M2 Scientifics works with professionals everyday from various industries with wide-ranging budgets. It is through our experience that we’re able to put together this list of 8 ways to save. Whether you are working with your own money, a grant or imposed purchasing limit, these tips will help you stretch those budget dollars further.

8 Ways to Stretch Your Lab Budget

Just as a disclaimer, there is no rhyme or reason for the sequence of the tips. As amazing as that might have been to arrange them in a particular order, well, I’m just not that motivated today (and I’m quite sure you aren’t too stressed about it). And besides, they are all fantastic ways to save money for yourself or your organization no matter how you break them down. So here goes my Top 8 list!

Shop Outside Your Comfort Zone

We all get into a routine. We shop where we are most comfortable and familiar. Though it is great to build a relationship with only select suppliers, it can also be limiting. True enough, I’d love to have you choose M2 Scientifics as your exclusive lab equipment dealer. But as lovely as that would be, it just may not be the best way to manage your budget. We are here to supply you with not only the products you need, but the service as well. It should go without saying that every dealer is trying to provide the same. Competing companies have different programs, policies and products. You won’t find two that are identical. Knowing that, it is fair to say that you might enjoy a product from one while you prefer a service from another. But does that mean you’d be breaking loyalty to use them both? ABSOLUTELY NOT.

Sourcing from multiple vendors and taking time to shop around allows you to discover all the things you need that you might not be getting from your exclusive partner. This can translate to reduced costs, increased efficiency, a decrease in work load and so on. You shouldn’t limit yourself to the options that are available. I’ve heard and seen it a thousand times. Organizations and individuals get used to working with a source and that is where they continue to go. Why? Because it is easy. But just think of the possibilities that could be out there for you. Think of the potential savings, reduced headaches and increased productivity! The fact is, if your current vendor doesn’t provide it all, there is no reason you can’t look elsewhere. That should only give them incentive to build upon their products and services. But make sure you let them know. We LOVE feedback!

Purchase in Bulk

This one needs very little explanation but it can really save you some big coin. Any product that you use often and that will be used for an indefinite amount of time should be purchased in bulk. ALWAYS. The only downside to purchasing lab supplies in bulk is the additional storage space they take up. But where there’s a will, there’s a way! Lab supply stores like M2 Scientifics offer standing order programs that allow you to make blanket purchases but only receive what you need when you need it. If you need to be restocked on a monthly basis, we will ship them out to you on a regular schedule that you choose. There are other ways to escape the woes of holding large inventories as well. The best way to find out is to ask your vendors for help. We can do that for you! I can’t stress enough how significant the savings are when you purchase commonly used items in bulk. If you don’t see bulk pricing, just ask!

Request Samples

Requesting samples is a great way to reduce costs and ensure effectiveness of a product. Testing a product before ordering, especially in large quantities, can make the difference between a busted budget or one that is on track. When the opportunity is available, try it before you buy it!

Protect Your Equipment

You invest a lot of money into the equipment and supplies you need to make your lab run smooth. So isn’t it a good idea to protect what you have? It sure is. Many bench top lab equipment products can be easily protected with covers, storage products and equipment shields. Covers protect equipment while not in use and equipment shields protect them during operation. Larger lab storage products like carts and work stations can be used as storage and provide a fantastic way of making your lab more mobile.

Reducing the risk of damage, contamination and loss can help you lower costs. Though it may not be a significant short term savings, the long term effect can be huge.

Use Free Software

There are seemingly a million and ten software products out there to help manage a lab more efficiently; data logging, lab management software, inventory programs and the list goes on. However, many of these products require a monthly subscription or a substantial up-front investment. But have no fear! There are really amazing companies out there that’ll help you streamline your work flow for free. Take Quartzy for example. Quartzy provides free lab management software that allows you to request quotes, manage documents, keep track of inventory and much more. For vendors, they offer catalog hosting which is great for companies like us but offers you a great way to source for your lab. They are definitely worth checking out! And besides, who doesn’t like free?!

Hire a Procurement Company

Procurement partners can help reduce costs and increase sourcing efficiency even with a fee. Small and large organizations can benefit from some of the services offered by a procurement partner. Logistics, maintenance and invoicing can be a huge hassle. If it is affordable to do so, hiring someone to relieve these burdens can really help stretch a dollar. Did you know M2 Scientifics' offers procurement services?

Shop Smart

Before shopping, consider all the things that could go wrong with your purchase; the product may not perform the tasks you need, warranties may be sub-par, customer service may be slow to respond and any other number of instances. All of these variable can zap time and increase long-term costs. To explain further, read my ‘Lab Equipment Purchasing Guide.’ That will go into further detail for you and help you potentially stretch your budget further. But most importantly, save you a ton of time….which saves you money….ummm….anyway. You get the drift!

Design Your Lab to be Efficient

Before anything else, a well thought out laboratory can set the standard for how your budget will be managed. Strong planning can really go a long way when designing a new lab. There are a ton of ways to increase efficiency by properly organizing every aspect of the space. There are so many things to consider before, during and after the build process that it can become a bit overwhelming. But the benefits of doing so are not to be understated. Building a sustainable lab can really drive down unnecessary loss. Lab Manager Magazine published a fantastic article that you can read here. 

Updated January 8th, 2020