EconoBEE Launches - EconoBEE Scorecard Version 3

EconoBEE V3 is EconoBEE's newest and easiest BEE scorecard calculation tool. With years of experience in BBBEE consulting and creating scorecards, we have taken BEE and self rating solutions to a new level.

Get your corporate governance right and you’ll expand your market share

The global economic meltdown/recession is also affecting South Africa.

This means we all have to work harder and smarter to retain our businesses. Many businesses are using this as a reason to expand. Much as I have criticized Tiger Brands in the past, I have to admire them for wanting to increase their market share. In this case, they are looking to put in an offer to take over AVI. Some of the gold mines are also looking to buy assets at bargain basement prices.

What we do know is that as the economy slows down, our customers are going to be more discerning about who they buy from and how much they are going to spend. They are of course going to try to get the best possible deal.

At the same time, the reality in South Africa is that BEE is a big aspect of corporate governance, and all big companies are looking at improving their own BEE score. During the slowdown, they will have a bigger choice of supplier, and one of the drivers to making a decision to doing business with you will be your BEE scorecard.

When your customer asks you for a BEE scorecard, we suggest you take it a lot more seriously than last year. Your customer - big business is not only interested in getting a scorecard, or a letter saying you are working on the issue, they want a good score from you. The days of supplying a letter or a scorecard showing 5 points are over. Your customer wants a good scorecard – a high level. If you are a generic company, level 6 or 7 at the minimum, and if you are a QSE, level 4 or level 3.

If your turnover is less than R5 million you can do well for yourself by giving your customer an EME statement – proving that you are exempt from BEE and have reached level 4.

EconoBEE’s aim is to help our clients become BEE compliant and to maximize their BEE points, so they get more business, even during these difficult times.

Did you know: You need a Scorecard before you can get a Certificate!

The reason for producing a scorecard is fairly simple – your customers require it. Since someone is asking for your scorecard you need to give it to them.

So what do you do – without panicking?

1. Producing the scorecard - quickly. Some companies will quickly get a scorecard put together because their customer has suddenly asked them for a BEE scorecard.
   
   Producing the scorecard quickly does work, to an extent. Most companies do empowerment related tasks without even knowing it. For example, a key element on the scorecard is Skills Development. Nearly all businesses will spend money training their staff, and this is also true for the other elements.
   
   Producing a scorecard quickly will save a fortune of time, however the problem is BEE takes time and some effort to implement. The reason your customers are asking for your scorecard is because they want their own points. As a result they will be more satisfied if you give them a good score as opposed to a bad one.

2. Producing the scorecard – properly. The good companies will prepare themselves properly and will gather all the correct documentation. They expect their customers to ask for their scorecard so they get one with plenty time to spare. They earn all the points that they can and target additional points.

A principle of the BEE codes is to always have documentation available. It takes time to get this documentation.

EconoBEE V3 is ideally suited to helping businesses produce a Broad Based BEE scorecard properly. It works so well simply because it has simplified BEE to such an extent that it also becomes easy to produce the scorecard. In addition to simplifying the BEE scorecard, EconoBEE V3 has an unrivaled level of information directly built in which ensures any BEE questions will be answered.