Translation Business Investment Decisions

Much of what I write about on this blog relates to the day-to-day experiences associated with operating and managing our translation company. So whether you’re a translator, work at a translation agency, or are a client for translation services, you may deal with some of the same issues and considerations in your own business.

So how do we decide where and in what to invest in when there’s no shortage of business investments to make? In our company we could buy more hardware, acquire translation technology of various types, direct more into marketing, buy access to research, or invest in personnel, to mention just a few things. The countering consideration to making investments is also preserving resources. There’s some business security that comes from having capital reserves.

Here are some of the questions we ask ourselves when deciding where and how to invest in our business.

1. Think forward from any potential investment and consider its benefit. Consider the potential or likely benefits of each investment option. How do they rank in comparison.

2. Consider the implications of not investing in a particular thing. What is the risk that comes from not investing in a particular thing, and which risk results are most concerning? Does the risk threaten our business, or are its consequences less severe?

3. Since many potential investments stand to bring both benefits, and risks in the absence of investment, consider the most pressing needs in the short and long term. Near term benefits realized can lead to improved prospects for the long term. So there might be an argument to make for investments that bring near term tangible improvements and benefits.