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Startup Basics

What You Need to Know About Customer Types

The lifeline of every business is enmeshed in the number of stakeholders it interacts with as well as their activities in relation to the business. These stakeholders include the suppliers of the raw materials needed for the business to manufacture its offerings, the employees or human resources who engage in the production and the customers who are the end users and the most important stakeholder in the cycle. The Customer Customers are consumers or end users that products or services are made for in order to satisfy their needs with a series of unique experiences. The customer in-turn has a unique role to play as their consistent purchase makes them become the most important stakeholder in a business. The major reason businesses collapse is for lack of customers as customers generate cash-flow for the business whenever they make purchases therefore contributing to increasing the sustainability of the business to remain afloat. The uniqueness of the customer does not trivialize the role of the supplier and employee but then without the customer, the aim of building a business without an end user is defeated. The Nigerian market is characterized with different categories of customers. The ability to understand the type of customers a business attracts through their purchasing behavior and data driven approach will support the growth of a business. This understanding helps businesses position their offerings correctly in order to attract the specific customer segment they want and also secure a reasonable market share through intentional strategies.  Here are the five customer types and what we need to know about their personality traits in order to sell to them Innovators (2.5%) Innovators are the type of customers whose buying decisions are risk driven. Innovators are the youngest in age and willing to experiment upon seeing a product or service they desire to use. The personality trait of innovators is that they are impulse buyers, their need for adopting a new product has no regards with respect to whether they have budgeted for it or not. Because they are risk takers, they easily adopt new technological solutions and while they can easily help brands to get exposure by putting these products in the presence of other potential users, they might lose their financial resources if such solutions fail based on some limitations. The Innovators account for only 2.5% of purchases made. Early Adopters (13.5%) These categories of customers are the second set of individuals to adopt an innovation after the Innovators, they are called the Early Adopters and they account for only 13.5% of purchases made. The Early adopters are also very young in age just like the Innovators and have a high social status and reasonable disposable income. They are opinionated and can be regarded as thought leaders. Because Early Adopters are judicious in their choice of adoption, they can easily maintain a central communication position, especially in giving reviews. Early Majority (34%) The Early major only adopts new solutions when a degree of time has passed after the launch of the solution into the marketplace. The time taken before they adopt any solution is usually longer than those of the Adopters and Innovators. They usually tend to be slower when it comes to the adoption of a solution and only belong to the above average income class, however their contact with Early Adopters eventually informs their decisions about eventual purchases. They also rarely hold an opinion which is a direct opposite of what the Early Adopters do. They account for 34% of all purchases. Late Majority (34%) The Late Majority only adopt any form of innovation after the average in the society has done that. Their approach of innovation is with a high degree of skepticism. They are far from being risk takers as they are low on disposable income and want to avoid mistakes when making purchases since their income is limited. They are also characterized with very little financial education, are in contact with those in the Early majority and their peers, and possess not much opinion leadership. They account for 34% of all purchases just like the Early Majority. Laggards (16%) The laggards as the name implies are the last to adopt any form of innovation. These individuals have no respect for change as they hold on to their first generation of solutions and do not consider a change of such a solution except if there is a breakdown of such a product or it no longer works again, only these circumstances makes them embrace change. They are traditionalists and are usually elderly, have very little disposable income, lowest financial education and are only in touch with family and friends All customer types make their unique contributions to grow a business; their role in the value chain supports the sustainability of a business in different dimensions. The early majority and the late majority are usually the difficult set of customers, however learning to sell to them by winning their confidence and serving them right, has the ability to increase repeat purchase as they both account for the highest percentage in overall purchases made. Customers are never the same and understanding how to serve them uniquely in a particular market, holds the key to profitability.

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How To Validate Start-up Ideas With Design Thinking

