Why should a Laboratory Manager or Leader need to understand the finances of their laboratory? As for most, the feeling is it’s not their responsibility. Most professionals in professions other than finance started out feeling like this at the beginning of their careers. The perception is that there are more pressing issues to focus on, like staff, customers, materials, and equipment!
We can all relate to the current fast-paced and evolving world of science, where the a need for a process of continuous learning in all aspects of the laboratory. It is a crucial requirement for the development of lab professionals and therefore to gain knowledge and skills in all areas of work within the lab.
So why is understanding the finances of your laboratory relevant to your role? Statistics gathered over the years and in different labs have been noted and it became clear that a person with a solid understanding of the finances delivered more effective managers within the lab. In this blog, we will explore the importance of upskilling in finance and how it will enhance your overall capabilities in managing your laboratory efficiently.