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Don’t Lose Money. Part 2

This is part 2 of this post. For part 1, please follow this link.

  • For example, in his book How To Smell A Rat, an investment guru, Ken Fisher, suggests that consistently high performance of a money manager should always be a red flag; heeding this warning can help you avoid swindlers, as it was in Bernard Madoff‘s case. Similarly, a poorly written copy on a translation vendor’s website can be a red flag. Why trust your business to someone who isn’t competent enough or doesn’t care to put together an appealing copy even when good writing is called for? There are literally hundreds of translation agencies and freelancers on the market today, so, if anything alarms you, it’s extremely simple to cross this agency off your list and continue searching elsewhere.

3. Whenever an investor makes a decision based on emotions rather than sound judgment, the risk increases dramatically. When people were jumping on the bandwagon in the end of 1990s, just before the dot-com bubble burst, or holding on to their stocks when they began to fall in price after the bubble had burst, they were driven mainly by fear of being too late or missing “the opportunity of a lifetime.” What followed was evaporation of many small and big fortunes. In a similar vein, a translation buyer sets themselves up for financial loss if they don’t take time to select a vendor or put up the decision until the very last minute and then rush to find a vendor. This “emotional” approach is likely to cause financial loss due to lower quality, rush surcharge, and missing the chance to find a better “value for money.”

In summary, both investment and buying translation require careful due diligence and ideally close attention throughout the entire process. Unlike items on a supermarket shelf that you can pick up randomly with little or no risk of wasting your money, both investment instruments and translation are high-risk purchases, especially in today’s market with its downward pricing pressure. The key idea is to choose your translation vendor strategically and just as carefully as you would choose your investment company. And remember, buying translation is a skill that is just as difficult to master as investing. You might feel overwhelmed with the challenge of selecting and testing your potential vendor, but in the long run, it is your commitment to choosing the very best vendor that determines whether you realize a profit from your investment in translation or waste it.

If you want your translation provider to support your investment in marketing, check out our English to Russian translation services.

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About the Author

Roman Mironov
Roman Mironov
CEO & Founder

As the founder of Velior, Roman has had the privilege of being able to turn his passion for languages into a business. He has over 15 years of experience in the translation industry. Roman has helped dozens of clients increase sales by making their products appealing for speakers of other languages.