Innovators are concerned about building a product that will have a huge impact on the lives of people by increasing the quality of living standards, addressing a pain point or an alternative that is cost effective for its consumers. With these great thoughts comes a big question that has to be answered before launching a product or service and it is the question of “is there a market”? The addressable market size becomes a question to answer in order to ensure that when a product is manufactured, it will find users or consumers who are willing to utilize the product based on the offer that is being given. One of the techniques that most successful start-ups in the world has applied to ascertain whether a product will sell or not is called “Design Thinking” Leading Change One of the failures is the assumption that there is a market, is one that can be seen or witnessed in solutions that have been made for people. An example is the construction of an overhead bridge for pedestrians to avoid crossing the expressway. However, the humans who this provision has been made for usually ignore the bridge and use the expressway to connect to their routes, which even makes their transit riskier than the use of the overhead bridge. Why would anywhere risk their lives to cross an expressway when there is an overhead bridge beside them? Failure in the consideration of what would drive people to use the overhead bridge is what is lacking and why the preference for the use of the expressway. Would these same people use the overhead bridge if there were possible factors considered before making the designs? The answer is an absolute yes. The failure in the use of the overhead bridge is driven around the fact that the normal tendencies of human behavior were not considered before constructing the bridge. Human Centered Design Design thinking takes into consideration the natural tendencies of human behavior before designing a solution. This will ensure shared responsibility from both parties such that there is already a market with reasonable demand to capture a market share than can sustain the business when eventually presented to the users. The failure of most start-up ideas is embedded in the emotional attachment that founders have to their ideas which makes it difficult for them to be open to feedback from the prospective users. However, a fact based finding should be prioritized against emotions when creating a solution. How Design Thinking Drives Innovation There are five stages in the design thinking process 1. Empathize Being able to empathize with customers most especially when it is a challenge or pain point that makes the purchasing or usage of a product or service difficult for them gives you an opportunity to learn closely from them. Customers who have a reference point of a better offering would always voice out hence, active listening to their challenges is a great feedback for start-ups. This stage consists of interviews in getting to know what the ideal scenario is to prospective customers. 2. Define Having interviewed the prospects, it then becomes necessary to begin to define what the challenges are from all the opinions gathered from several interviews conducted with stakeholders. The age group of those facing these challenges, their income level, experience, education and location becomes parameters to pay attention to. 3. Ideate The aim of conducting interviews and surveys by visiting the field is to be able to generate a product or service that has a fit for the market. All the feedback that has been given now needs to undergo divergent or convergent processes where divergent takes the several opinions and create solutions around them while convergent thinking helps to narrow down to the best idea. These two thought processes helps to come up with what the proposed solution to be developed would be. 4. Prototype Prototyping involves making a Minimum Viable Product (MVP), a minimum viable product is one that is made with the minimum resources in order to furthermore see how customers interact with the product or service in its pilot or beta phase. The feedback from the usage and engage would then help to determine whether a full product would be manufactured or not. For digital products such as web or mobile apps, tools such as Figma or Adobe XD can be used to make a prototype. 5. Test The testing stage helps to pick the ideas that work and move very fast to implement them. If there are impediments or bugs, then it has to be corrected. When the product passes the testing stage, a complete product category can now be created and ready to make entry into the market. The first two stages in the process of design thinking helps to look out for evidence by carrying out Primary Market Research (PMR) to ascertain by means of qualitative and quantitative analysis the fact there are evidences to either support whether a challenge really exists or not for a solution to be created. Founders should learn to embrace what the primary market research presents in order to avoid losing big as a result of the assumptions of what they either expect the market to be or their emotional connection to the product. Read Also: Ten Marketing Tips for Startups

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Why You Need a Business Plan

“By failing to plan, you are planning to fail.’’ (Benjamin Franklin, Inventor, and Businessman) As a budding entrepreneur, the need for a well-written plan that communicates your intentions to internal and external stakeholders cannot be over-emphasized. The purposes of a business plan include: A business plan describes the venture you will create to exploit an idea or concept. A business plan is a written document that describes in detail how the business is going to achieve its goals. A business plan lays out a written plan from an operational, marketing, and financial viewpoint. It serves as an action plan, road map, fundraising, and sales tool. Common mistakes in writing a business plan include: Vague value proposition – mostly existing ideas Difficulty laying out the operationalization of idea Extremely optimistic financial projections – no sensitivity analysis Improper definition of your market Inability to identify risks and possible mitigation A bankable business plan should have the following critical elements: The Company Overview The Marketing Plan The Operations Plan The Financial Plan In our next post, we will explore each of these critical elements in further detail.

