As the COVID-19 pandemic continues to wreak havoc on the global economy, many businesses are doing all they can to shore up their customer base.
This is where a sound international business strategy comes into play.
So how do international business strategy management and the new realities of living with the pandemic fit together?
And where does legal translation fit into all of this?
Read on to find out!
Why International Business Strategy & Translation Matter
For companies looking to do all they can to grow their customer numbers, selling overseas can be a game-changing move.
What is an international business strategy?
It is the strategic oversight of this process of exporting goods and/or services.
It defines which markets a company will approach and why. It also factors in practical details such as when legal translation services will be needed in order to support expansion.
Ofer Tirosh, CEO of translation company Tomedes, which has been operating internationally for over a decade, advises:
“Investing time in getting your international business strategy right can make a huge difference to the likely success of your overseas venture. With so much at stake, it’s important to consider international expansion from every angle, including which languages you’re going to need translators and interpreters for.”
There certainly is plenty at stake.
According to Market Finder, the value of cross-border eCommerce is projected to grow at twice the rate of domestic eCommerce, with growth standing at 25% per year.
For 2020, that means that one out of every five dollars spent on eCommerce is part of a cross-border transaction.
Ways to Use Legal Translation to Enhance International Business Strategy
Legal translation has a particularly important role in this process.
What makes legal translation different?
Firstly, it requires the translator to be familiar with legal terminology and concepts.
Secondly, it’s likely to cost a little more than regular translation, as you pay for the translator’s legal expertise as well as their linguistic talents.
With that in mind, let’s look at three ways you can use legal document translation to enhance your international business strategy.
Use Legal Document Translation To Build Cross-Border Partnerships
As you start to build your brand overseas, there may well be scope for you to connect with useful contacts in your target countries.
From strategic partners to investors, there are business people out there just waiting to help your brand succeed – if you speak their language.
Both legal interpretation and legal translation can help with this.
While interpretation can facilitate meetings, it is legal document translation that you’ll need when it comes to preparing memoranda of understanding, heads of terms, non-disclosure agreements, contracts, and all the other paperwork that underpins the exploration and formation of such partnerships.
Take Legal Translation Online To Explore New Markets
Legal translation can also help you gain an understanding of the markets you’re considering entering into.
Each country has its own approach to selling goods and services, much of which is defined in law.
As such, a decent legal translator can help you to translate legislation on data security, understand import requirements, ensure your product labeling meets statutory requirements, and much more.
Taking legal translation online to explore these topics can help you discover how easy (or otherwise) it’s likely to be for your business to enter a new region.
If there are any major barriers to your success, it’s best to identify them at this early stage so that you can decide whether they are worth overcoming or whether it might be better to include alternative marketplaces in your international business strategy.
Build Strong Networks With Solid Legal Translation At Their Core
If your international business strategy involves manufacturing your products overseas, then you’ll definitely be in need of legal translation services.
Manufacturing is a truly international undertaking these days, as Brookings’ global manufacturing scorecard serves to highlight.
Brookings ranked nations in terms of their overall manufacturing environment, with the UK and Switzerland coming out as the joint winners thanks to their approach to policies, cost, workforce investment, and infrastructure.
They were closely followed by the US, Japan, and Canada.
In terms of manufacturing output, China topped the table, thanks to the percentage of its national output that manufacturing generates.
When ranked by the percentage of the workforce that is employed in manufacturing, Poland comes out on top.
Clearly, you have plenty of choices when it comes to setting up an overseas manufacturing operation.
With legal translation services on hand, you can take a proactive approach to connect with manufacturers, hauliers, distributors, and others.
Your legal translator can produce accurate, multilingual versions of the contracts that you’ll need to cover these arrangements.
This will help you to put the structures you need in place to sell your wares successfully overseas.
When it comes to international business strategy management and the new realities of modern-day eCommerce, identifying the legal translation services you need at an early stage can be hugely beneficial.
Find local service by entering (for example) “legal translation London” into your search engine and then thoroughly researching the top-ranked businesses to ensure you have one with the experience you need.
With a decent legal document translation specialist on board, you’ll be ideally positioned to improve your international business strategy and prepare your business to face whatever economic twists and turns the future may hold.