03 Mar BBBEE – A boost for small Business
The new BBBEE Legislation can provide a boost for smaller businesses. With the newer threshold changes that were made recently, smaller business is able to compete with larger companies and their resources.
Small businesses with a turnover of less than 5 Million automatically qualify as an Exempt Micro Enterprise whereby a BBBEE certificate is still required however an onsite audit is not required.A business that becomes a QSE is one where the turnover is between R5 Million and R35 Million per annum. Points in four of the seven Pillars of the codes of Good Practice must also be achieved.
The QSE can enlist the help of a BEE specialist well-versed in the mechanics of the codes and BEE legislation in order to continue growing and gain an advantage over their competiton.The specialist BEE Agency will assist with consulting, strategy planning, BEE training as well as BEE verifications/certificates.
Many small business owners are aware that major corporations in South Africa have experienced positive growth with their BEE status and have successfully achieved scores in all 7 of the pillars. Small businesses also have the opportunity to embrace BBBEE which will help to not only boost the business further but, provide much needed employment opportunities as well as stimulate the local economy. A QSE with a BEE Certificate will be able to develop more valuable business relationships and opportunities than a business without a Bee rating.
BEE compliance can be a viable tool to boost small business growth.