THE IMPACT OF COST CONTROL STRATEGIES FOR SUSTAINABILITY AND GROWTH
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Abstract:
This research explores the impact of cost control strategies on sustainability and growth in Lagos State, Nigeria. The objectives are to: (1) assess how cost control strategies contribute to financial sustainability, (2) evaluate their impact on business growth and competitiveness, and (3) analyze the challenges of implementing effective cost control strategies. A survey design was employed to collect data from financial managers and business owners. The sample size, determined using Taro Yamane's formula, ensures statistical validity. Nestlé Nigeria Plc was chosen as the case study due to its extensive cost control measures. The reliability coefficient score of the survey was 0.91. Findings reveal that cost control strategies significantly enhance financial sustainability and business growth, improving competitiveness. However, challenges such as resource allocation and strategy implementation were noted. It is recommended that companies in Lagos State adopt comprehensive cost control strategies and provide training to ensure sustainability and growth.
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