7 Cost-Cutting Tips

By investing in an open CAD/CAM system, David Nunnally, owner, Derby Dental Lab in Louisville, Kentucky, has reduced his zirconia material costs by $227,500
a year. He and other lab owners share strategies for tightening their belts.

When it comes to cutting back in this tough economy, slashing labor costs is the most common strategy respondents to LMT's recent How's Business e-survey are using. From layoffs, forced vacations, across-the-board pay reductions to cutting overtime, reducing or eliminating benefits like 401(k) match and bonuses, laboratory owners are being forced to make some difficult decisions.

A common theme: owners and employees alike are willing to make sacrifices. "I've reduced my salary by 30% so I don't have to cut hours or lay off any of my loyal and talented employees," says one respondent. Another says, "My employees volunteered to delay pay increases to lessen my stress and preserve their jobs."

Respondents...