Maximising Benefits within current Translation Market – Part II
Expanding your enterprise
We have previously discussed various aspects that influence the costs, as well as possible ways of limiting the general amount of money that you lose during your business operational activity. Being already aware of the sources of financial loss in your company, let us move on and mention a few methods that might bring in the money into your enterprise.
Last time our main focus revolved around the factors that were directly involved in alteration of predefined margins. All of the money you receive in exchange for your services is immediately allocated to cover the external and internal costs of project completion. It is not the external costs that are so tricky to supervise; these can be tracked quite easily by following your vendors’ rates, availability and average time required for project completion. Investigating all the internal expenses might bring to light some surprising discoveries. While fixed costs are usually blamed for inefficient financial management, a closer inspection reveals that most money basically flows out at the stage of project management. A particular task is not going to be completed without human assistance: this, in turn, requires someone’s time and attention.
While we focus on preventing such situations, there is always this one project that ultimately brings nothing more but financial loss and problems. Some orders cost way more than they are actually worth – so it is of crucial importance to employ your best solutions to avoid significant loss and maximising your enterprise’s efficiency.
A surprisingly small group of people appreciates the real power that lies within such efficiency: a possibility to convert your efforts into tangible economic benefit. Find just some of these methods listed below:
- Reuse everything you’ve got. Let all of the resources gathered over years of your company’s operation work to your advantage; advanced efficiency translates directly into divided fixed costs and handling of multiple projects with the use of the same material. Cutting down these expenses will be reflected by a competitive margin.
- Take your time to investigate carefully the efficiency and margins – after all, this is where your revenue comes from. Supervising your margins allows for completion of less complex and demanding tasks that once used to be so cumbersome. You will see in no time that advanced efficiency translates directly into the ability to complete them and become an attractive partner for entrepreneurs and companies seeking such language solutions.
- Instead of treating such simple and relatively small projects as burden, try to look at them from a different perspective: a loyal customer will return with such documents, thus establishing a steady source of income. The prevalence of such projects in constantly on the rise, and it is highly unlikely that we are in for a reverse of this trend; it is better to adjust your processes to handle them well, adapting to limited budget and tight deadlines.
Splitting fixed costs and enhancing efficiency will be reflected both in your revenue and a possibility to create a diversified offer for your customers. Focusing on maximising the capacity might seem like the focal point of these changes, but the true potential lies within the ability to handle various orders at competitive prices – and standing out among your rivals on the market.
read more in part III >>