A business translation cloud with a silver lining
Following the defeat of France in the Franco-Prussian war, the city of Paris was in a state of mob-ruled anarchy known as the Panic of 1871. It is told that one morning a panic-stricken investor turned up at offices of the then Baron Rothschild, British Nobleman and heir apparent to the fortunes of the eponymous banking dynasty. This young man, heir to a large fortune himself was advised by Rothschild to buy French government securities, a suggestion to which his exasperated reply was:
“You advise me to buy securities now. You are my enemy. The streets of Paris run with blood.”
Rothschild, with a glint in his eye replied thus;
“My dear friend, if the streets of Paris were not running with blood do you think you would be able to buy at the present prices?”
This colorful anecdote, using, perhaps, some fairly disquieting language illustrates that one man’s recession is another man’s opportunity. You might ponder, what has this to do with the field of business translation? Well, we currently find ourselves in the midst of an unprecedented global financial crisis where, according to IMF predictions, the UK economy is expected to shrink by 2.8% next year, the Eurozone’s by 2.0% and the US by 1.6%. In contrast, emerging and developing economies by their very nature have to a certain extent ‘decoupled’ from their more mature counterparts. So far, these economies have been able to avoid most of the effects of the financial crisis and, although their growth momentum has eased off as industrial countries are taking in less of their exports, they are still growing rapidly. They have not been subject to the housing bust that has infected western equity and trade between the Cono Sur nations (Brazil, Argentina, Chile, Paraguay and Uruguay) and between the emerging giants of India and China remain strong. Moreover, with the plummeting value of sterling and other western currencies precipitating the inevitable sharp fall in export prices, it’s time to sieze these still ‘bullish’ markets by the horns and do business there.
Business translation makes you local
Business translation holds the key to these foreign markets; research shows that customers are ten times more likely to purchase goods or services from a website which is not only written in their own language but also nuanced and suitably localized by a deep awareness of cultural sensitivities. It is clear that effective business translation will assist embattled first-world companies in re-igniting revenue streams by enabling them to tap into these emerging markets. The inevitable consequence will be the revitalization of both their own profits and that of the global economy as a whole. The additional positive externalities associated with encouraging investment in emerging economies will also inevitably lead us to a fairer and more equitable world.
If you peer out of your window you will notice that the metaphorical Parisien mob is still on the loose. It will inevitably take some time for the rains to come and wash away the evidence of the carnage that has passed. Don’t wait for that day – there has never been a better opportunity for your company to thrive!