While the translation industry is undergoing some changes, there are still a few things that are guaranteed to be the same. First, the number of companies has more than doubled in the last seven years, and employment in the field has increased by 24%. What’s more, the number of translators is projected to grow by 29% through 2024. And with this growth, the translation industry is also expected to stay afloat.
However, even with all the growth of giants, the thriving translation industry is facing some challenges. The competition among the major players in the industry has made it harder for mom-and-pop translation companies to survive. The biggest example of this trend is Lionbridge Technologies, a company based in Waltham, Massachusetts, which has acquired seven translation firms in the past four years. These acquisitions mean that there are more giants to come. In New York, Bowne & Company, which has long provided translation services to printing clients, is now selling its own translation services. Bowne specializes in interpreting legal and financial documents and can deliver them in as little as 24 hours.
Regardless of size, one of the main obstacles small translation agencies face is competition. It’s tempting to copy the larger translation firms, but this approach will only make you a commodity and leave you with few customers. The result is stagnation, and you’ll be relying on repeat orders from the same clients. This approach isn’t necessarily ideal for growing a business as quickly as possible, but it’s a necessary evil if you want to survive.
Despite the recent economic downturn, there are still ways to improve efficiency. One of the most common ways to improve productivity is to outsource translation. Outsourcing your translations to a trusted company will ensure that your customers’ documents receive the quality they deserve. The second approach, which is more expensive, is a great way to improve customer service. But before choosing a translation agency, make sure to carefully consider your business model. It will help you improve the quality of your work and the value of your clients’ translations.
As a service provider, you have to offer a diverse range of products. If your company focuses on providing translations to underserved markets, it will be more likely to be successful. It’s also crucial to remain flexible. Adapting to changes in the industry’s competitive landscape is essential to ensure your continued success. It is crucial to constantly reinvent your agency’s services and to stay ahead of the competition.
The third method is to diversify their services. By focusing on niche needs, you can ensure that your services are vital in the coming years. For instance, a translation agency focusing on serving the needs of immigrants can serve an array of different sectors. In addition to providing translation services, they should also be able to provide linguistic assistance to businesses and government agencies. In this way, they will be able to grow their business while avoiding competition.
