BBBEE is a government mandated tool for unlocking funds for empowering broad based community upliftment. At its’ best, BBBEE is utilized to help many who have been disadvantaged by the legacy of apartheid’s systems and inequitable educational practices. The BBBEE scorecard offers 7 different aspects for unlocking points for your company. A brief overview of the 7 pillars of BBBEE is:
- Ownership of the company
- Management Control
- Employment Equity
- Skills Development
- Preferential Procurement
- Enterprise development
- Socio-Economic Development
The benefits of utilizing the BEE scorecard:
Favorable scores on the BBBEE scorecard open the door for many opportunities:
- to interact with government on tender procedures;
- to converse with like-minded companies who are in line with score carding requirements
- and importantly, the BBBEE scorecard offers opportunities to make a difference to the sustainable economic landscape in South Africa, which is beneficial to all.
Some possible funding scenarios
The scorecard measures three core components of BEE and there are scenarios that need consideration in all three:
- Direct empowerment through ownership and management control,
- Individual empowerment through employment equity and skills development,
- Indirect empowerment through preferential procurement, enterprise development and socioeconomic development.
Please note this page is currently being updated.