into a measurable growth strategy. Hence, BEE consulting is important for all companies in South Africa that want to comply with BEE legislation.

    The BEE strategy is the plan a company utilises to achieve specific outcomes for fulfilling the BEE objectives. A BEE consultant offers planning advice and drafts and customises the BEE strategic plan based on the business requirements of the clients.

    A BEE strategy includes the following: a layout of terminology that is used in the plan, a summary of the information generated to compile the report, an overview of the current BEE legislation, a breakdown of the BEE elements, as well as different proposals related to the restructuring of ownership, changes of occupational levels, correct calculations for the monetary targets, proper skills spent and correct EAP targets.

    A BEE strategic plan serves as a guide for both the client and the BEE consultant throughout the year that keeps track of the proposals and implementation. When the clients follow the guidelines set out in the BEE strategic plan, they can rest assured that all elements on the scorecard are covered where targets and spends are concerned.

    The Benefits of BEE Consulting

    • Ownership What the company owns and its available ownership structures
    • Skills Development Skills development and training that are required during the forthcoming year according to the projected payroll of the company
    • Management Control The current position of any proposed changes or staff
    • Supplier, Enterprise, and Socio-Economic Development Things regarding the beneficiary, rand value that needs to be spent, and required implementation for the beneficiary during the financial year according to financial figures provided by the client

    It is important to note that BEE adapts and changes with the evolution of your company and legislation. All companies face different challenges with their unique requirements and opportunities, and each works within specific budgets. Therefore, it is not possible to emphasise the role of a BEE consultant enough, as BEE is not a once-off exercise but a process. It is an on-going relationship between the client and the consultant to achieve the outcomes outlined in the BEE strategy of the company.

    Now that you have a better understanding of what BEE consulting is, as well as what the several benefits are, contact one of the several B-BBEE consultants in Cape Town to implement a BEE strategy in your business.

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