Today, international business is more profitable than ever before. Most companies already operate internationally or, at least, plan to enter the world of international business soon. Even if not actively seeking to enter the international market, every company competes in some form or another against other international businesses. Consequently, translation services are more crucial to international business than they've ever been in the past. Because technological advances enable even small companies to compete on the international market, international business relies heavily on translation services for daily operations.
International business-to-business and business-to-customer transactions are the current norm. But many companies never consider the prerequisites needed to engage in international business transactions. International business involves sales, investment, transportation, logistics, and other types of commercial transactions between companies from two or more countries. In order to engage in business with foreign companies, a company must be able to communicate with its potential business partners. The key to these kinds of successful communications is unerringly accurate translation between different languages.
Siemens, for example, a German company, has been doing business with the United States for many years, as have Bosch and Miele, which are known for their appliances. None of these companies would be able to do business in the U.S. without a clear understanding of legal contracts, business agreements, or trading pacts. In such cases, communications between the German and American companies require good translation services. This holds especially true for legally binding contracts because misinterpretations and misunderstandings on this level of international business can be costly for both parties. It’s particularly difficult to translate legal terms and contract terms, so legal translations are essential to accurately understanding binding agreements.
Business transactions invariably require translation services from beginning to the end. Referring back to the previous example, say Bosch has developed a new state-of-the art washing machine that it offers to a U.S. retailer. Bosch sends a detailed description of the new machine to the retailer, including technical specifications. Unless Bosch employs a translation service, the technical data will be indecipherable. Only after translation can the retailer decide whether or not the new model will be a worthy addition to its product line.
Taking this a step further and say that the retailer decides to buy a couple of thousand of the new Bosch machines to distribute among the stores of its retail chain. Purchase price, taxes, discounts, distribution, shipping requirements, warranty terms, and many other details have to be translated and negotiated before either company can agree to a legally binding contract. Legal translations ensure that both parties understand the terms of a contract, so it's important that legal terms are made clear by translation services well versed in the legal terminology of each country. The need for translations extends into other areas of business operations, as well. From public relations to branding and marketing campaigns, translators now are involved in every aspect of business operations. The reason so many companies now employ professional translation services is that translation is now considered an essential business expense.
