Laboratories are a vital factor in the overall health and wellness of a society. That said, labs are in extremely high demand because of the global pandemic of the novel coronavirus. Although laboratories are currently in dire need, you have to make the appropriate business decisions regarding your finances. Whether you’re a for-profit or non-profit lab, you need to either increase profits or decrease expenses––business 101, right? Reducing costs is easier said than done when you’re operating a laboratory in the middle of a global pandemic, until now. Below are few ways to reduce laboratory costs both in the long-term and short-term; read on to learn more.
Find Out Where Your Money Is Going First
Just like your personal budget, you should track every dollar that the lab earns and spends. You can’t reduce costs if you don’t know where the bulk of your money is going in the first place. Tracking expenses might raise some awareness around unnecessary spending. In addition, when you know how much you’re spending on equipment or materials, you can shop around for better deals or negotiate lower prices with your supplier.
Order in Bulk When Possible
If you’ve had a long-lasting relationship with your supplier, they’re more inclined to help you out financially if they can. That said, you should keep in mind that many individuals and companies are struggling economically because of COVID-19 which might in turn strain their ability to help you. While suppliers might not have much wiggle room in prices, you can almost always earn a discount if you buy in bulk. Of course, you shouldn’t buy what you don’t need, but if you’re ordering consumables that you’ll need regularly, you can almost always get a discount when you order in bulk.
Maintain and Upgrade Equipment
Your research and development would essentially be impossible without your lab equipment, so be sure you’re maintaining the equipment properly. If you’re not sure how to maintain the equipment, you can usually learn more on the manufacturer’s website or by contacting their customer service department. If you don’t maintain equipment, it’s more likely to break down and require costly repairs. Similarly, you might have outdated equipment that isn’t efficient. Luckily, one of the many benefits of buying used lab equipment is the financial savings. Just make sure you buy from a trustworthy source.
If you implement even one of the mentioned ways to reduce laboratory costs, you’ll begin seeing a difference in your budget. After all, you need funds to make a difference in the world––make sure those funds are supporting your goals appropriately.
