Ricochet News

The Hope Factory takes a more strategic approach to small business development

The Hope Factory takes a more strategic approach to small business development

The amendments to the B-BBEE codes has resulted in a shift over the last year with respect to the degree of involvement that the business sector is having in economic transformation, necessitating a more strategic approach.

In the past, there was little need for companies to have direct involvement in their Enterprise Development initiatives, which limited the relationship between the investor and the entrepreneur. Now companies have to move towards being more involved in the actual development of identified supply chain entrepreneurs.

Ultimately, the successful implementation of a company’s Corporate Social Responsibility (CSR), through B-BBEE Codes, is enhanced if they approach it strategically and integrate it into their business processes.

Benefits can then be leveraged for both the company and the beneficiary, as the company has a vested interest in the social activity they engage in, which in return has the potential to impact positively on the economic transformation in our country.

Therefore, in addition to offering a structured Enterprise and Supplier Development Programme to entrepreneurs, The Hope Factory is meeting the needs and expectations of investors (in the private and public sectors as well as state owned entities) through special projects.

The Hope Factory’s Special Projects offering is ideal for companies interested in tailor-made Supplier Development solutions in support of their business strategies and B-BBEE Scorecard objectives. 

Hellen Keller said, “Alone we can do so little, together we can do so much”.

The Hope Factory recognises the value of working together to make a significant difference. To date this year, we have signed contracts with corporates in industries such as freight logistics, renewable energy and geotextile manufacturing, all wanting to make an impact in the entrepreneurial space.

These projects range in focus from the development of entrepreneurs with disabilities, to identifying current suppliers who, from previously disadvantaged backgrounds, could benefit from business training and business mentoring, and assisting upcoming businesses with innovative development ideas.

One such project has seen a supplier of IT equipment, currently supplying to a corporate in the civil engineering industry, benefit from business mentoring through The Hope Factory. These projects will collectively assist about 30 entrepreneurs with the growth and development of their small businesses.

To this effect, collectively The Hope Factory continues to achieve its vision of every South African empowered to be financially sustainable while providing a framework through which companies can strategically contribute to the growth of the business sector.