Maximising Financial Gain in Today’s Translation Market – Part III

Maximising Financial Gain in Today’s Translation Market – Part III

Taking your vendor management to the next level

This text follows two previous parts discussing the profitability of translation. Previously, we have discussed the significance of precise measurement and staying up-to-date with business performance – actions aimed at direct recognition of any problems that may arise. We have also attempted to show you how to turn boosted efficiency into profitable sales. It goes without saying that vendor management constitutes the crucial element for every translation agency – and it’s hard to imagine it could be any different since it’s based on an effective resale of your vendor’s work. Any problems affecting this department will be directly mirrored in the achieved results and business’ liquidity. The task of vendor management is usually relegated to qualified specialists but even they cannot do much without appropriate tools, while basing their decisions on assumptions rather than factual data. Implementation of appropriate management techniques can lead to extraordinary profits; see the best methods to improve your business:

  • Make necessary amendments to overhead expenses. Once you investigate closely where does the money flow to but does not bring profit, it will be far easier to develop corrective actions to be applied.
  • Specific selection techniques translate directly into a more profitable usage of your business database. Get to know your vendors better, as precise specialisation matches are mirrored immediately by the ever-improving quality of the final work.
  • The managers should always remain open for cooperation with various co-workers – it’s easy to keep on delegating work to your “favourite” vendors only. In the long run, however, such approach results in a shrinking vendor list, with your trusted professionals being overworked and definitely not wishing to engage in any challenging projects.
  • “Better safe than sorry” – this old adage applies to translation business as well. Preventing burnout is far more easier than actually having to cope with one. In order to take the first step towards a more balanced work approach, create a detailed assignment procedure. As simple as it is, it brings incredible results.

Focus on factual data that serves as a base for every in-depth analysis of former vendor performance that you may need. You will notice in no time how hard data mercilessly reveals all areas of your business and all implemented processes in dire need for improvement. Given how much the translation market has grown over the past few years and how much flexibility it requires to cater to your clients’ demands – make sure that you still keep two steps ahead of your competition. Focus on delivering translations of an unparalleled quality provided in the shortest possible time; and never underestimate the power that lies within appropriate vendor management.

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