Thoughts on [the Translation] Business

• If what you are doing is not working, then there is something that you don't know.
• Most rich/successful people implement and use the same strategies.
• In the real world of business you have to implement simple strategies consistently. It doesn't have to be complicated.
• Rich people complete what they start: they finish their projects; they take what they are doing to complete success. Not completing is nothing but a non-supportive habit. It's either reasons (for not completing) or results (i.e. getting to the finish line) – you can't have both.

• Working Income (WI): To produce an excellent working income for themselves.
• Passive Income (PI): To create a massive passive income for themselves.
• Value and Worth: To build the value and worth of their business.

• Most people create a strategy to achieve a result. This is a wrong-headed approach. A business must be built with the end in mind. In other words, a result must be envisioned and then a strategy developed to get the desired outcome.
  
  As an example, if the intention is to create a business with gross revenues of $100 million per year, what is the strategy that will achieve the desired result?
• The way to earn a lot of money is to solve problems for people. Therefore how many problems would require solving in order to generate $100 million in annual revenues. You have to do the math!
  
  As an example, if the average gross revenue value of a translation docket is $415, then how may dockets (jobs) are required to generate $100 million in sales? The answer: 240,963. Therefore, what strategy will get the translation business to the point where it is processing 240,963 translation dockets per year?

• Business is simple: It's the process of buying or creating something and then selling it for more than it costs.
• There are four critical factors in any business: Revenue (UP); Cash Flow (UP); Profit (UP); Expenses (Down).
• Too many businesses focus their efforts on operations, administration, information technology, etc. The bottom line is that we are in the business of marketing/selling products or services. Therefore, sales are of paramount importance – if you are not growing, then you are dying.
• If you are spending more than 20% of your time on operations, then your business is broke (and so are you).
• Anyone who masters marketing has a successful business (and he/she is rich). In other words, you don't need a desk to get sales, you need sales to get a desk.
• Buy, Rent or Lease Question: If cash is high, BUY; if cash is low, then rent or lease.

• Global Ranking of Top 20 American and European Translation Companies (@ 2005)
• Global Ranking of Top 20 Translation Companies (@ 2004)
• An overview of Canada's Language Industry
• Economic Assessment of the Canadian Language Industry
• Language translation in advertising

Translation Business Information Postings

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