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What You Should Know about VAT

Gone are the days when small and medium-sized scale business owners will say forget Value Added Tax (VAT). It is for big companies. If you continue to operate your business with that mindset, both the amount for VAT and penalties will keep piling up.  VAT is a tax that is added to the price of goods or services. It is charged at a rate of 7.5 percent. The current battle by some State governments to collect VAT in their various states instead of the Federal Government is a great concern for every business owner. Every business owner is by law a tax agent to the Government. It means that officially your business is meant to file VAT to the Federal Inland Revenue Service (FIRS) on or before the 21st of every month. Who pays VAT? VAT is paid by users of the paid goods and services. Every business that makes sales of products or services either at a stretch or cumulatively the sum of twenty-five million nairas (N25,000,000) or more in a year is liable to pay VAT. Considering this new development, the governments will employ all kinds of law enforcement, including touts, to collect more VAT. This will put more pressure on business owners and their cashflows. This law enforcement when they visit you as VAT defaulter, you will have to settle them, and still pay the VAT you owe including the penalty. What a loss! Put your house (business) in order by doing the following; 1. Separate your personal finance from business finance by simply placing yourself as a business owner on salary. If your business cannot pay salary then wages. 2. Stop using your company account to assist people who have relations overseas just because there is a promise of extra cash. You cannot prove is not for business afterward. Then you will be forced to pay VAT out of it. 3. Start keeping proper records of all your business transactions. 4.  If in the last three (3) or six (6) months you have not made sales or purchases worth six a million (N6,000,000), do not charge Value Added Tax anymore to your customers this year. The reason is that you may not be making up to twenty-five million Naira (N25,000,000). 5.  Even though you do not charge Value Added Tax you are supposed to be filing VAT to either FIRS or State Board of Internal Revenue depending on the state of residence. Presently, Rivers and Lagos states are the leading states in Value Added Tax collection. Hello entrepreneur, you cannot afford as a business owner in this present economy in Nigeria not to file Value Added Tax. The need and demand for money by the government at all levels have never been like this. This will push the government to take measures you may consider “not business-friendly”.   Read Also: Here’s Whats New on Tax Identification Number

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Legal Structures You Need as a Media Agency

Hello Zainab, I currently run a Media Agency with my co-founder.  We are looking to scale by representing various Content Creators, and platforms, that is while they create the shows, songs, or content, we would be the ones to handle the business aspect of things We have been doing business on a month-to-month basis, what legal structure do we need to put in place to handle all our deals as a Media Agency? Thanks Do-it-right Business Owner   Hi Do-it-right Business Owner, I’m always glad to hear of people creating solutions and doing it well, so I owe you a smile. Starting with your question on a recommended legal structure, the first thing you need to do is to incorporate your business. You shouldn’t confuse this with registering a business name. An incorporated company differs from a business name as it is a separate legal entity while in the case of a business name, there is no separation between the proprietor(s) and the registered business. Also, you should get a founders agreement that governs the relationship between founders. It defines all the roles, obligations, and benefits of each founder. It’s always better to sort this out at the early stages of your business. You should also have terms and conditions which indicate intellectual property usage and rights with the content creators. You should also look at having a privacy policy for the use of all the personal information you will gather. With all this said, you should still seek legal advice from a lawyer who can help you out with more intricate details. You can find one here As an additional resource, you can read up these articles:- Types of business entities, Setting up a legal entity for your business in Nigeria. These videos could be helpful too- Diylaw Video 1, Diylaw Video 2 Keep succeeding Do-it-right Business Owner

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Why Startups Fail and How To Mitigate this

