There are plenty of reasons to translate your business documents, but many companies focus solely on whether they can increase their customer base through translation. While that’s a great reason to translate your website, or your marketing brochure, it’s far from the only cost benefit that high quality translation services can bring to your business. As such, here we explore five reasons for business translation that are often overlooked, as well as considering what they could be costing your company.
Foreign direct investment was worth USD 793 billion in the first six months of 2016. The movement of capital around the world is an essential component of the global economy. By translating your documents into other languages, you are providing your company with the ability to reach out to overseas investors and connect with them. From your website to introductory emails, a simple set of documents can open plenty of doors when it comes to attracting funding from abroad.
Cost of not using translation: investors will be unaware of the possibility of funding your company.
The talent pool available to employers is increasingly global. Online marketplace job sites such as Upwork give companies access to skilled professionals all around the world. Posting an advert for a freelancer in just one language limits the number of applicants, so why not use professional translation to ensure that your quest for the best talent results in just that? You can of course specify that basic knowledge of your native language will be required, but for jobs such as those that focus around creative and design tasks, don’t limit your reach due to linguistic restrictions.
Cost of not using translation: your business misses out on the best people to do the jobs at hand.
Partnering with like-minded companies, whether through simply sharing knowledge for mutual benefit or a more formal takeover is a way for businesses to expand and grow. Many companies seek to achieve this by partnering with or taking over companies in their own country, often overlooking opportunities in neighbouring countries. If businesses overseas mirror the services, ethos and operations of your company, why not explore developing partnerships with them?
Cost of not using translation: your company misses out on excellent growth opportunities.
It’s a competitive world out there. Reducing your overheads is an effective way of increasing your profit margin and translation can help to achieve this. If you manage a supply chain that involves raw materials being sourced overseas, or offshore manufacturing operations, then using translation to reach out to the companies you work with can reap big rewards. Approaching a company in its native language indicates a certain level of respect for your suppliers, which can work wonders when it comes to building sustainable, long-term partnerships. Building up such relationships can be an excellent negotiating tool when it comes to discussing the price of the services you required.
Cost of not using translation: your business reduces its profits by spending more than is necessary.
A happy workforce is part of the key to a company’s success. Translation can help with this in unexpected ways. Multicultural and multilingual workforces are common, so why not respect your staff’s differences in little ways that show your appreciation? A birthday card written in an employee’s native tongue, or a translated message of well-wishing in relation to a particular religious holiday is a cost-effective gesture that can make an individual feel valued and more satisfied in their role within your business. Just be sure to use professional human translation instead of machine translation, to avoid making any faux pas!
Cost of not using translation: a less happy and less effective staff team.
There are plenty more ways in which professional translation can help to grow your business. Feel free to contact the team at Tomedes to discuss these in more depth.
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