Improve B-BBEE Compliance by Developing Entrepreneurs and Small Businesses with The Transformation Legacy.
Across the world, entrepreneurship and small business is recognised as a critical factor of economic growth.
In South Africa, especially, SMME’s are a significant driving force behind lowering unemployment rates and boosting the economy.
Thus, it is the responsibility of every business in South Africa to aid entrepreneurs and SMME’s towards economic expansion and better opportunities for everyone.
In South Africa, companies get an extra reward for helping entrepreneurs and SMME’s – Improving their B-BBEE scores.
The B-BBEE Act
SA created and enforce the B-BBEE Act to encourage the development of black-owned businesses and businesses owned by disadvantaged groups within South Africa.
The Broad-Based Black Economic Empowerment Act was initially created to address the inequalities of the past, where groups were excluded from participating in the economy.
Since it was first issued, it has morphed into a comprehensive system that helps corporations to empower people from all walks of life — striving towards equal opportunities for all.
The B-BBEE Act sets out the responsibilities that South African businesses have to contribute to the development of minorities within the country.
Contributing to B-BBEE Score
There are many different ways companies can improve their B-BBEE score. One of these ways is contributing to the building and sustainability of entrepreneurs and SMME’s in South Africa while improving their B-BBEE compliance. The Act supports black-owned small businesses by requiring that both public and private entities assist qualifying supplier SMMEs.
South African companies are not meeting 50% of the targets for management control, skills development, and enterprise and supplier development. These are the aspects of transformation the Department of Trade and Industry has identified as integral to boosting SMMEs and thereby improving the economy. The Transformation Legacy helps companies find entrepreneurs and small business to improve B-BBEE compliance.
Black-owned SMMEs have responsibilities, too. They need to be able to show how the relationship with the bigger partner can help them grow.
The Transformation Legacy is passionate about helping entrepreneurs build successful businesses that can turn into legacies. We do this through mentoring, training and connecting them with companies that can help them grow through a mutually beneficial partnership.
The Transformation Legacy aids companies by giving them access to productive avenues for their enterprise and supplier development budget. If you are looking for innovative ways to earn B-BBEE points: contact us about our mentoring and training programs for entrepreneurs and small businesses.