Technological Startups in Africa are innovative about providing solutions to challenges that exist in Africa. However, with these solutions come several bottlenecks which eventually create a barrier to the survival and sustainability of the business. There are several factors that contribute to the failure of start-ups in Africa and the ability to learn from these failures would support a new way of thinking to help mitigate these risks. In this publication, I would be sharing risk factors from working with not less than 100 companies in the technological, FMCG, retail, agro, fashion, events, confectionary, and manufacturing in providing consultancy services and some of the patterns I found led to the business failure. 1. Huge Injection of Capital Without Traction Generating and implementing an idea has to go through several stages of design thinking to ascertain the viability of such a product before it is released into the marketplace based on the feedback from prospective end users. Due to the fact that some early-stage entrepreneurs have already built a name in the ecosystem can easily make them access funding even when an idea is still just an idea that has not been properly researched but because entrepreneurs sometimes are also very emotionally attached to an idea sometimes, they can make several assumptions without considering the facts and then begin to seek capital inflow to kick-start this idea. Traction is important because it signifies growth and growth could be seen in the form of demand which eventually leads to cash flow. Investing in an idea is too risky and even riskier for an early-stage entrepreneur with limited experience and exposure. In order to ensure an idea would scale, it is important to employ design thinking to limit assumptions. 2. Not Working With the Right Team Not Working with the right team has huge consequences in itself. A start-up should have one core, and it is in the ability to execute with the team. Because most start-ups bootstrap at their early stage, they tend to work with whoever is available and not necessarily the skilled and competent professionals who would hit the ground running and deliver the required expectations. I remember working in a pharmaceutical start-up where mislabeling of medications occurred because the professional involved was not aware of the procedures as a pharmacist would. This could have been a huge mistake if it was unnoticed until it reached the retailer who did checks and found out. The right time would limit the time a task is expected to be done. Start-ups should never play down on experience, proficiency, and competence. In fact, it is necessary to develop specific in-house procedures for hiring that fit the company’s culture. 3. Lack of Product-Market Fit A product could be a fantastic one, but if the market is not ready, then its sustainability is questionable. A very innovative start-up that came with the idea of solving the challenges of travel is GoMyWay, this Start-up was launched in Nigeria but did not thrive. Was the product fit for the market in terms of providing the needed solution to the already existing challenges, I would say yes, however, factors such as kidnapping, assault, killings have created trust in the mind of travelers and so this traveling application that was supposed to connect a traveler with a car with another traveler going in the same direction could not survive because the safety of travelers was in question. 4. Government Regulations Several administrations of government have worked tirelessly to make the business environment conducive, however, there are still gaps to ensure that the start-ups do not get gagged as their benefits are very key to economic development. The recent move to create a start-up bill to ensure that the interest of start-ups can be protected is one to secure sustainability and increase interactions with regulators in such a way that regulators understand the peculiarities of these businesses and work around policies that would not see capital investments go down the ground with just a regulation. I believe the start-up bill would create stakeholders in the overall value-chain and then ease how business is done. There are other factors that contribute to business failure and the listed are some common ones that affect businesses based in Africa. I however believe that as there is an ongoing conversation to create a roundtable for stakeholder’s interaction, there would soon exist synergy in the ecosystem.

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Common Mistakes to avoid as a Startup

Entrepreneurs invest both financially and emotionally in their businesses whether overseeing a team of Two (2) or One Hundred (100).  They are self-motivated and enjoy a challenge at meeting the specific needs of their customers. These businesses, often founded on the basic concepts of innovation, organization, and vision are not without risks, which could be internally, and externally generated ranging from financing to market fluctuations, and competition. These risks notwithstanding, the entrepreneurs can still operate effectively in a risk-filled environment, when they are armed with the right information. This article highlights the common mistakes entrepreneurs often make in their businesses, with a view to equipping these business owners with the information vital for business sustainability. These are the ten common mistakes you often make as an entrepreneur: Choosing the Wrong Business Structure – Registering a business entity is the first step you take before starting a business. However, many entrepreneurs fail to do this, or sometimes when they do, they register the wrong entity. It is important to have the right structure in place. No Founders’ Agreement – Many entrepreneurs end up having issues with their co-founders because the terms of the relationship were not clearly defined. It is advisable to enter into a Founders’ Agreement clearly stating the terms, and vesting shares to the co-founders at a later time to protect the interest of your company. No Intellectual Property Protection – Many entrepreneurs fail to protect their ideas and inventions. They get carried away with the excitement of having created something novel and do away with registering at the applicable registry. It is important to register your intellectual property. No Business Plan – It is said that many entrepreneurs are sometimes not businessmen. They have innovative ideas but do not think of how to turn those ideas into scalable businesses. A business without a proper business plan has failed from the beginning. Thus, it is important to have a business plan highlighting all the business goals and the timeframe within which they should be fulfilled. In addition, it is important to have a business plan as this is the first thing an investor will look at to consider if the business is worth his investment. Neglecting Regulatory Compliance – Many entrepreneurs ignore strict compliance to the regulatory framework and this gets them into trouble. It is important to ensure that your taxes are properly filed; the required licenses (if any) are acquired, and the conditions required by law for a particular industry you operate in are met. No Employment Contracts – Entrepreneurs when starting a business fail to enter into employment contracts with their new hires. It is important to have a contract highlighting issues on salary, Intellectual Property ownership, and assignment, non-competition, vesting arrangement, stock options, and so on. Have an experienced lawyer prepare a standard employee contract for your company. Getting in Bed With the Wrong Investors – Many entrepreneurs raise funds desperately and do not carry out their due diligence on the investors. When you raise funds desperately, you tend to overlook some issues or give equity in your company away without properly considering the implications it would have on the company later on. It is advisable to raise funds only when you need it to simply build upon what you have. Not Having Standard Contracts – It is important to get all your standard legal documentation in place such as your Non-Disclosure Agreements (NDAs), terms and conditions, etc. Not Keeping Accounting Records – The majority of entrepreneurs fail to do this. It is important to keep records of every penny that goes in and out of the business. This will not only give your business integrity in the eyes of your investors but will also help you monitor how well your company is doing. Not Having Experienced Lawyers – Entrepreneurs have a mindset that it is only when they desperately need a lawyer that they get one. It is important to get a lawyer (not just any lawyer but one experienced with startups, the ecosystem, and your industry) to guide you from inception through the scaling. Sustaining a business takes hard work and dedication embedded in a bespoke business model that has the potential to stand out in the marketplace. However, the very purpose of these businesses which is profit-making can be defeated in situations where the employers are not proactive enough to overcome some avoidable mistakes. Read Also: Ten Marketing Tips for Startups

