B-BBEE Implementation Tips

Eastcoast BEE Speciallists KZN South Africa

Trying to navigate your business through the B-BBEE process can be a daunting task. With this in mind, East Coast BEE have come up with the following tips.

B-BBEE Implementation Tips

Make sure that your B-BBEE Consultant has the experience to get your company to the desired B-BBEE Level.

Eastcoast BEE Speciallists KZN South Africa BBBEE implementation TipsRemember that what you specialize in is your main focus, and its often best to leave your B-BBEE in the hands of a professional company.

The Five Pillars

Create a B-BBEE File and divide it into the 5 pillars:

  • Ownership
  • Management Control
  • Skills Development
  • Preferential Procurement
  • Socio-Economic Development

Remember to keep an active file of all evidence pertaining to B-BBEE so that it is available at the B-BBEE Audit.

Monthly Checks

Do monthly checks on evidence collected, B-BBEE payments made and that your Company Statuary Documentation is in order.

Be in contact with your B-BBEE Consultant on a regular basis so that the correct implementation can be followed.

By following these B-BBEE implementation tips, and with the right B-BBEE consultant on your side, the process can be a lot less daunting.

If you would like to find out more, Contact Us at East Coast BEE for a consultation on how best to proceed.

Social Responsibility through Socio Economic Spend

eastcoast bee kzn

Social Responsibility through Socio Economic Spend gives acknowledgement to companies whose initiatives help beneficiaries gain sustainable access to the economy.

This allows many companies that support these development initiatives already to score points on their BEE Scorecard.

Socio Economic spend is one percent of net profit after tax.  The Company needs to make sure that they achieve this spend by keeping the deposit slips/petty cash receipts.

A letter of thanks stating that the beneficiaries are 75% black needs to be presented to the verification company at the audit.

At East Coast BEE we can take you through the steps needed to reach this level, Contact Us for a one on one meeting to discuss how.

Social Responsibility through Socio Economic Spend East Coast BEE

Industry News Flash

Keep up to date with the latest B-BBEE Industry News Flash, information and regulations by subscribing to our newsletter. We will bring you regular news and information on the latest developments that might impact your business, helping you improve your BEE status.