03 Mar BEE – Benefits to your small business
It is understandable that many people who are starting up their own business may not worry about their BEE status initially. BEE certification will not be their top priority on startup.
The annual turnover of the small business may likely be low and going after Government tenders might be something to aim for in the future.
It is important to have an understanding of how BEE can benefit your business and the steps you can take to achieve that in the future.
If your company has an annual turnover of under R5 million, you will qualify as an Exempted Micro Enterprise (EME). This means you can obtain a Level 4 (100% B-BBEE compliance recognition) status.
If the company is more than 50% black-owned, it will be promoted to a level 3 status (110% compliance recognition).
Having a B-BBEE Certificate may not make your business more successful immediately but, it certainly could give your small business a competitive edge in its future growth.
Many of the larger successful companies are investing in smaller businesses with BEE status. You will be able to apply for tenders in the future and market your B-BBEE level status.
SAB & T BEE Services are proud to assist small businesses to understand, implement and ultimately grow with their BEE certification.