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.

As a language service provider, one part of our job is to observe trends. These trends may be used to confirm jobs with specific clients or keep track of certain trends in language, and can be very important to our work. Put simply, collecting data on trends can help LSPs understand how to improve upon themselves.

In today’s blog, we’ll be highlighting a few tips about how to track trends by collecting data and use it to your LSP’s advantage.

Try out surveys.

Surveys are a very easy way to get qualitative data, which can help LSPs understand the quality of the service they provided. Usually, surveys are sent out to clients after they’ve received their service. Clients can rate their satisfaction with the service they received on a scale such as from 1-10 or Poor to Excellent, and can leave more detailed information about what they liked and did not like about their service.

Challenges may occur if a client forgets to fill out some of the questions, misunderstands a question, or doesn’t fill out the survey at all. Make sure to make the survey as clear as possible, and, whenever possible, provide the client’s preferred language.

Use transactional data.

You can collect data from your own company’s transactional data to collect quantitative data, which can help LSPs identify how many times they provided service for different languages and for which clients. Transactional data refers to your sales, receipts, POs, invoices, etc. that tell you when, where, how, and for what language you’re providing services for.

For example, a common language to interpret for in America is Spanish. By looking at your transactional data, you can identify trends. For example, if there are more requests from a nearby hospital, you can deduce if you need to hire more medical interpreters. Similarly, you can look at trends in language requests, such as if there’s a sudden surge in Korean requests; perhaps there has been an influx of people moving to the area, or there’s some sort of event going on that you should investigate.

Interviews.

When working with a contracted partner, you might want to take the opportunity to interview them and ask their opinion on your services. You can also ask if their clients mentioned anything to them about your translator or interpreter. For example, talking with a contracted health care provider can glean information from their management department as well as their patients about your interpreter’s bedside manner and professionalism.

Keep up-to-date and do research.

Other important topics to keep an eye on in the language services industry are things like technology and common issues. Technology is essential in today’s world, especially for large translation projects or simultaneous interpretation assignments.

Technology and common issues or topics of conversation constantly change and evolve. If we don’t pay attention, it can be easy to lose track of these ideas and fall behind competitors or not be able to provide the best service. Make sure to keep up-to-date, and research through news articles and even social media such as LinkedIn to see what people are talking about.

All in all, it’s good to remember that improvement is something we should always strive for. The quality of our services as LSPs is something we should make sure to provide, and collecting and analyzing data is a great step forward.

1. Get a Routine

Get lots of sleep—really! Sleep is integral to how we function and rest our bodies. Getting into a personal routine for your sleep schedule is important. Whether you’re a morning person or a night owl, missing sleep, sleeping too much, or sleeping at the “wrong time” for your body can upset your biological rhythm and leave you tired for days.

Humans thrive off of routines. Having a set time for meals, work, play, etc. can help us rest and recharge in a way just as important as sleep. For example, continuously chugging away at your computer drains on your mental energy—but if you take a good break when you start to feel down, you can come back feeling much more refreshed.

2. Synergize with Your Coworkers

Nothing really energizes you like a job well done. The sense of accomplishment that comes with finishing work to hand off to a partner is fulfilling to many people, and gives you a goal to work toward during your shifts.

Human beings, being social creatures, can thrive off of collaboration. Even if we’re tired, we can get a burst of energy from our peers—like cheering each other on. If you tend to work alone, try bouncing ideas off of a friend, or attempting a collaboration if possible.

3. Eat Well

This should go without saying, but eating well and avoiding certain types of food help keep your physical energy up. Vegetables, fruits, and protein are all very important for keeping human bodies going.

Don’t forget to pack healthy snacks as well if you’re heading out of the home to work, but try not to rely on sugary or carb-heavy snacks like donuts or pastries for these snacks. They might give you a boost, but sugar boosts don’t last long and leave you crashing. A healthy snack avoids the crash.

4. Relegate Work to Certain Spaces

This is difficult to do when so many of us have to work from home nowadays, but separating spaces for work and play helps keep our brains from mixing things up. If we view our homes as a place of rest, it’s harder to get in a mindset to work. If possible, setting up an office space in your home might help tremendously. And, very importantly, keep your work desk as a place of work only—avoid social media, videos, and other distractions, even while on breaks. Breaks should take place in other places than at your desk.

5. Exercise (Yes, Really)

You might think that exercising will make you more tired, but keeping up a good exercise routine will keep endorphins pumping throughout your body. It will generally help you sleep better as well, and given enough regular exercise, you will get more stamina for your energy reserves.

6. Take Breaks (Again: Yes, Really)

Continuously whiling away at your work can wear down your mental energy. Taking breaks allows your brain to get some time to rest and reset, allowing you to come back to your work with a fresh perspective. In fact, matching your break time with exercise time might help you even more. Lots of people like to exercise first thing in the morning and “get it out of the way,” but an afternoon or even a mid-morning workout during your work break can get your blood pumping. You might even get inspiration for your work.

7. Make Time for Yourself (and the Ones You Love)

The old English saying “All work and no play makes Jack a dull boy” still applies in today’s world, all work and no play not only takes away from your time to broaden your mind, but also makes you burnt out, with no energy left for anything.

Making time for your hobbies and loved ones—real, quality time—is essential for your energy reserves. Doing what makes you happy outside of work refreshes you and allows you to enjoy life to the fullest, and might help to keep you aware of what matters to you, giving you purpose when you come back into work.