{"id":57487,"date":"2024-04-02T15:17:56","date_gmt":"2024-04-02T19:17:56","guid":{"rendered":""},"modified":"2025-04-25T10:20:52","modified_gmt":"2025-04-25T14:20:52","slug":"5-tips-to-help-find-hidden-savings-and-offset-rising-business-costs","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/5-tips-to-help-find-hidden-savings-and-offset-rising-business-costs\/","title":{"rendered":"5 Tips to Help Find Hidden Savings and Offset Rising Business Costs"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">5 Tips to Help Find Hidden Savings and Offset Rising Business Costs<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-91.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"3 people looking at documents\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-91.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-91.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-91.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=5 Tips to Help Find Hidden Savings and Offset Rising Business Costs &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/5-tips-to-help-find-hidden-savings-and-offset-rising-business-costs\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/5-tips-to-help-find-hidden-savings-and-offset-rising-business-costs\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published April 2, 2024 \u2022 6 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Feeling the pain of rising operating costs? These ideas can help you counterbalance the economic climate and discover efficiency in your day-to-day business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Reduce your costs<\/h2>\n\n\n\n<p>When goods, services and labour become more expensive, it&#8217;s time to take another look at what your business spends money on and determine where you may be able to cut back. Look at both your fixed and variable costs as you search for areas to trim.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Your fixed costs:<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\"><strong>Office space.&nbsp;<\/strong>If your in-person workforce has been reduced as a result of a remote and\/or hybrid work model, consider downsizing to cut down on rent payments. Alternatively, consider sub-leasing part of your space or trying to renegotiate rent with your landlord \u2014 it\u2019s a commercial renter\u2019s market in many areas right now!<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Equipment<\/strong>. Look for ways to reduce costs by sourcing gently used vehicles, computers or trade equipment.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Your variable costs:<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\"><strong>Inventory<\/strong>. Are you being as efficient as possible with your inventory management? Watch out for waste that may be eroding profits or excess inventory that is sitting too long, taking up space.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Supplier terms<\/strong>. Your suppliers may offer incentives for early payment. If you\u2019re in a position to pay ahead of schedule, consider taking advantage of this opportunity. Bartering for products and services can also help with cash flow.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Operating expenses<\/strong>. When was the last time you looked closely at your utility bill? Can you become more energy-efficient to bring it down? Do you have an internet plan that gives you the best bang for your buck? What about your cell phone plan, given that your employees may be working off-site? A quick call to providers can often result in lower monthly plans and\/or greater efficiencies.<\/p>\n\n\n\n<p>It\u2019s also worth taking a look at your bank statements \u2014 consider an annual review with your banker, as the way you use your account may qualify you for savings you\u2019re not aware of.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Supplier costs<\/strong>. Given rising costs of goods, materials and labour, you may wish to move away from fixed-price contracts so adjustments may be made as costs fluctuate.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Subscriptions<\/strong>. Run through all the publications, tools and programs you\u2019re subscribed to in order to figure out if there are any you can discontinue or even put on hold for a time.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Labour<\/strong>. If you\u2019re finding it hard to attract the right talent, consider outsourcing, if possible, while continuing to invest in key employees and critical contractors.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Marketing<\/strong>. The best advertising is often word-of-mouth. Consider organic, low-cost marketing activities that may boost referrals, as well as targeted social media programs.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">2. Assess your business credit cards and loans<\/h4>\n\n\n\n<p>Your credit card can be a very useful payment vehicle \u2014 but shouldn&#8217;t be used to store debt. By paying your credit card balance on time, you save on interest costs.<\/p>\n\n\n\n<p>Also, try to maximize your business card&#8217;s potential. If your credit card offers rewards points, consider using it for both everyday and larger purchases (provided you pay it off before the end of the grace period). You can turn those rewards into equipment, travel, staff incentives and more. Or you can use the money you earn on purchases from a business cash back card to reinvest in your business.<\/p>\n\n\n\n<p>If you have loans on the books, work with your account manager to see if it makes sense to renegotiate the terms to reduce repayment amounts or even pay them off sooner to be rid of the monthly expense.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3. Go digital<\/h4>\n\n\n\n<p>More than ever, technology is a business owner&#8217;s friend. If you&#8217;re using old systems or hardware, you could be losing time by doing business on slow technology. Cloud computing and eCommerce platforms can replace more labour-intensive processes \u2014 from ordering to tracking to selling.<\/p>\n\n\n\n<p>Keep in mind that your team may be a great resource since your employees work on your systems every day. Ask them if they see opportunities to increase efficiency and save money \u2014 and then reward them for their input!