Businesses must develop recovery strategies to survive downturns – Expert advises
By: Solomon Nartey Tetteh
Entrepreneur and University of Ghana lecturer, Eric Kwadzo Gotah, has stressed the critical need for businesses to develop robust recovery strategies to withstand economic challenges.
Speaking on Business Breakfast on Zed 101.9 FM on Tuesday, June 10, 2025, Mr. Gotah warned that many businesses fail to recover from setbacks due to a lack of preparedness.
“A well-planned recovery strategy can mean the difference between thriving and collapsing during tough times,” he said.
Mr. Gotah emphasized that businesses must proactively assess their situations, identify problems, and implement solutions when faced with downturns.
He advised that a recovery plan should be integrated into the business strategy from the very beginning.
“Your recovery plan should be in place from day one,” he stressed.
Additionally, Mr. Gotah highlighted the importance of a structured salary system to manage expenses effectively.
He also noted that businesses often struggle when customers lose interest in their services, urging companies to evaluate their workforce and operations during such periods to pinpoint underlying issues.
