In an era where the government is implementing many economic recovery programmes to salvage the country’s ailing economy, Senior Manager at KPMG, Gordon Dardey, is urging businesses to evaluate their activities and cut their costs to sustain their activities.

According to him, businesses must adopt certain measures to keep their activities afloat and navigate through this economic crisis.

Many analysts have predicted a tough season for businesses this year as Ghana struggles to restore its economy to a stable regime.

Speaking on the Business Advisory Series on the topic “Managing Businesses in an Austere Economy” on Joy News, Mr. Dardey said, businesses need to conduct a thorough analysis and adopt alternatives that will reduce the cost of their operation and enable them to withstand the challenges that are emerging from the market.

“This is a very challenging time but as a business, one of the things you would want to do is to do an evaluation of your activity. if you’re doing budgeting, you have to look at your revenue lines and say all these cost lines that I have, which of them can I be efficient towards”.

“If you are able to go through this process with thorough analysis, then you will know that some of these expenses that you are paying, you can actually reduce them”, he said.

He furthered that it is important for businesses to undertake more planning to conserve some money to manage their operations in these austere times.

“In very challenging times like this, you need to make sure you conserve cash because you need to make sure you have more cash to run your operations and therefore, it is very imperative that businesses undertake more planning”, he added.

He also urged businesses to execute their plans and introduce mechanisms that would yield positive results and sustain the business.