Cost Management Strategy: A Tool For Improving Efficiency In Business Performance

Abstract

Cost management is an activity which functions as a strategy to cut down on all unnecessary costs so as to achieve a higher level of profit in business performance. The aim of this study was to investigate into ways to eradicate or minimize excess expenditure over revenue. The survey research design was employed in generating relevant data for the study. Questionnaire and direct observation were the major research instruments used in generating data. A total population of sixty respondents was administered with questionnaire but only fourty respondents completed and returned. It was revealed that Cost management is a good strategy to improving efficiency as well as profit maximization and growth of businesses. It is therefore concluded that with meaningful recommendations among others,
management of businesses should try to establish areas in which unnecessary costs can be minimized at regular basis in the course of daily business activities.