3 solutions LSPs need to grow their business
January 17, 2020
Business always relies on some sort of exchange. We exchange money for goods and services, and out of these exchanges, we often build relationships. Buyers and sellers. We rely on one another. One business’ operations are foundational to those of another.
And then there’s international business. A whole different playing field. The exchange between businesses gets a little trickier. Aside from the barriers of distance, borders, taxes, and tariffs, international businesses face challenges like currency exchange and language exchange. Moving money is one thing, but communication is square one. That’s why language service providers (LSPs) and translators are so important to a business’ growth and development.
Challenges for translation companies
Translation agencies and LSPs have to face the challenges of international business among other struggles. And international business sure does cost a lot.
While the need for these services is obvious, translation businesses have to face that demand with unique barriers, such as competition in the form of technology and other services, communication between businesses, and the struggle of getting paid. And what you thought would make you more stable, getting paid, can also cost a lot.
So with all of these challenges, how can LSPs grow their operations?
Growing your LSP or translation agency’s operations
1. Offer scalable solutions
B2B translation is not one-size-fits-all. That’s obvious in terms of the languages your business can cover. But also, business needs vary according to size, location, and partnerships. These are all factors that also extend to LSPs.
From word-to-word, to entire content translations, LSPs can be expected to work on everything from a sentence to tens of thousands of words.. Then of course, the work needs to be edited. This is known as the TEP process (translate-edit-proofread). This takes a team.
And depending on the project, the team’s size will vary.
But with a diverse customer base and matching their needs to suitable teams or individual employees, databasing terminology and maintaining format and tone across teams can be a challenge without the proper tools. LSPs and translation companies need to differentiate and diversify their offerings.
To keep up with these responsibilities, SDL, a company that specializes in translation software and services, offers Workflow solutions and project management solutions for LSP teams working on collaborative projects.
2. Customer relationships
Grow your brand
To begin growing your business’ brand, you must first define your customer. Dedicate time and energy into getting to know your clients: who they are, what they do, and what they need in terms of translation, consultation, and editing. Hire teams with relevant experience to your clients in order to get closer to your clients. Familiarity with the content and industry lingo in various languages will save time, and ultimately make for smoother translations.
By developing customer relationships, you’ll better pinpoint the customer’s tone and patterns in their vocabulary and needs. Plus, customer loyalty means free marketing and access to your clients’ partners and peers. Be sure to promote your customer relationships by publishing customer stories and testimonials and encouraging social media reviews.
Beat out the competition
In order to beat out competition and avoid being easily replaced, LSPs should be embedded in the services your clients use.
Competition exists in many forms, including translation apps that are free or very cheap, and other services similar to your own. But these are surface-level tools.
There’s a big difference between what Google Translate and LSPs offer. Human translators offer responsive services where online translators are limited in terms of context and depth. The main difference between online translators, freelancers, and LSPs is that LSPs are integrated into their customers’ business. That means relationships need to be made.
Additionally, your services should offer tools that keep your business relevant and useful. Aside from providing a translation and editing service, take measures to educate your customers. This will help launch your business’ authority in the space. For those clients who seek to strengthen ties between their partners and customers, make your business the go-to by making your language service educational. After all, it’s impossible to run a business without learning from your customers. Give back by exchanging some of the knowledge your business puts into practice.
At Veem, we understand the effectiveness of the relationship-based business model. And we know a thing or two about bringing businesses together. Take it from us.
Find out why relationships are the future of payments. Download White Paper
3. Break down barriers
Since translations commonly deal with multiple countries and thus different currencies, LSPs and translation companies need an international solution to their business payments.
While our friends at LSP and translation companies help businesses vault over language barriers, Veem helps business transcend physical barriers in order to complete secure and timely crossborder business payments.
Veem’s ability to function internationally is supported by our excellent customer service and regional representatives around the world. Therefore, you won’t have to work to get your money. We’ll take care of that.
Our language is payments, but we also help you scale to your customers’ needs and connect you using relationship-based payments. But, what does this mean, and how can it help grow your business operations?
Relationship-based payments are the future of business payments. It’s a business model that brings businesses together. Aside from just completing a transaction, a relationship-based business model, like Veem’s, acts as a platform on which businesses can smoothly interact and build lasting relationships.
Foreign exchange rates
Veem offers favorable FX rates and even allows users to lock in a preferred rate. This way, businesses can enjoy the benefits of international business, unsaturated by fees and poor rates.
See how Locked Exchange Rates can stabilize your cashflow. Learn more
Don’t spend another minute worrying about late, expensive, and insecure payments. Add some peace of mind to your payables and receivables, and just get it done with Veem.