Kofi Frempong-Kore, Partner, KPMG (Tax Department)

A tax expert has advised businesses to review and optimise their business models in order to remain in operations, post Covid-19.

Kofi Frempong-Kore of KPMG who was speaking at a zoom meeting between KPMG and Ghanaian-German Economic Association (GGEA) on the theme “Capitalising on government’s incentives and leveraging on tax review for growth in post-Covid-19 era” also urged businesses to fully utilise government’s incentives in the post-Covid-19 era to revitalise their operations.

According to him, every aspect of business has changed with the coronavirus pandemic, hence it is time for businesses to review their business models, adding, the needs and expectations of customers have changed and continue to shift.

“So, for businesses to have the best bets on markets, they have to reposition and take advantage of the positives of the pandemic.

“One thing is certain, business models have been disrupted and new ones are emerging. Our advice is for you to position your business to leverage this unexpected event as an opportunity to reflect and reboot, and start to plan now for building a stronger, more digital and insight-led business,” he emphasised.

He mentioned that for businesses to thrive during and beyond Covid-19 pandemic, they would have to optimise their operating models.

According to him, for a proper optimisation to occur, fundamental changes need to be made about operating systems, organisation structure and governance, culture systems, data security, among others.

Mr Frempong-Kore again recommended that businesses need to sustain their financial model as Gross Domestic Product (GDP) forecasts of countries are being revised downwards.