Vendor management can be regarded as one of the most important tasks of a translation agency. After all, the core of the business resides in the effective reselling of the work of your vendors, as a result, any inefficiencies in managing them must have a direct impact on your bottom line and your results.
We’ve already mentioned a number of factors that can have a strong impact on your costs and the ways on how to reduce the amount of money that flows out of your business. Now it’s time to discuss how we can bring more money into the business. In the previous installment, we identified the elements directly impacting your margins. The revenue that you get for your service is spent on covering your internal and external costs.
"You Can't Manage What You Don't Measure" The quote above from Edwards Deming sets the tone to this three-part report dedicated to the challenges of running a profitable translation business in today’s markets. And these challenges are numerous: language service providers have started competing globally while customers’ demand for services has grown without their budgets the following suit.
Last week, I wrote about ways of addressing price pressure in the translation industry. After receiving a lot of very inspiring feedback, I wanted to address one of the issues
Has it occured to you that although you closed a lot of projects and gone through a tremendous amount of work, at the end of the day the financial results
Project Management in Translation and Localization businessesis becoming more and more challenging. That is due to a wide range of factors, most of them driven by increasing competition and evolving market requirements. Buyers are asking for a diversified approach to quality, making the “one size fits all” approach unsustainable.
Many things have already been written on the specific aspects of business relationship with your customers – but let’s focus here on aspects specific only the translation and localization industry.
We all know that business is about relationships between producers and consumers, between owners and workers, between office co-workers, departments, delivery guys, and cafeteria staff. But the translation industry relies on a specific type of relationship since translation itself it is as much a science as an art.
“A temporary endeavour undertaken to create a unique product or service”- this is definition of project management according to “Guide to the Project Management Body of Knowledge”. To be on
A perfect modern translation business is a constantly evolving target. You want to excel in your job, but the pressure is steadily mounting and you feel that you are fighting a losing battle against deadlines, margins, and requirements.