Translation Company

“The devil is in the details.”

This adage is true in the business world too, especially for companies that are looking to expand into new countries. A failure to include certain details—financial or otherwise—in various paperwork could set entrepreneurs back in their start dates. Many governments have requirements for documents that need to be filed, ensuring that all taxation and regulation is being followed.

This is where financial translation services can be of assistance. That way, no detail is overlooked, and business owners can rest assured that they can move forward in their expansion process.

Along with financial details, there are often cultural details to consider. For example, Philippines-based bakery Julie’s Bakeshop recently announced that it will set up an outlet in Indonesia in August.

Julie’s Franchise Corporation general manager Arturo Zamora spoke to reporters earlier this month, and explained that Indonesia was chosen because of its population, proximity to the Philippines and the availability of a partner. Zamora said that his company had already formed a joint venture agreement with a Filipino-Indonesian company.

“We’re still actively expanding through franchise. About 99 percent of our stores are franchised,” Zamora said, according to GMA News. “Right now, company-owned stores are very small. We’re just starting to put up company-owned, which is at seven branches scattered all over the country, and we want to grow that.”

Zamora added that currently, Julie’s Bakeshop has 500 outlets nationwide, but the goal is to double its stores over the next five years.

Partnering with a Translation Agency

The importance of localization is not lost on Zamora either, as he explained that in Indonesia the focus will be on halal bread products, as many individuals in the country are Muslim. Partnering with a translation agency that also specializes in financial translation services is an important move for growing businesses to make.

Regardless of where an entrepreneur is from, or where he or she wishes to expand a company, overseas expansion has the possibility to benefit many parties. Smaller firms often help in overall economic growth for a country and when company leaders have the right partnerships, they can find short- and long-term success for themselves.

According to a recent Houston Chronicle article, small businesses have an important role to play on the global scale. Specifically, it explained that smaller companies can have immense success when they have the right support and can then help a country find long-term economic success as well.

Investments Overseas

Even so, the Chronicle said that when it comes to either moving abroad or just investing overseas, small businesses might be hesitant to do so. This is due in large part to two issues, one being that there is a misperception that doing business overseas creates a zero-sum game between American workers and their foreign counterparts.

The news source explained that the Overseas Private Investment Corporation (OPIC) invested $7.9 billion in insurance and financing commitments in Texas company-sponsored projects alone.

“Small firms contemplating expansion into global markets still face significant challenges including sourcing reliable foreign partners, protection for intellectual property, financing, and navigating the complexities of foreign tax regulations and political risks,” the article said.

Translation Agencies: a Key Role in Globalization

Furthermore, The Guardian explained in a recent article that companies need to network and create a strong plan for their finances in order to have success in foreign markets. Financial risks can be especially detrimental if an owner does not understand the language or a country’s legal requirements.

This is why partnering with a translation company that specializes in document translation services can be greatly beneficial. Business translation ensures that an organization in New York, San Francisco, or any other city, does not overlook any detail, financial or otherwise.

Regardless of a business’ size, expanding into overseas markets can often help it flourish for the short- and long-term. Being available in multiple countries increases brand awareness and ensures that a wider customer base is reached. However, it is essential that prospective customers not only understand what is being sold to them, but that they can connect to a product or service on an emotional level as well.

BRIC Markets

Alan Batey, who is expected this week to be named Chevrolet’s world-wide brand chief, spoke with the Wall Street Journal about how he plans to not only make the car company exciting again for U.S. customers, but to also increase sales in Brazil, Russia, India and China.

“When you go back in time and look at when we were at our best, it was when Chevrolet had products that moved people’s minds and connected to them on an emotional basis,” Batey said told the news source. “They were cars for the people and cars for families, and we are moving back to that.”

According to the Journal, 70 percent of GM’s 9.3 million global vehicle sales are Chevrolet. Yet, the brand’s share has been falling in the U.S. over the last few years.

Batey is keeping the importance of business translations in mind though, as the company is going to use the slogan “Find New Roads,” as it is a simple phrase that can easily move from one language to the next.

Partnering with a Translation Agency

Along with the global advertising slogan, GM is building more stores. For example, it plans to have 600 Chevy stores in China, up from 200 in 2008, by the end of the year.

Businesses of all sizes can strengthen their global outreach by partnering with a translation agency to ensure that as they move into new markets, no word is overlooked. Bric markets can be reached by using the following translation specialties:

BRIC means Brazil, Russia, India and China

To expand your business in Brazil, you may use business or legal Portuguese translation services. To target prospective clients Russia, try using legal or technical Russian translation services. Finally, to target Chinese markets, choose financial or technical Chinese translation services.

Conducting business overseas is hardly a new trend. When entrepreneurs conduct operations in a foreign country, though, it could just be a matter of time before they make the decision to set up a company located in that area. If that option is chosen, it is essential for business owners to have all necessary paperwork in order and filled out properly.

Having one line mistranslated, or even omitting seemingly insignificant data points could cause huge problems for any business. Partnering with a firm that specializes in document translation can help the transition be as smooth as possible.

Running Business Abroad

With recent research showing that it is becoming more popular to conduct business abroad, entrepreneurs should take note and ensure that they do not overlook anything.

According to a poll by the National Small Business Association (NSBA), 64 percent of small companies have sold merchandise or services to customers abroad, which is an increase from 52 percent in 2010. Furthermore, the number of organizations that have not yet sold overseas – but are considering doing so – went up to 63 percent from 43 percent in that timeframe.

Translation Companies & Global Marketplace

“Not only are small businesses seeing growing opportunities available to them via exporting, they increasingly view their goods and/or services as valuable in a global marketplace,” NSBA Chairman David Ickert said in the report.

