Understanding Your Finances

No business can do anything without finances. Do budget properly, and do the math to understand your bottom line. How much do you need to make to turn a profit? How much is too much for customers to afford?

Knowing when and where to cut back on your finances and where to invest is critical to keeping your business afloat. With the huge impact of the pandemic, it’s no question that the loss of sales affected many businesses too much. To weather these hardships, downsizing on your output, office space, or perhaps even prices might help you keep the business going.

Making and Keeping Connections, even Remotely

Many language service providers rely on freelance translators and interpreters as vendors for their business; most times, getting in touch with them is often done through phone calls or emails. But, how do you get the vendor—especially interpreters—to their assignments, when in-person meetings are restricted?

Phone and video methods are hardly secrets. Even outside of the pandemic, these are common ways to get an interpreter to someone immediately regardless of where the client and interpreter are. Those LSPs and other small businesses that had already been getting ready to use remote or online options were in a good place to adapt their services to the pandemic.

Communicating with Your Team

To keep open communication with your team members is vital. Just as upper management relies on associates to get the on-hands work done, associates rely on upper management to answer their questions. The back-and-forth dynamics and momentum are crucial to move your business forward.

In times of hardship like the pandemic, transparent communication is very important. Employees may be nervous about job security or keeping certain accounts going. Positive reinforcement, support, and leadership can provide teams with the confidence they need to weather any circumstance.

Don’t be Afraid of Change…

New technologies come out constantly in today’s world, even during the pandemic and afterward. Learning how to use them can help your business stay up-to-date, and can even help with your output’s quality and/or quantity.

Other changes might include the coming and going of staff, a vendor changing their prices, the laws you have to keep in mind, etc. Keep abreast of these changes and remember to stay flexible; taking too long to adapt might leave you in the dust of your competitors.

Adapting to pandemic looked different for all sorts of companies, but what’s important is to stay creative. Some businesses turned remote, others decided to automate work flows, and some decided to host online events.

…But Try to Stay Consistent

Sudden, unexplained changes even outside the pandemic can upset a person’s balance and leave them scrambling for an answer. For example, having to reduce the price per word for a translation could result in a vendor refusing to work with you, or raising the prices too high for a customer could result in the customer backing out of a deal.

As important as it is to stay flexible, people like to stick to tried and true methods—things remain reliable that way. So, whenever possible, keep consistent in your work, and be as transparent as possible with your customers. Consistency and transparency will always be appreciated by those you work with.

Siri, Apple’s new iPhone 4S app, is still struggling with picking up dialects and its ability to recognize language, so this application is long in the works. 

New technologies come up almost every day with ways to make life easier and more efficient, but may not cover the entire subject. For example, in the case of the new translation services the iPhone application Siri is looking to provide, they only offer services in six languages and dialects, American English, British English, Australian English, French, German and Japanese.

Here’s how the new translation technology is set to work, from the technology blog pcworld.com:

“The voice commands are recorded by the iPhone and then shipped to the cloud for interpretation. For example, when in Paris, a user’s iPhone could offer a translation to: “Quelle est la date d’aujourd’hui” and in response the user could reply in English, with the other person’s Siri translating the answer into their own language. The iPhone could use the GPS location to speed up translation by defaulting to the most likely language.”

Monterey Language Services can provide a more diversified translation experience with the highest quality. Monterey Language Services has access to over 10,000 translators and interpreters, offering translation and interpretation services for 175 languages and dialects to clients around the world. This broad range is sure to meet the needs of any who use the service. 

The fight with new technologies is usually about quality or quantity, but Monterey Language Services has them beat in both.