8 New Year's Resolutions Every Lab Owner Should Make

1. Set Big Picture Goals
Why: Think of these as your “big picture” goals from which you’ll work backwards, planning what you need to do to achieve them.
I don’t mean simply things like launching new “Product A” or hiring a department manager. Instead, these should be high-level goals, for example, improving profits by 50%, reducing debt or reducing owner’s hours by 30%. Then think about what you need to do to achieve those goals which might be implementing new products or technology, expanding your sales team, etc.

2. Improve Accounting
Why: Organized accounting lets you understand and improve your lab’s profitability
This requires having an income statement you can use as a tool to understand your lab’s cost of goods sold (COGS), gross profit, fixed expenses, profit and cash flow. When your accounting is organized correctly, you’ll always know your lab’s monthly breakeven point as well as the profit percentage...