Currently every branch is experiencing the effects of the economic crisis caused by the COVID-19 pandemic. Such a scenario has taken place many times in the past, among others in 2008 during the Great Recession. However, there are branches which were and still are profitable despite tough market conditions. One of these is the translation branch.
Strength is in globalization and mechanization
The world is an enormous global market; many companies do not operate just in the area of their homeland, but make effort to branch out as far as possible. Translations are crucial for organizations working in foreign markets. It is usual to support the translation process by using translation software, yet this solution is not perfect. To carry through a project to the end you need people – professional translators with relevant knowledge. Only then will we obtain a product that will reflect the sense of the original in the most comprehensible way for its audience.
Financial self-sufficiency
Translations are time-consuming processes, but what differentiates them from mining or railways is that they do not require enormous financial inputs to function. Businesses usually attempt to schedule their expenses in order to maintain accounting liquidity in the times of crisis. They often postpone the purchase of goods which are not essential to the operation of company. Translations are different from these kinds of products; they are core to effective international communication, which is why it is worth investing in them, especially during difficult times for the economy. After all, globalization is an on-going process and no crisis will be able to stop it.
For instance, when the worldwide economic crisis occurred in 2008-2009, revenues from the translation branch amounted 8.4 billion euro in the whole European Union. Specialists predicted that this sum would grow by 10% each year, and so it did.
Adjusted to customer needs
Global corporations hire employees all around the world that most often have knowledge of English and usually do not use English translations. Nonetheless, international companies must communicate and establish relations not only with English native speakers, but also with employees and contractors speaking German, French, Russian, Korean or Croatian. It’s then that the translation agency comes to the rescue, bringing together translators working in varying language combinations and specializing in many branches, from legal and marketing translations, through medical and technical translations, to application and software localization.
Every economic sector suffers during a crisis, no matter which branch it operates in. The translation branch is also affected by reductions and slowdowns, but you can confidently say retrospectively that this branch has come away unscathed, thanks to its realization of key services for international corporations and businesses. John F. Kennedy, during his speech in 1959 in Indianapolis, said “The Chinese use two brush strokes to write the word ‘crisis.’ One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger – but recognize the opportunity ”. And this is what we believe, we look into the future, looking out for opportunities.
(translation B.A.)
