Investing in Socio Economic Development

One of the simplest and most effective ways for a company to earn BBBEE points, is to increase their level of spend on Socio-Economic Development (SED). The key principle of SED is for an enterprise to carry out initiatives that result in the beneficiaries, and their communities, having sustainable access to the economy, thus helping to lower the poverty barrier. In short, these businesses are investing in initiatives that have the potential to uplift South African society.

Companies stand to gain immensely by channelling their SED investments into The Business Place. In this way they are not only earning valuable BBBEE points and contributing to the economic access of the communities serviced by The Business Place; it is also a form of marketing. By investing their SED monies into The Business Place, companies show their commitment to contributing towards the constructive transformation of South African communities and, in a broader sense, society as a whole. The Business Place has two initiatives that can help companies gain points, achieve recognition and demonstrate the direct impact they have on communities:

 

SED Back to Business

In line with the original intent of SED, a company's contributions must have the specific objective of facilitating sustainable access to the economy for the beneficiaries. The manner in which this is done is through the expansion and support of training, financial and social conditions and community improvement/development for those beneficiaries, as outlined in point 3.2.4 of Code Series 700.

The Business Place branches ensure that training is easy to access and understand for those members of the community who would like to begin their own self-sustaining businesses. Through one-on-one interactions with trained navigators members of the community are taken through the steps of developing an idea into a business proposition that could eventually ensure access to South Africa’s economy for themselves and their immediate community. Over 80% of SED contributions implemented through The Business Place directly benefit black people and their communities.

Companies wishing to explore how they can contribute toward a South African community being able to access the economy, should please contact Shaun Govender on shaung@tbp.co.za or 011 833 0340.

Branch Out Initiative

A crucial error made in terms of SED is not asking communities what they need. With a ten-year track record behind it, The Business Place can prove that, through Public Private Partnerships (PPPs), it is listening to communities all over South Africa. The strategic focus of The Business Place over the next five years is to open one branch per year in those communities that have expressed a desire to have a branch established in proximity to them.

The majority of TBP's existing branches have been established through PPPs. Its existing corporate investors have identified communities on which their business impacts directly and, through the fostering of relationships with local government by The Business Place, each branch has made a significant impact in ensuring that each community holds the key to accessing economic sustainability.

Companies interested in opening a Business Place branch in a community on which their business impacts, should please contact Shaun Govender on shaung@tbp.co.za or 011 833 0340.