BEE seeks to also give a wide array of benefits to businesses who are compliant with its rules
BEE seeks to also give a wide array of benefits to businesses who are compliant with its rules. To make the most of this and to reap the most benefits, hire out the services of a BEE consulting firm. BEE consulting firms are there to provide assistance on this matter to businesses who wish to become BEE accredited. While there are no legal requirements for businesses to comply with this status, one cannot argue that it does come with a host of benefits. Firstly there are monetary get backs from SARS along with having a larger business dealing. This is because, a part of being BEE accredited means that you can claim points if you do business with another company that is BEE compliant. It also means that if you are not, you will not be on the radar for other companies who may have wanted to do business with you but will not because they will not be gaining any BEE points in doing so.
It may only be just one of the facets leading up to the total BEE accreditation score but since it is quite a harrowing ordeal if nobody in the company knows how to get this going. A BEE consulting company will not only start the process by outlining all of the factors that goes into the total BEE score but will then also help with the business increasing this score. The BEE consulting company will not be the one to do the actual verification. This is done by a separate company. The job of the BEE consulting company will be to explain of process of attaining the score and to give advice on how to make it higher. They will also need to be consulted on a quarter yearly basis because the business will need to update their BEE status at these intervals.
A BEE consulting firm can be brought in and will be paid on an hourly rate. Businesses will soon find that this expense is well worth it in the long term. Having a higher BEE score will lead to the business being on other suppliers and client’s radar and keeping with the objectives of black economic empowerment in the first place. It aims to create a sort of ripple effect whereby businesses supporting the BEE initiative are rewarded in various ways. BEE consulting firms will help companies in reaching out into their communities to take advantage of the social outreach portion of the BEE code. It is not just about charity work but must conform to all and any new adjustments made in the BEE rule book. The scorecard on which the points system is based has a basic premise. Businesses would refer to it to see which of the 5 factors they would be able to score points on. Points can be earned on the number of black people in management and leadership positions or involved in a mentorship with the company, the businesses procurement dealings and their charitable endeavours.