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Things to Consider Before You Outsource

If you have never outsourced a service for your company, we might need to profile you or have an interview with you. Superhuman, how do you get everything done yourself? Oh, you don’t? Outsourcing has come to stay. As a business owner, you cannot do everything by yourself,  neither can your employees. Okay maybe your employees can, but having too many of them on your payroll will tell on your balance sheet at the end of the month. Let’s look at some of the pros of outsourcing: 1. Cost factor, of course In reality, this is the reason a lot of business owners consider outsourcing in the first place. Hiring for every role on a full-time basis is quite expensive. Employers get to cut the cost of taking on a new employee and still get the job done. Of course, the point is to look for the best hands for the price you can afford and not necessarily going after the lowest-priced person. 2. You get a pool of skill set to fish from You may pride yourself on having the creme of the industry as employees in your business, but the truth is there are a gazillion that will still elude you. What outsourcing does for you is that it gives you the ability to determine which skill set is lacking in your company. 3. And you get to save time There are times you need particular skills for specific one-time projects. Instead of getting new staff for that particular project, the wise thing to do would be to outsource all or certain aspects of that project until the project is complete. Not only does this save you time it also saves you money. Having established that outsourcing is a brilliant idea, the challenge then becomes how do you protect your intellectual property? Not to make you wary (okay maybe a little bit), but do you know: the person who literally puts their fingers on the keyboard and creates or does any work  is the “author” of that work and owns the copyright to the work? So for a business that has outsourced its software development, which most businesses do, how do you protect your business and stop yourself from unknowingly giving out your software to your developer? 1. You know what you are outsourcing Really, how do you protect your Intellectual property if you don’t know what you are outsourcing? The first step for you should be to know what you are choosing to outsource. “Identify what your IP really is, who owns it, and who controls it. 2. Identify the right developer for you This involves checking out the developers, their reputation, and whether they are a good fit for the project you have in mind. You should also make sure the selected developer has all the needed resources to protect your IP from theft or unauthorized use. 3. Most importantly, pay attention to the key provisions in your contract Don’t just draft up a contract without taking note of the following essential details: A. If a non-disclosure agreement (NDA) has not been signed, include a confidentiality provision in the contract. That way, the developer is restricted from sharing any of the information you provide, the internal workings of your business, your software or program components, and other things you specify. If you’d rather go for an NDA, however, we can help with that. B. You have to own all IP rights. The reason for this is simple. As mentioned earlier, (s)he who authors the code (work) owns the code (work), so you want to make sure you have that eliminated with an IP assignment clause included in your contract.  The clause assigns the IP to you, making you the owner of the IP during and after your contract. This also gives you the ability to license your IP to third parties. C. Your contract must state clearly how you want the developer to protect your IP. This should include, who will have access to it, under what circumstances, etc. D. Spell out the termination clearly. This is a no-brainer. You know at some point, the relationship will have to come to an end, either because the transaction has been concluded or before the transaction is concluded for some other reason. Ideally, you should spend time hashing out under what circumstances termination can occur, what happens after termination, and how to ensure you own your IP. E. Have control of your source code. It could be a nightmare, running after a developer after completing a job to tell you how to access your source code. Some may call it bad faith, but you know it’s courting peace. If there is a dispute or disagreement, you have control of your assets and there’s nothing the developer can do about it. F. Make sure you don’t pay for your developer’s mistakes. You should be indemnified by the developer in case he infringes on a third party’s IP right in the course of working on your own software. Even though outsourcing is meant to relieve you, it can do more harm than good if not handled in the right way. In addition to the contract, make sure you copyright all source codes and design either in your name or company name. In Nigeria, software is considered literary work and can be protected under the copyright act.  If you’d like to copyright your software, we’ve got you. Clarity is quite relevant with IP rights especially if you are looking to use the software or outsourced work as part of other projects you are looking to sell or license. Any smart buyer or licensee will insist you provide a warranty that you own the software or other work fully and legitimately. Read Also: Four Things to Consider Before You Outsource a Company