If entrepreneurs find success in exporting their products or services, it could help further their business by creating a more localized approach as well. Having the assistance of a translation company can help keep company leaders in line with government regulations so the move overseas is a seamless one.

For foreign entrepreneurs who want to start a business in the United States, some of the financial documents that need to be filled out can seem daunting. However, it is important to not be overwhelmed and decide to skip out on certain forms. A failure to provide complete and accurate tax documents could bring serious repercussions to any firm.

Relying on the Professionals

This is where partnering with a translation company that specializes in document translation can be helpful. That way, even if a business owner is unsure of how to translate information from one form to the next, a professional can guarantee accuracy. Financial records are crucial for any organization, but they do not have to always be used for defensive purposes, such as after an audit.

Bonnie Lee wrote a contribution piece for Fox Business and explained that receiving a notice from the IRS does not necessarily mean a bad thing. However, it is good to always be prepared by having the necessary paper documents on hand. That way, a business owner can prove or disprove certain claims and show that he or she has been keeping accurate records.

According to Lee, there was one customer who came into her office with a letter from the IRS and asked her to “open it and wave a magic wand.”

Helping Foreign Companies

“Despite always keeping an accurate set of books and paying on time, he feared an audit, liens, levies and worse,” Lee wrote. “It turned out that the envelope in question contained nothing more than estimate payment vouchers for the current year.”

With business translation services that focus on financial documents, foreign companies can rest assured that they can hit the ground running when expanding into the U.S. That way when the IRS has any type of question, the owner can give accurate and complete answers.

This blog has previously discussed the importance of business owners doing the right amount of research before expanding into a new country. The same can be said for areas that are attempting to draw in foreign companies, encouraging them to set up shop in a particular area of the United States.

South Florida Companies

According to a recent Sun Sentinel article, South Florida companies are looking toward China for new business. Everything from arranging for Chinese investors to come to the U.S. to contracting Chinese companies to sell scrap metals was discussed at a recent seminar last Thursday in Fort Lauderdale.

Lawrence Freeman, chairman of Global Investment Business Advisors of Miami, was quoted by the Sentinel as saying at the seminar that Chinese business-people will not buy from you unless they know and trust you.

Tingjun Chen, an analyst for Crefdi Realty Advisors, explained to the news source that his organization is trying to sell to China’s business class. They are pushing commercial real estate deals located in South Florida and other parts of the U.S.

“We’re doing a lot of relationship-building now,” Chen said, who was born in China and raised in the U.S. “The Chinese have to know you and trust you, and being Chinese and speaking the language gives me an advantage.”

Translation Companies, a Big Help

While not all companies can have an employee like Chen, who speaks a foreign language that could benefit the business, partnering with a translation company can be beneficial. These professionals understand the subtle nuances that can often be overlooked, and will ensure that every piece of paper is properly translated.

Through document translation services, companies can reach out to potential customers and prospective employees. This will help the business grow on numerous levels and guarantee that any negotiation stages run as smoothly as possible.

No matter a company’s origins or how niche the business is, it could find success in new countries.

Sarah Brown and her husband started Critical Tattoo, a company that makes tattoo machinery, in 2005 and they have since seen a huge growth in business. Specifically, their global sales have increased. Brown explained to Bloomberg Businessweek that while the duo’s original goal was to just streamline the standard machinery and improve the daily operations for tattoo artists, they soon saw how they could change the industry.

“The sheer volume of distributors for the equipment in different parts of the world started to give me a sense,” Brown said. “There’s a huge global market, and it’s bigger than I initially thought.”

Increasing Revenues from Foreign Markets

According to the entrepreneur, the company now consists of eight people and is expected to bring in $2 million in revenue this year. Germany, England and Australia are some of the biggest foreign markets, with close to 70 percent of Critical Tattoo’s sales coming from overseas.

Brown added that there are several foreign imitators out there, with at least six versions of Chinese-made copies of their equipment. Undeterred, the business owner explained that if it is going to happen, it will happen, and she and her husband try to stand apart with their service and marketing.

Regardless of the industry in which a business operates, either moving overseas or working in a foreign market can be difficult. When it comes to financial issues and copyright, it can be even trickier. By partnering with a firm that specializes in business translations, entrepreneurs can worry about one less aspect of their company.

Translation Companies

Document translations specifically can assist owners as they attempt to operate in a new country, guaranteeing that the original idea of their product or service is not compromised.

When individuals decide to move from one apartment to the next, there is often much planning. The neighborhood is considered, how close the building is to a gym and whether utilities are included. It is not a simple process. Why then, would a business owner assume that expanding into new markets overseas would be any different?

Company leaders cannot assume that they will be able to pick up and plant their business in a new country, without laying a strong foundation. This base needs to include comprehensive document translation service, otherwise it could be even more difficult to find short- and long-term business success.

Meeting Local Customs & Standards

Carl Theobald, chief executive of a California-based business that provides e-commerce to small and medium-sized businesses, told Entrepreneur that some countries will expect organizations to adapt to local culture.

“That may mean customizing your product or service to meet local customers’ tastes,” the news source explained. “At the very least, you will need to put your marketing message in the local language and make sure the meaning translates correctly.”

Additionally, Theobald said that sizing up the local competition is necessary. Companies need to do their own research and see if a similar product or service is already being used, and then determine what they need to do in order to successfully compete against existing business.

The Need for a Translation Company

When it comes to an online presence, Theobald explained that in some markets, it will be helpful to develop the website in the native language. This is where a translation company can be used, to ensure that a business’ new site is able to meet the needs of the existing customer base. Otherwise, consumers might be unsure of what is being sold to them and whether they actually need to purchase it.