Today is \u201cBlack Friday\u201d in the USA \u2013 the day after the Thanksgiving holiday when many people have the day off of work and, therefore, go shopping for Christmas gifts, which are heavily discounted for only the early morning hours. With cash register lines dozens \u2013 sometimes hundreds \u2013 of people deep, I try to avoid being tempted by the deals.<\/p>\n
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However, if you are one of those who brave the crowds in search of that bargain, here are some corporate procurement principles and how they can apply to Black Friday shopping. Hopefully, you can use them and return home satisfied.<\/p>\n
1. Consider total cost, not just price.<\/strong> Let\u2019s say that getting to a store at 6AM can help you score a GPS for 15% less than you can buy online for $100. $15 sounds like a good savings on one item. But I\u2019ve never waited in a Black Friday checkout line that required less than an hour to reach the cash register. So what is your time worth? If you feel that an hour of your life is worth more than $15, then the GPS isn\u2019t a good deal for you. A smart corporate procurement professional will compare differences in tangential costs between two alternatives rather than merely comparing prices. Black Friday shoppers should, too.<\/p>\n 2. Evaluate quality alongside cost.<\/strong> Let\u2019s say a store has a touch screen MP3 player for $39. That price may make you say \u201cI gotta get one of those!\u201d But have you read the online reviews? It might have a one out of five star rating because it\u2019s junk. Is it still a good deal if the low-priced item doesn\u2019t work? Nope. A smart corporate procurement professional will research and consider the quality being purchased for the cost in evaluating the attractiveness of a deal. Black Friday shoppers should, too.<\/p>\n 3. Prepare for things to not go as expected.<\/strong> Just because a store advertises an item doesn\u2019t mean that they will have it in stock when you get there. Just because a store has seven cash registers open doesn\u2019t mean that they will be staffed by competent cashiers. You need to be prepared for disappointments and think about what you will do if things don\u2019t turn out as you had hoped. A smart corporate procurement professional will have a contingency plan. Black Friday shoppers should, too.<\/p>\n Now, if you\u2019ll excuse me, I\u2019m going to end this blog post now so I can go shopping\u2026just kidding!<\/p>\n","protected":false},"excerpt":{"rendered":" Today is \u201cBlack Friday\u201d in the USA \u2013 the day […]<\/p>\n","protected":false},"author":12,"featured_media":4065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"\n