Maximizing Your Laboratory Spend

A key focus of my blog is Science, Technology, Engineering and Mathematics (STEM). Whether you’re running a lab in academia, in industry or in some sort of government capacity a key consideration are the amounts being spent to accomplish the mission. Labs that are run wisely tend to stay open longer than those that aren’t. The following contributed post is entitled, Maximizing Your Laboratory Spend.

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It does not matter what sort of laboratory you own or run, one of your most important tasks will be to maximize your spend. After all, labs do not have unlimited budgets, and so they need to make sure that their funds are being put to best use. There are a number of different ways you can do this, so read on for some critical information.

Identifying whether to buy – There is only one place to begin, and this is by identifying whether to buy. Of course, there are going to be somethings, like basic instruments and testing materials, like synthetic urine, which are simply a necessity. However, there are other items that are considered nice-to-have, rather than being a necessity. Therefore, you really need to think about whether you should buy this equipment, or whether leasing would be better. When you consider the rapid pace of technological innovations today, you could easily buy something and then it could become outdated very quickly. This is why it is a good idea to consider leasing in a lot of circumstances. Nevertheless, if you know the equipment is going to be used again and again, buying could be just the thing you need.

Compare prices and suppliers carefully – There are many different tools online today that enable you to compare products across all industries, and the same goes when it comes to laboratory equipment. Nevertheless, you still need to be careful when you purchase. You should make the effort to ensure that all of the suppliers you are considering are 100 per cent legitimate. The last thing you want is to end up falling victim to a fraud company who either does not supply the products at all or does not supply lab-grade equipment. Doing a bit of digging and reading reviews that have been left by others are both essential steps.

Look for ways to reduce spend without taking any risks – The final piece of the puzzle is to look for different ways that you can save some money without taking a risk in terms of the quality of your equipment and your supplies. There are a number of different ways that you can go about this. For example, you can simply try to negotiate with your vendor. This is more successful than a lot of people realise. In addition to this, you should find out whether there are any discounts for group purchases or bulk buys, as this can lead to significant savings overall.

We hope that this blog post has assisted you when it comes to maximizing laboratory spend. There is no denying that money management is critical for any business but when you are involved in something as vital as lab work, there is heightened importance on making sure you maximize your funds. Use the tips provided above to make sure that this is the case.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

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