How a translator can make your international trade boost?

by Target Language Translation Services

- August 12, 2021

Overseas expansion, mergers and international trade are common strategies for companies looking to increase their revenue and client base for greater return on investment, enhanced productivity, a broader client base, and healthier financial performance. However, these are just some of the many benefits of exporting which are accessible to any company trading overseas. But the ones that invest in really comprehending and communicating in the languages used in their foreign target markets, and respecting local cultural etiquette, are the ones that will benefit the most.

Only 6% of the world’s population actually speaks English so if you want to trade successfully in international markets, it always helps to learn the local language. In fact, according to the European Commission’s recent ELAN survey of European businesses, those proactive and proficient in the use of foreign languages achieve 45% more export sales. If you are looking to export your products and services, then this is a figure you cannot afford to ignore.

Implementing an international trade strategy is an ongoing process, which involves a certain amount of risk that a company must face to launch a product in a foreign market. With translators specialized in business, marketing and law, the businesses can reduce risks and increase the chances of success of an international trade strategy.

How to get accurate translation?

Very few of us nowadays have time to commit to language courses so we suggest that you plan a language strategy for your business to maximize export opportunities.

The first step is to identify your international target markets and the languages they speak – remember, many countries are multi-lingual.

You will also need to seriously consider various cultures in various countries, and even in various regions within one country. You’ve probably already heard the horror stories where one word with positive connotations in one country has negative connotations in another.

Find out the best from your existing team

Most companies already have a wealth of knowledge and expertise within their existing teams that lies largely untapped. Before you think about hiring a new member staff who happens to speak several different languages, find out who has a knowledge of foreign languages and cultures in your company. It is often the case that a little knowledge goes a long way, and even a basic understanding of a foreign language may help your company to respond quickly to overseas enquiries.

Chooseing the experts

If your team does not have the staff with relative knowledge, then consider hiring someone who can do the job. When choosing your translation partner spend time establishing what track record they have, their levels of expertise, and how long they have been working in translation. It doesn’t have to be someone employed directly by your company. These days translation companies are adept at fulfilling many of the services and functions required in a company’s International Department of Office, and may even be a more cost-effective option than employing staff directly.

Access government support

You can also access government support too, and often government agencies have various subsidies available to help companies trade internationally.

The benefits of collaborating with translators:

--Reduce the risk of an international trade strategy.

--Provide native knowledge about the market that you want to target.

--Handle intercultural factors that may differ between your culture and the new culture that you want to target.

--Avoid misunderstandings during negotiations and business meetings to quickly reach an agreement speeding up the international trade process.

The process of implementing an international trade comes with many challenges such as dealing with variations in legal systems and language barriers.

The preparation of documents, for instance, needs special attention and specialized assistance. Although you may be proficient in the language of your new partner’s country, hiring a professional translation service will still be necessary. What follows are the main documents that need to be translated for international trade.

Financial Documents

This category can differ greatly depending on from whom the goods are being shipped, who the goods are being shipped to, where they’re from, and their final destinations. Financial documents involved in the import/export business include documentary credit forms, standby credit, collection instructions, bills of exchange, trust receipts and promissory notes.

Patents

Patent is a legal document, and it is crucial that the translation is done by an expert. Remember that when it comes to the law, every word and every punctuation mark matters. Therefore, your translator should be specialized and experienced in this particular field.

Operational documentation

There are many texts that you may need translation to make sure your business runs smoothly overseas. Some of these texts include: invoices, product packaging, reports, waybills, loans, etc. Simply put, this is a standard set of documents that allow determining how the company works.

Transport Documents

Paperwork with related the transporting of goods includes shipping orders, dock receipts, bills of lading, waybills, shipping guarantees and packing lists, to name a few.

Audit documents

Independent audit results are one type of document that can play a vital role in success in the international market. With auditing, there is a double need for translation. First, you can translate audit results to attract partners. Second, an audit may suddenly come to you and require documentation related to your international partners.

Government Documents

The import/export business is highly regulated, which means that there are lots of official documentation involved in shipping goods out of one country and into another. Examples include certificates of origin, import/export declarations, import/export licenses, international import certificates, delivery verification certificates, landing certificates, and customs invoices.

Now that you know what a translator and interpreter can do to deal with many challenges in your international trade process, I’m sure that you aren’t thinking about any excuse. You can’t afford not to hire a translator or interpreter.

For a fast and free quotation for a large or small project, contact us without delay. At Target Language Translation Services, you are guaranteed unique translation services and you’ll be amazed at how easy it is to work with us.

This article is reprinted from MI Translations, Be Translated and CIRCALINGUA.

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