SMME ServicesWe comprehended that, amongst other challenges faced by entrepreneurs particularly SMMEs, is the lack of knowledge and understanding of contractual obligations and how to manage the risks imposed by contracts to their businesses.
The complex nature of contracts, regulation and legal compliance are amongst the critical challenges faced by SMMEs on a daily basis. These challenges are likely to affect their business operations and revenue.
For a very long time this particular risk has been overlooked, and attention was drawn to financial management. However, we see this risk as part and parcel of the financial discipline as it has a potential to collapse the business, if not managed properly.
Often, we see businesses collapsing as a result of legal battles arising out of contractual disputes. Our view is that this is as a result of lack of knowledge and understanding the importance of contractual obligations in business.
The fact is that, the business scope is evolving and contracts have become an integral part of every business and as such we need affordable intervention to mitigate this risk.
There are various government interventions aimed at economically developing SMMEs, however not much interventions on legal / compliance education and Corporate Governance. We see the benefit in contributing to this journey.