Abstract
The main purpose of this research is to concern analytic knowledge of the role of cost management strategies for SMEs business and create financial sustainability. SME enterprises are playing a key role in creating entrepreneurship and eliminating unemployment in every country by raising capital through various means. In this case, the expected triumph will not come unless there is a proper concept on cost management. The effectiveness of Cost Management policy for perspective Planning in the finance with a point of next and accelerate growth in SMEs business. The authors have been used a conceptual model and employed secondary data, and developed hypotheses based on the significance of research objectives. The theoretical analysis carries out the standard cost management strategies with advantages and disadvantages, and financial management is providing remarkable knowledge to SME organizations and entrepreneurs as well as emphasized for creating specific strategies based on business. The article has been conducted current theoretical knowledge, and only analyzes the accomplishment of management policies on the enhancement of SMEs business field that limits the scope of the research quarry. This research contributes to the potential knowledge and delivers an applicable conceptual framework for the 21st century of the various small and medium business sectors.
Highlights
Small and medium businesses are the economic driving force of a country and play a significant role of a country in reducing unemployment, increasing domestic production, and contributing to increasing GDP growth, contributing to developmental work by giving tax to the government, socio-economic development, and so on
This study aims to research how the effective framework and policy of cost management will be acceptable to the 21st century and may carry SME's business activity-based planning and strategic management in the future
We emphasized the global investigation of the appreciation of financial improvement cost management policy and wanted to highlight the features and parts of these ideas in the modern era attributed by the alternative in the business field
Summary
Small and medium businesses are the economic driving force of a country and play a significant role of a country in reducing unemployment, increasing domestic production, and contributing to increasing GDP growth, contributing to developmental work by giving tax to the government, socio-economic development, and so on. Developed and developing countries manage an average of 40% of GDP by microfinance business (WorldBank, 2021).Currently, the SMEs sector is not improving in many countries due to raising the prices of raw materials, lack of skilled manpower, and other facilities In this consequence, cost management may create a significant contribution to the improvement of SMEs. This study aims to research how the effective framework and policy of cost management will be acceptable to the 21st century and may carry SME's business activity-based planning and strategic management in the future. This study aims to research how the effective framework and policy of cost management will be acceptable to the 21st century and may carry SME's business activity-based planning and strategic management in the future In this context, we emphasized the global investigation of the appreciation of financial improvement cost management policy and wanted to highlight the features and parts of these ideas in the modern era attributed by the alternative in the business field. This concept likes to be crucially applicable; we consider, modern cost management strategy will follow this framework in its future SME's business and finance development
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