Business will not be profitable unless you adapt your project management to this new reality. Luckily, there is a lot you can do.
A typical translation project has changed over the years. Now, it is usually small, rushed, cheap, has little context and needs many language combinations.
More and more projects keep coming. The deadlines are tight and getting tighter. It seems that regardless of how much effort and time you put into your work, there is no way you can come out ahead.
In the past, technical documentation used to be written like a book. The author tried to describe the product, its features, maintenance, repairs, etc. Each operating manual was slightly different.
You completed a whole stack of projects and got through a mountain of work. But at the end of the day the financial results do not reflect your efforts.
Is there any other way of winning a new client, other than by offering the lowest rates? I have spoken with dozens of translation company owners and I often ask them what their main current challenge is. Their answer comes back like a mantra, ”Price pressure!”.