Cost-Cutting Strategies

In the latest installment of Barry D. The Lab Guy, Laboratory Owner Mike Hill explains his strategies for protecting the bottom line.

As you know, running a successful dental lab requires more than just great technical knowledge and skills; you need to be a good businessperson. In light of rising material, fuel and labor costs and the increase in business taxes and regulations, we need to be even more focused on the bottom line.

Here are some ways I've reduced costs in my laboratory:

Make the most of vendor visits:

Manufacturer/supplier representatives can offer a lot of new product information, insights on how your competitors are doing and business-building tips. Since material costs represent about 22% of my overall costs, I try to spend quality time with vendor representatives when they visit my lab. I talk to them about ways we can save money or build our business. For example, I had an implant representative stop...