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">4. Utilize tax credits<\/h4>\n\n\n\n<p>Tax credits can help reduce the amount you pay on your taxable income. While they may not have an immediate effect on your bottom line, you&#8217;re sure to notice them come tax time. Unlike tax deductions, which are only worth a percentage of their total in tax savings, a tax credit is worth its full amount. If you receive a tax credit worth $250, for instance, you&#8217;ll save $250 on your return.<\/p>\n\n\n\n<p>The Federal, Provincial and Territorial governments all offer tax credits. Here are a few examples:<\/p>\n\n\n\n<p><b>Film or Video Production Services Tax Credits (PSTC<\/b>): The <a href=\"https:\/\/www.canada.ca\/en\/canadian-heritage\/services\/funding\/cavco-tax-credits\/film-video-production-services.html\" target=\"_blank\" rel=\"noopener\">PSTC<\/a> is a refundable tax credit earned through eligible Canadian labour expenditures for a given film or video production.<\/p>\n\n\n\n<p><b>Apprenticeship Job Creation Credits<\/b>: The <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/line-41200-investment-tax-credit\/apprenticeship-job-creation-tax-credit.html\" target=\"_blank\" rel=\"noopener\">AJCTC<\/a> is a non-refundable tax credit an employer can claim on their individual income tax return when hiring an apprentice.<\/p>\n\n\n\n<p><b>Research and Development Tax Credits<\/b>: R&amp;D tax credits allow businesses to deduct R&amp;D expenditures from business income, provide an investment tax credit or lower personal income tax. At the same time, be sure to keep track of tax deductions that can affect your tax bill.<\/p>\n\n\n\n<p>Take a look at our <a href=\"https:\/\/discover.rbcroyalbank.com\/small-business-taxes-five-easy-steps\/\" target=\"_blank\" rel=\"noopener\">five easy steps<\/a> to help you organize your tax filing and appropriately apply deductions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">5. Tap into &#8216;free money&#8217;<\/h4>\n\n\n\n<p>Non-repayable government grants can give your business a financial boost, helping you expand, create jobs, launch environmental initiatives and more. There are thousands of grants available to Canadian businesses every year \u2014 but it can be a tricky landscape to navigate. Take a look at <a href=\"https:\/\/discover.rbcroyalbank.com\/looking-at-government-grants-for-your-business-read-these-tips-before-you-apply\/\" target=\"_blank\" rel=\"noopener\">these tips<\/a> for applying for government grants.<\/p>\n\n\n\n<p>Consider other ways to leverage business freebies, such as free logo and design tools, website builders, Search Engine Optimization (SEO) tools, invoice generators and more. There are many no-cost resources available to business owners online.<\/p>\n\n\n\n<p>It&#8217;s also worth checking for value-added partnerships with the companies you already do business with. RBC, for example, offers services beyond banking that provide access to useful products and services \u2014 often with valuable discounts \u2014 to help clients save as they run and grow a business.<\/p>\n\n\n\n<p>If you find that running your business has become more expensive than ever, you&#8217;re not alone. Many owners are feeling the crunch of the economic and global factors that are affecting everything from supply chain to labour to the cost of borrowing. By getting creative, taking a close look at your operating costs and leveraging the support of your partners, you may find savings that offset the cost of doing business today.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ca4617a7-4933-4fc1-a4bd-b41c09518518\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=5 Tips to Help Find Hidden Savings and Offset Rising Business Costs &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/5-tips-to-help-find-hidden-savings-and-offset-rising-business-costs\/\">\n        <img 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\t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-511d151e-7ef7-4e8d-88ca-24b89089a731\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-economy\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Commercial Economy<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/ideas-and-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Ideas and Insights<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div 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loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/iStock-1307604057.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"An image of a man in a caf\u00e9 holding a tablet in one hand and writing notes with the other\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/iStock-1307604057.jpg 2120w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/iStock-1307604057.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/iStock-1307604057.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/iStock-1307604057.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/iStock-1307604057.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/iStock-1307604057.jpg?resize=2048,1366 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/\">\n\t\t\t\t\t\tCash Flow Management and Financials\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/business-survival-guide-steps-to-help-keep-margins-healthy\/\" class=\"card-title h4 mar-t-0\">Business Survival Guide: Steps to Keep Your Margins 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https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/iStock-1172720922_6de5f4.jpg?resize=300,203 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/iStock-1172720922_6de5f4.jpg?resize=768,520 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/iStock-1172720922_6de5f4.jpg?resize=1024,694 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/iStock-1172720922_6de5f4.jpg?resize=1536,1041 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/iStock-1172720922_6de5f4.jpg?resize=2048,1388 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/\">\n\t\t\t\t\t\tCash Flow Management and Financials\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/6-steps-to-get-your-business-financially-fit-and-ready-for-2026\/\" class=\"card-title h4 mar-t-0\">6 Steps to Help Your Business Get Financially Fit for 2026<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-ca4617a7-4933-4fc1-a4bd-b41c09518518 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-ca4617a7-4933-4fc1-a4bd-b41c09518518 {\n\t\t\theight: 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