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Thriving Through Disruptions – Tips for Startups

In a constantly changing and evolving business environment, business owners, entrepreneurs, and business managers are always seeking innovative ways to manage threats that could potentially ruin their business.  Growing a business entails creating solutions to everyday problems such as constantly identifying your target market in order to increase your revenues, sourcing suitable talents as employees, ensuring efficient business operations, and surpassing client’s expectations with minimal resources. There are however the not-so-everyday challenges that businesses must respond to; these sometimes come in form of disruptions and they have the potential to suddenly change the way a business has been operating. Disruptions can generate positive results especially if a business is built to respond and not only react to sudden changes. Disruptions could come in the form of infrastructural changes which can impact the physical location of a business, the shutdown of a supply chain, entry of a competing business in the market, regulatory changes, etc. In recent years, startups and even established businesses have had to grapple with disruptions from the covid-19 pandemic, change in government policies, regulations or laws, and technological innovations. Irrespective of the model of disruption, businesses should be built to anticipate, respond and thrive through the uncertainties that disruptions bring. In Nigeria, disruptions caused by changes in government policies and regulations have been the bane of many Startups. Notable examples include the ban on motorcycle and tricycle operations by the Lagos State Government, CBN restriction on the use and trade of cryptocurrency, the restriction placed on Fintech companies by the Nigerian Securities and Exchange Commission, prohibiting these companies from offering foreign securities (listed on other countries stock exchange) via their digital/online platforms. We cannot forget the most recent regulatory disruption – the suspension of the use of the Twitter app in Nigeria which has not only disrupted the marketing strategies of many startups but also thrown spanner in the works of alternative customer service channels used by many businesses in Nigeria. Disruption has the potential to cripple business operations but businesses can be proactive to ensure that they remain adaptable to take on any challenge posed by such disruptions. Some tips for adaptability are: Business Diversification- Having a single product line in a volatile business environment may not be advisable. To survive, Startups can begin to diversify their businesses by offering new products/services to their target market. It is also important to diversify different segments of your key operations. This for instance could be by having multiple supply chains, different communication channels for customers, and different marketing strategies for different customer segments. Business Model Reinvention: Businesses must ensure that their business models are flexible and innovative to enable them to enter into new markets. Reinventing the business could mean connecting with your customers and clients using technology in order to expand your reach or packaging your products differently using different brands. Explore possibilities of partnership: Businesses can explore the opportunities of collaborating with existing businesses using integrations. You can collaborate with your suppliers, retailers, or other businesses, thus creating complementary products/services. This collaboration can also lead to the creation of a diversified product/service for a different market. Constantly analyze the business environment: In order to predict disruptions and act in time, businesses need to analyze both internal and external operational risks which can hamper their operations. Businesses must simulate possible disruptions, and create make-shift solutions which can ensure that the negative effect of disruptions is better managed. Businesses can also have a business disruption and continuity plan. Seek professional Advice – Businesses can engage professionals who will help them identify the inefficiencies in the different segments of their business. Professional advisors can also help businesses put in place mechanisms that can make a business better suited to adapt to disruption. For instance, for regulatory disruptions, a legal professional can engage the regulator so that the regulator is better able to appreciate the non-traditional business models in that industry. Disruptions to your contractual transactions and relationships (e.g non –performance of contractual obligations due to the pandemic) can equally be managed when armed with sound legal advice. Businesses must come to terms with the fact this is a disruptive age and any business which will be sustainable must be built to adapt to change and respond quickly to challenges using innovative techniques.

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