Sustainable Business Through Cost Management and Control

Abstract

What does it take to create a great business model? It is surely nothing other than being sustainable and I believe you acquiesce to it. When we say sustainable, it simply means not violating the rules of nature but still very much in business. In business management, the control and management of "Cost" holds a position of profound and paramount importance. It is not just the "Cost", but the "Sustainable Cost" wherein a business organization operates and accommodates the cost of being socially and environmentally responsible in its cost and business model. It encompasses taking on board the best and highly skilled employees, ensuring employee safety and security, curbing environmental impacts, focusing on desired quality of product and services commensurate with price. Here, Cost Management comes as a handy tool in the hand of management which provides sustainable cost management for long-term sustainability of business. This paper tries to lay down a conceptual framework about how sustainable cost management can lead to sustainable business growth and development. This paper tries to prove its value relevance by analyzing and showcasing various cost management techniques which together can be used as an instrument of business sustainability. It is also an attempt to appreciate the concept of business sustainability through cost management at theoretical level.