6 Steps To Grow Your Translation Business
There are certain methodologies for running a good business that are applicable across the board. However, in this article we’re going to focus specifically on the best ways to manage a Translation Agency.
1. Clear Processes Equal Efficiency
It’s worth taking some time to make a list of the tasks that are carried out in your company and the way in which they’re done. This can include anything from searching for new clients to issuing invoices. Once you have your list, take some time to consider whether or not there are better, more efficient ways that they can be completed. This will enable you to make real improvements to your processes and streamline the way things are done at your company.
2. You Can’t Do It All
Initially, money is often tight. That often means that business owners end up taking on more management tasks than they would like. However, as word gets around and your client base begins to expand it’s worth considering whether or not it’s productive or realistic to keep doing this. After all, burning the candle at both ends can end up being detrimental to your business. For example, it may be worth taking on an extra employee to handle the financial side of things or getting in touch with a marketing agency that will do a lot of the sales side of things for you.
3. Measuring Makes Sense
Measuring is crucial to business success. It may seem like another thing to add to the to-do list but it will pay dividends in the long run. By taking the time to measure how long certain processes take, or the amount of negative feedback you’re receiving from end clients you can work effectively to bring about positive changes within your business and keeping things running smoothly. If you’re not sure what kind of thing to start measuring first, we recommend going for those Key Performance Indicators, or KPIs as they’re commonly known.
4. Never Stop Growing
Even when your schedule is full and the profits are rolling in, it’s important to keep growing. You should never stop actively selling your services and tweaking your marketing strategies in order to meet current markets demands. It’s worth investing time in carrying out a periodic analysis of your best clients and why these collaborations are working particularly well for you. This may even help you to work out where you should be looking for new clients, in which sectors, and even in which markets.
5. Cost Optimization Is King
As with any business, internal costs when running a translation agency don’t run cheap given the amount of tools that are often required to keep everything running smoothly. However, with more and more solutions being brought to market it’s worth taking some time to check out what’s currently available and remove or reduce any tasks that do not generate any added value to your business. In simple terms, this will boost your margins and most likely keep your employees happy at the same time.
6. Profits Come First
Of course, when you first start out you can’t expect to be making much of a profit. However, this should be your long term goal at the end of the day. So, how can you go about this? Well, we recommend analyzing the raw profitability of each and every project you take on. Consider whether the monetary rewards match up to the time investment that you in-house team and external vendors will need to invest to produce a quality end product. By doing this, you will be able to focus on those clients who offer the greatest value to you business-and remember quality always beats quantity!