#GALAExperts - How Can LSPs Become Future-Proof? (2)

A new installment of #GALAExperts, a GALA blog series where we ask translation industry experts inside and outside the GALA community for their insights and advice on managing business processes and digital transformation. Do you have a burning or knotty question? Send it to us and we’ll ask our experts.

Today we ask our experts to answer the following question:

How can LSPs become future-proof?

 

Angélica Pérez, Business Development Manager and Partner at delsurtranslations

"Hello, GALA audience! The question today is how to future-proof your LSP. We consider that the keyword is diversification, a diversified portfolio of clients, a diversified suite of services, and a diversified workforce.

When referring to a diversified portfolio of clients, there are few things to take into accounts. Make sure you have a healthy distribution of the revenue per client. None of your clients should represent over 20% of the total revenue of your company. If you have small clients, partner with them to help them grow, and make sure you can grow organically with your existing clients.

When referring to diversification of services, we refer to the vast area of services you can incorporate into your portfolio and offer to a client. Leave your comfort zone, and explore your services and language combinations, data collection projects, Ai training, multimedia and much more.

Finally, diversification of your workforce, both in-house and freelance. Make sure your team of collaborators is heterogenous as possible, so as to have different people's abilities and skills to develop the new services you are thinking of offering to your clients. 

I hope these ideas are helpful to future proof your LSP. See you at the next GALA event, hopefully in person."