Hi Andrew,
Thanks for your information.
Added a new email address with the domain name to Outlook app (did I miss something here, should I have gone that through GoDaddy first and purchased an Outlook email address at additional cost? But I thought Business Standard provides an email)
Did you follow this link to add your domain to Microsoft 365?
Add DNS records to connect your domain
And since you are using Exchange Online, you may also need to add a MX record in Godaddy to point to Microsoft 365 servers in order to receive emails.
Please refer to this part: Add an MX record for email (Outlook, Exchange Online)
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