How To Make Your Lab Budget Stretch Further

Many laboratories operate on razor-thin budgets, with profits barely exceeding expenses. If this sounds like your lab, and you want to stretch your budget further, we have some helpful tips below.

Buy Used Equipment

One of the biggest start-up expenses for newer labs is purchasing new equipment and machines. Brand-new OEM equipment can be remarkably expensive and greatly strain any new lab’s budget.

Instead, newer labs should consider purchasing used or refurbished equipment that’s much more affordable. Many myths about used lab equipment give this option a bad reputation, but refurbished lab instruments are affordable alternatives to new equipment that don’t sacrifice quality.

Sell Expendable Instruments

For labs that have been around for many years but are looking to tighten their belts, one way to make quick cash is to look for expendable equipment and instruments. Over the years, some equipment fades out of use and collects dust.

This excess equipment can quickly become useful funds for the lab, as many labs would jump at the chance to purchase used lab instruments. Even if the equipment has degraded to poor condition, many used equipment suppliers would pay for the instrument to refurbish and sell.

Purchase Consumables in Bulk

Whether the business is a scientific testing lab or an auto shop, an excellent way to stretch the budget further is to purchase things like consumables in bulk. If your lab doesn’t already, buying consumables in bulk could net significant long-term savings, even if it means more money per order.

In most labs, a majority of the budget goes to consumables like the following:

• Pipettes
• Gloves
• Masks
• Syringes
• Beakers
• Test tubes
• Reagents

If you could get even a slight discount on your consumable orders, you’d make a significant difference in the budget. Even if the vendor you buy from doesn’t advertise bulk discounts, ask; the vendor might offer you a sizable discount.

Utilize Free Software

Many labs today use laboratory management software programs to help with daily duties like managing orders or archiving documentation. Various lab software programs are on the market, and many labs believe the best is the most expensive.

While these expensive lab management programs provide certain benefits, free alternatives also fulfill many basic duties that labs need from such software. Switch to a free software program, and you may not even notice the difference except for the savings!