Cost management is a systematic and planned driven process aimed at increasing the efficiency and competitiveness of the companies, with the creation of the prerequisites for long-term development and survival in the market. In times of crisis is of special significance, because for most companies limited possibilities of business that most often lead to falling revenues. The basis for quality long-term cost management has knowledge of the different criteria of classification of costs and methods of cost management. The analysis of accounting data on the volume and cost structure is examined whether the costs as planned, what are the reasons deviations and identify opportunities for rationalization. The rationalization should be carried out solely on the basis of analysis of business processes, organizational structures and identifying key risks to the business. The most common problems in the management of costs in a time of crisis and bad business results related to the indiscriminate cutting costs. These procedures are the result of an earlier non management costs and can impact the deepening crisis in the company. Therefore, a continuous and long-term work on cost management which constantly assesses how well certain parts of the business meeting the strategic objectives. This is evidenced by studies of many authors on cost management during the financial crisis.