To continue to thrive in business, make sure your company is still B-BBEE compliant come the end of the month
Although complying with the BBEE Act and codes is a voluntary matter, there are many benefits that come with doing so.
In fact, experts warn that if you want your business to thrive, adhering to the B-BBEE Act is vital.
And that's something bidders for the Gauteng government's recent advertising tender are very aware of.
This after, out of the 12 companies who put in bids, five were instantly disqualified because they didn't meet the threshold on pricing and other broad-based black economic empowerment (BBBEE) requirements.
That's why today, we're reminding you of the importance of your B-BBEE score - especially in light of the changes that affect how you'll work yours out from the start of May.
Three reasons why your company's B-BEEE score matters
1. Companies that wish to do business with any kind of government body – whether it's applying for a tender, buying a state-owned asset or entering a public-private partnership – must ensure they have 100% BEE compliance. If they don't, these companies won't even be considered.
2. Even if you don't work with government, BEE compliance helps you do work with private businesses too. Many private companies give preferential treatment to BEE compliant firms because it improves their own B-BBEE score, reveals ventureburn.com.
3. BEE compliance gives companies a competitive edge. This means you won't lose business opportunities to competitors to your competitors.
So if you're confused about how B-BBEE code changes will affect your company come 1 May 2015, don't miss our urgent workshop
. If you do, you may find yourself unable to do business with anyone.