How to Maximize your Translation Budget: Going Global in a Cost-Efficient Way

In the second half of the year, everything needs to be cost efficient. Budgets are tight and management puts pressure on us to cut costs down. Saving on translation costs seems like a very tempting possibility, but if you cut in all the wrong places, the result will be an ill-fitting translation solution. Sacrificing quality in order to get cheaper translations is the last thing you want to do. When a company decides to go global, resources are allocated for such purpose. It is an investment, you can’t spoil it now! Instead, find out how to maximize your translation budget every step of the way, so that your company can go global, stay global and be cost-efficient at the same time.

Here are some ways to bring your costs down by maximizing that translation budget:

Build padding into your translation budget

The importance of planning cannot be emphasized enough. We always need to plan, even for the unexpected. Sometimes, new initiatives come up along the way, and with every new project comes an unforeseen translation cost. The best way to address this is to always have some wiggle room, so that your original budget can account for those translations you didn’t anticipate.

Bundle Projects

Volume is very important in the translation and localization industries. Sometimes the best way to get cheaper translation rates is by translating as much content as possible, all at once. Even though this would involve a larger investment, it is a lot cheaper in the long run. Bundle up your documents, translate into as many languages as possible at the same time… the more content you translate, the lower your average per-word rate. We know that sometimes this cannot be achieved, but with the correct planning, you will be able to make your translations more cost-efficient.

Provide source files in an editable format

If you have been working with translators for a while, you’ll know that there might be extra charges if the text needs to be extracted from the original documents. This is generally because it involves a painstaking process of file preparation. Files like PDFs, scanned documents or images with unreadable text are difficult for translation agencies, which need more time to prepare the files before they can be translated. And, if more time is needed, then it certainly requires more money!

Develop and leverage glossaries

Glossaries are created by language service providers in collaboration with their clients. They are an extremely useful tool which can help translators do their job faster and better. Glossaries can save time which is otherwise generally spent looking up specialised terminology, and they help ensure a base level of cohesion across all the information that is being translated for your company. Glossaries often mean that translation agencies can avoid having to check with you every time they bump into a word that can be translated in a variety of ways, making the entire process more efficient.

Don’t pay for the same translation twice

Translation memories serve a very important purpose in the industry, helping both linguists and clients alike. Having a translation memory that includes all your previous translations is important because it ensures that you don’t have to pay to get the same information translated over and over again. Corporate libraries always have hundreds of repetitive phrases, no matter how creative they are. Whole sentences tend to be repeated for marketing purposes, even. If you have a translation memory, you will not have to pay for every word as if it was a new one. In this way, you can pay for the actual effort involved in translating your content and considerably cut down your costs.

Measure your expenses

It is crucial that you keep track of what you have invested. Be diligent with your data, so that you know what you have spent on a monthly and annual basis. Once your content has been translated and your information has been localized, measure your expenses against your achievements. There is no better way to convince your managers of the need for good translations than seeing a return on your investment.

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