Plan recovery, weather downturns — Business expert urges firms

By: Solomon Nartey Tetteh

Entrepreneur and University of Ghana lecturer Eric Kwadzo Gotah has emphasized the importance of having a recovery strategy in place for businesses. According to Mr. Gotah, a well-planned recovery strategy can be the difference between thriving and struggling during economic downturns.

Speaking on the Business Breakfast on Zed, Mr. Gotah highlighted the significance of revisiting the recovery plan, assessing the situation, and identifying solutions when faced with a downturn.

“Many businesses struggle to recover from setbacks, often due to a lack of preparedness,” he noted.

Mr. Gotah advised businesses to develop a comprehensive recovery strategy to better navigate challenges and emerge stronger.

According to Mr. Gotah, a well-structured salary system is crucial for businesses to effectively manage their expenses.

He emphasized that a recovery plan should be an integral part of the business plan from the outset.

“Your recovery plan should be in place from day one,” he stressed.

Mr. Gotah also pointed out that businesses often experience downturns when customers lose interest in their services. He recommended assessing employees during such periods to identify the root cause of the problem.

He also stated that many people lack the right mindset for operating a business. He advocated for seminars for business owners to help them manage their businesses effectively. “To manage your business well, you need the right mindset. Seminars should be organized for business owners to help them run their businesses successfully,” he reiterated.