Imagine for a moment that you are working for a translation agency, and the upper management informs you that you will be working for the global branch of professional German translation services. You should be certain that the new place would be different in a lot of ways. You may get to experience a new environment with various dynamic forces. But the question is which things do you need to be careful about, and how you should react towards them?
Managers of professional translation services have to face a lot of challenges, especially when they are working in a foreign state. In this article, we will review some of those hurdles, and what methodology can be adopted to curtail obstacles in a foreign environment.
The Legal & Political Environment
Professional translation agencies working in the USA are used to a stable political and legal climate. There are no unexpected and sudden changes in the political scenario, hence the economy does not encounter sudden turmoils and denigration.
When the legal environment is encouraging, it allows managers to make well-calculated predictions that can benefit their services. Because if a manager takes up the charge of a foreign office, he needs to stay informed of all the laws of that particular region.
For instance, a lot of African countries only allow foreign businesses to function within their territory if they are willing to sell the majority of the company’s stakes and shares to the locals. These obstacles refrain foreign businesses and organizations to penetrate their markets, leaving very minute profits for the stakeholders.
The prevalent scenario of the US-China conflict has jeopardized the progress of Chinese translation services in the USA market. A large portion of the American public refrains from taking assistance or purchasing Chinese products and services. They believe that Chinese products are not of good quality. And also because of the ban from the government on the import of Chinese products and services augments the already disparaged business community.
Moreover, states with an unstable political environment tend to harm translation services more than ever. Third-world countries and African states are deemed by many reports as the states with the highest level of risk when it comes to doing business.
Professional translation services have to be very careful when they plan to open their offices in such countries. Because there is a high chance that it might do more harm than good. These countries are in a constant state of recession or inflation. These signs are not good for any business investment. Hence, managers should always refrain from uncertainty.
However, these conditions are a learning point for managers of Chinese translation services. German translation services, or any other professional translation services. They need t to understand whatever legal or political climate is in a particular state. And then analyze it properly, so that the organization can find the right opportunities within the given constraints to put the firm at an advantage rather than at a disadvantage.
The manager of a translation agency has to be aware of the economic issues of the country that it is going to enter. This is not a mere realization of how good or bad the economic situation is, but in-depth research has to be done to understand the type of economy prevalent within that territory. So, as a guide to future managers, let’s discuss the types of economies. There are two types. One is called the free market economy and the other one is called the structured economy. In a free-market economy, almost any business can enter a market and compete for the market share by offering a product or service that caters to particular needs or wants of the masses. In this type, the private sector owns the stakes, whereas the government does not intervene.
On the other hand, the planned economy or the structured economy is the type in which the government intervenes and runs how the economy is going to progress. So the control over the economy is in the hands of the state officials and policymakers.
So for instance, a translation service is planning to enter the European market or the American market needs to understand that the economic type over there is of a free market. However, there are examples, when the government stepped in to make some changes. On the contrary, if you take the example of states like North Korea or Vietnam, it has a structured economy, i.e. The government has control over how the economic cycle will run over there.
Now keeping these examples in mind, one may think that why does a manager of translation services. Need to know about the economic conditions of states. Since he just has to manage how well professional translators that are working for his company are working. Well, it is not as simple as one may think it to be. Managers need to know about the economic climate of target markets. Because these issues can either curtail their decisions or assist them to reach their goals. Moreover, the conceptualization of the economic scenario will enable them to understand the inflation rates.
Exchange rates will place on their website for purchase purposes. If the economy is poor for the target market, it may not give good returns on investments. Hence, motivating managers to not enter that market. On top of that, managers will also understand the tax policies of the country. And how diverse and profitable can they be for the translation service.
Any organization that has ever attempted to penetrate a foreign market or is already working. There will agree to the notion that it is not an easy job to do. So any manager of a translation agency should prepare himself for the challenges that he might face ahead. First, he needs to understand that though globalization has given him the opportunity to enter a foreign land. It also demands the understanding of the challenges that it may bring with itself.
Secondly, he needs to realize that managing an agency in a global environment. Is different from doing it in your native region. Hence, he has to be open-minded, wise in his decisions, and opportunist. So that he can always put the firm at an advantage, regardless of the legal, political, economic, or cultural climate of the target audience.