Most lab managers start their careers as lab scientists. As lab scientists we think about the lab in terms of science, mechanisms, and technical tasks. While there is much to learn in the transition from lab scientist to lab manager, one area that is very important, and often neglected, is around the finances and the financial decisions of running the lab. A lab manager needs to evolve from mechanisms to management to money decisions. Learning about budgets and P&L statements is important, but key learnings about financial decisions often come from understanding the hidden costs of the lab. While the fixed costs of running a lab (salary, benefits, rent) are the largest portion of the lab costs, decisions about lab efficiency and client experience (CX) actually drive the business. These decisions have a significant impact on driving growth and customer satisfaction.
Key takeaways from this presentation will include:
• Basic financial overview of a lab business
• Understand the lab cost structure
• Overview of hidden costs
• Examples of financial decisions to improve efficiency, drive growth, and help client satisfaction
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