AN ASSESSMENT OF COST CONTROL STRATEGIES FOR SUSTAINABLE BUSINESS OPERATIONS
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Abstract:
This study assesses the impact of cost control strategies on sustainable business operations in Lagos State, Nigeria. The objectives are to: (1) evaluate how cost control strategies enhance financial sustainability, (2) assess their impact on operational efficiency and growth, and (3) analyze the challenges of implementing effective cost control strategies. A survey design was chosen to gather data from financial managers and operational staff. The sample size, calculated using Taro Yamane's formula, ensures representativeness. Dangote Group was selected as the case study due to its comprehensive cost control measures. The reliability coefficient score of the survey was 0.94. Findings indicate that cost control strategies significantly enhance financial sustainability, operational efficiency, and growth. However, challenges such as resource allocation and strategy implementation were identified. It is recommended that companies in Lagos State adopt robust cost control strategies and provide training to ensure sustainable business operations.
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