Faster, Smarter, Better: 6 Financial Strategies to Boost Your Business. Share Your Money Saving Tips Here!
Posted Feb 08, 2012 in Management
Problem: My lab is tight on cash and I'm looking to better control my inventory costs.
Strategy: Keeping a tight reign on your inventory and not stocking a lot of extra materials can be a great idea—especially when it comes to high-priced metals and implant components. On the other hand, you can also save money by buying in bulk—especially for frequently used items like acrylic or ones that have a long shelf life, like teeth. Other strategies to save on inventory costs include combining multiple orders into one to lower shipping costs, taking the time to shop around for the best prices and requesting bids from various manufacturers/suppliers before placing orders.
Another way to save money on products and materials is to maximize your buying power by co-oping with local labs to purchase products in bulk. Perdue Dental Laboratory, Sarasota, FL, often partners with the C&B lab with whom it works on combination cases, and the labs save between 5% and...
