Are You Looking to Spread Your Lab Spend Further?

Are you struggling to balance spending between recurrent costs and new equipment costs?  Many lab managers often have to find creative ways of spreading their budgets further, especially when working on a project that is not very visible. A busy lab will always have a need for more equipment, higher personnel costs, and other recurring costs. Experts on lab equipment in Toronto have a few tips on how to spread your lab budget a bit further.

Assess your purchase needs

The first question when making a decision to buy would be whether the equipment is really necessary. This is more so for major equipment needs. What informs your decision that the equipment is needed?

If you need the equipment, the next question would be whether to lease or buy. Leasing works better when the initial costs are too high. You are also free of the maintenance costs of the item. You can always scale up or down with leasing equipment. Buying makes sense for frequently used equipment like centrifuges and freezers.

There is also the option of outsourcing tasks to another lab. This works well in a large one-off project where leasing would take too much time to assess and arrange.

Compare prices

Technology has made work easier. There is no longer the need to go through bulky catalogs comparing prices. You can compare tens of items at the click of a button and have your answer in under an hour.

One of the most useful tools to compare prices is which has a database of over 500,000 products. It also shows lab spending by tracking over 5 million purchases.

Using a procurement service to buy lab equipment in Toronto is a good alternative if you are unfamiliar with the technology you want to buy. You give a ceiling spending amount and the procurement service offers you several choices to pick from, before arranging the sale.

Buy in bulk

Buying in bulk gives higher negotiating power. The best way to this would be to look at your purchasing needs over the long-term (3-6 months), and assessing your strategic purchases.    While there would be a fear of lacking the storage space, an arrangement can be made with the vendor to pick the items from the warehouse at set intervals.

But it is important to be sure when you are buying in bulk. Request a sample or product demonstration to see whether that item will meet your needs. Vendors will also give you a leeway on items that are new to the market and are yet to make a name.

Spreading your lab dollars further should not be that complex. With a clear insight of your equipment needs, you can always make informed decisions that save money without compromising the quality of work.