The inflation rate now seems to be going down. What will you try first to handle new price announcements?

Accept any change.
Negotiate any increase to less than 5% increase.
Shop for a lower cost supplier.
Negotiate to postpone any increase.
Ask for a price reduction.

Continue to Learn About Many Topics

Date: 03/01/2022

There are a number of reasons why buyers, managers, and executives need to continue to learn throughout there working lives. One important reason is that things change. Over time they change a lot in many respects. If you don’t learn new things, you become obsolete and less valuable to an organization.

So, the next question is what should you learn? Regardless of what department you work in or where you are in the organization, you should try to learn as much as you can about what other departments do and how they relate to other departments. This usually helps you in your work, especially if you are a buyer or purchasing manager.

For example, learning about the accounting function is especially important for buyers. You can learn much about your organization’s accounting policies and procedures even if you have already studied accounting formally in college. Specifically knowing when accounts payable actually pays bills helps you deal with suppliers. Does your accounting pay attention to terms for prices and discounts that you negotiated with suppliers?

Learning what your product development or engineering department feels is most important about product design helps you inform suppliers to stress certain aspects of design. Knowing the function of each department helps buyers suggest new products.

Learning about your company’s industry and who its competitors are is important knowledge. Perhaps, just as important is learning who your suppliers’ competitors are.

Increasing your knowledge is a life-time process. Don’t only learn about your apparent business related topics. You never know what will be important in the future. For example, learning a foreign language may prepare you for an overseas trip for business or pleasure.

Learning the history of your country as well as the history of other countries around the world may make you a more interesting person to deal with. If you know history, music, art, and many other subjects you will improve your chances of a closer relationship with salespeople who will have similar interest.v