Navigating the high cost of doing business: Practical tips for small business owners

Running a small business today comes with no shortage of challenges. From rising input costs and interest rates to increased operating costs, many entrepreneurs are feeling the financial strain. While there’s no quick fix, there are practical strategies that can help manage costs and improve long-term stability.

According to a business advisor with one of B.C.’s largest credit unions, the key is to be proactive. “Many small business owners aren’t aware of all the tools and strategies that are available,” says Robert Madzej, a seasoned business advisor at BlueShore Financial, a division of Beem Credit Union. “Another set of eyes to review your financial setup can uncover opportunities to save and reinvest.”

1. Review, restructure, reinvest

“I often work with clients to restructure higher-interest debts into a single loan with a lower rate and consistent monthly payments,” Madzej explains. “Those savings can then be reinvested into operations, marketing or hiring—whichever area will best help the business strategically grow.”

It’s also worth reviewing your merchant service fees, says Madzej. Comparing rates or negotiating with providers can lead to meaningful monthly savings—money that can be redirected into your business.

2. Use credit strategically

While credit cards are convenient, they’re not always the most cost-effective option. A commercial line of credit (LOC) typically offers lower interest rates and greater flexibility. One strategy is to use business credit cards for their grace period—often up to 21 days interest-free—then pay off the balance using the LOC. This approach can help stretch cash flow while minimizing interest costs.

3. Explore external support

From government grants to specialized financing programs, many business owners could be missing out on external funding. Madzej highlights there are specific grant opportunities available for women and young entrepreneurs, as well as other grant support from organizations like the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). It pays to research which programs may be applicable to you and your business and apply for them. At the end of the day, the right guidance makes all the difference. “We’re here to help business owners succeed—not just survive,” says Madzej.

While economic pressures are real, small business owners don’t have to face them alone. Seeking advice from a financial professional can provide clarity, uncover new opportunities and help build a more resilient business. Whether you’re just starting out or scaling up, the right guidance can make a meaningful difference.

BlueShore Financial, a division of Beem Credit Union, provides personalized full-service banking, wealth management, insurance, financial planning and advice for personal and business clients. Learn more at BlueShoreFinancial.com and BeemCreditUnion.ca.

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