When you run a laboratory of any kind, you need supplies, many of which are expensive. What’s worse is that not all supplies last forever. Many have an expiration date or can only be reused a few times, if at all. Furthermore, several labs have to share their supplies with other labs, which can limit access.
Fortunately, there is a solution. By carefully budgeting for your lab supplies and accurately managing them, you can save money. This, in turn, can help you purchase more supplies and ensure you always have what you need on hand.
Keep Track Of Your Supplies
First things first, it’s vital that you always know which supplies you have, how many, where they currently are, and which supplies you need. You can easily keep track of your supplies for scientific laboratory purposes by using a detailed asset management system. Whether you purchase a professional system or simply keep your own spreadsheets and information, you have to be extremely thorough in recording supply data, as do any employees or lab technicians.
Without a good asset management system in place, you run the risk of wasting money on items you don’t actually need or of running out of vital supplies. This second scenario can lead to emergency purchases, which are often more expensive than they otherwise would be due to expedited shipping, availability, and other factors. As such, the first step to proper budgeting is maintaining accurate asset records.
Do Some Careful Comparison Shopping
One of the worst mistakes you can make as a lab manager is just buying the first item that you find. While it’s nice to get orders placed quickly, buying without a little thought and effort can cost you a lot of money in the long run. Thus, don’t just buy from the same place you’ve always purchased from or from the first seller you come across. Instead, spend some time comparing prices from different vendors.
Make sure you also take into account factors like quality and warranties, which can play a role in how great of a value an item actually is. Even more importantly, don’t just do your comparison shopping once. Regularly check pricing and sales across vendors to ensure you’re always getting the best deal possible.
Build An Emergency Savings Fund
In every lab, unexpected situations will sometimes come up, and it’s imperative that you’re prepared for them. As such, start and regularly add to an emergency savings fund. As you save money through comparison shopping and other strategies, add any extra money to this fund. That way, when you do encounter unexpected expenses, you’ll be able to handle them without too much hassle or stress.
When things are going well, you may be tempted to skip contributions to this fund, but don’t. The more money you set aside, the larger your safety net. Plus, if the fund grows large enough, you could invest some of it in higher-value supply purchases that can help you bring in more profits and save more.
Budgeting for lab supplies does take some work on your part. But, ultimately, that work will be worth it. With enough money saved, you can keep your lab running smoothly and plan for a successful future, even during uncertain times. So, with that in mind, put these strategies into action, and then sit back and enjoy the benefits.