By Rhianne Jamie
There is an increasing globalization of various industries as more home-grown businesses set up branches in different countries. As a result, translation businesses are in-demand as companies seek to target international audiences through their local languages.
This is why the Bureau of Labor Statistics reports that the employment of translators is projected to grow by 24% in the next decade. Each year, approximately 10,400 openings for translators are forecasted to open. Most translators are still working on their own and are classified as freelancers but making the jump to becoming business owners has its own advantages too, and is very achievable once you have the right people on your team. As the translation industry grows, so do the companies, and so does the need for good financial management.
Maryville University highlights that financial management is an ever-evolving field that is being updated by new technologies and strategies. Financial managers report on a business’s finances, assess its investments, and help plan for the future. They know how to maximize growth and harness the power of data in analyzing new possibilities for the business. Their expertise in long-term strategizing and agile decision-making capabilities will prove valuable to a translation business wanting to get a better foothold in the growing market.
With this in mind, here are three reasons why you should hire a manager for your translation business:
They prepare comprehensive financial plans
Every business needs to have a comprehensive financial plan that analyzes start-up costs and operating expenses for the first few years. In these early stages, financial managers can forecast future financial performances and create strategies to ensure the translation business doesn’t go under. They can also meet with potential investors, analyze competitor data, and handle initial accounting. For example, in a Time.com article on what financial experts to follow, they highlight how a top business analyst like Jill Schlesinger will be able to break down complex financial ideas into understandable terms that helps clients fix problems immediately when they arise.
Even translators that already own their own business or freelance translators that wish to set up their own company as a sole proprietorship or LLC can reap the benefits from speaking with a financial planner. A good financial manager can create a holistic financial plan, make your translation business transparent, and help keep you focused as your company grows.
They keep you up to date with financial reports
Reports are essential to business operations, especially when shareholders require regular information about the return on their investment. Government entities also need up-to-date financial records to assess and collect the proper taxes and fees. If you are operating abroad then you will have to ensure that you are paying the correct taxes to avoid fines and even being shut down. Financial managers will ensure that the correct taxes are being paid, as well as potentially getting you tax breaks you would have otherwise have missed.
If you are worried about the cost of such a financial advisor, ATB Financial states that freelancers can assist you with your accounting. Freelance financial managers are qualified to review your financial records against the key performance indicators and ensure that your company is meeting all legal requirements. They can also be very cost-effective for smaller companies.
They assess projects and protect investments
Financial managers are experts in creating cost-benefit analyses. This kind of report requires intensive research and helps give you an idea of investors worthy of partnerships. They can also assess the profitability and attractiveness of your projects and can even scale them up to maximize your business potential. By forecasting the likely revenue, you can receive and the costs you can incur, you can make the most informed decisions for your translation business that will set you up for continuous success.
Translation businesses have endless opportunities in the current economy. With industries across various fields taking advantage of translation services, setting yourself up for success is possible with a comprehensive financial plan and an expert financial manager.
RHIANNE JAMIE is a freelance business consultant and aspiring writer. She helps her clients develop business strategies and streamline workforce management. She enjoys writing helpful articles that can guide her readers to be better entrepreneurs and further their careers to new heights! In her spare time, you can find her in libraries and bookstores scouring for new interesting reads.