In this blog article, we are discussing a very interesting and ambitious topic: Run Your Lab Like a Business. We will explore why it can be beneficial for some labs to adopt a managing business approach to their operations, aiming for best practices, optimal solutions, and greater achievements. Would running your lab like a business lead to real success? Why is this approach important, and how can it benefit your laboratory? Join us as we delve into the reasons why adopting this mindset can drive greater efficiency and success in your lab operations.
Laboratories can make significant strides in providing better service to their customers by viewing their operation as a business rather than a purely scientific endeavour. Like any other business, it’s about listening to customers, staying organised, paying attention to the competition, and being efficient.
Better? Faster? Cheaper?
One of bioinformatics engineers from genomics, has a quote at the bottom of his email messages “Fast, cheap, good: pick two.” He called on his background in physics to explain his rationale and express the compromise as a mathematical formula:
Q=kCT (where Q= quality, C=cost, and T=time, and k is a constant)
From the math, it is easy to see that if you want something done quickly you must either throw more resources at it or lower your expectations for the outcome. And if you want something done well, again, you must either throw more resources at it or wait for your existing resources to accomplish the task.
Delivering results quickly is one of the most crucial factors in running a successful business. This is especially true for start-up life science companies, where speed, quality, and cost are often difficult to balance. Customers demand top-notch results, and they want them fast.
The biggest factor in success is turnaround time. Guaranteeing your work with a deadline is a great way to differentiate yourself from other core labs. It reassures the customer and keeps you accountable. This approach is particularly useful when customers are trying to get their publications out before their competitors. The faster you can get them the results they need, the better.
It’s important to bear in mind that “good” is subjective, and it’s in the eye of the beholder. However, you can deliver quality results quickly by putting a penalty on turnaround time. For instance, if you miss the deadline, you can discount the project. This approach maintains a good relationship with customers and holds you accountable for your promises.
Define “Good”
Labs play a crucial role in the scientific community by providing researchers with the necessary tools and expertise to conduct experiments. While speed is an important factor for many labs to stand out, quality is the aspect that most labs and their clients are not willing to compromise on. Scientists receive their training with an emphasis on quality, which has become the ultimate end point of research activities. However, when it comes to running a lab, the challenge is to balance the pursuit of quality with the need for efficiency.
To achieve this balance, it is important for labs to understand what exactly they mean by “good.” Once they have defined this standard, they can invest in the appropriate technology and workflows to ensure that they not only meet, but also validate their own quality standards. This will help them gain the trust of their clients and enable them to continue providing valuable services to the scientific community. Principal investigators always think about the ‘better’ part in their own research-they want to be sure they are producing the best results they can. Therefore, labs must prioritise quality over other factors while still maintaining efficient operations.
In conclusion, running your lab like a business can lead to greater efficiency, success, and ultimately, better service to your customers. In part two of this blog post, we will explore how to maximise efficiency, measure progress, and how a digital solution like LIMS can help you achieve best practices in managing your lab like a business. Stay tuned for more insights and practical tips on how to take your lab operations to the next level.
