Brexit and your business
The shocking news of Britain’s vote to leave the EU has far-reaching impacts on companies around the globe. Just how will it impact your business?
The immediate impact for companies operating in the Eurozone is one of the currency exchange rates change. If you’re outside the UK today you’re more expensive than yesterday so will you lose business?
At STAR Translation, we’ve already seen customer buying patterns change both negatively and positively. However, the exchange rate impact is only one of many possible impacts to your business.
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Impacts to consider
- Sterling movements
- Regulatory changes
- Customs and trade
- Supply chains and routes to market
- Possible changes to your business model
- Free movement of people
- Foreign Direct Investment
- Taxation changes
If you are in export sales, production management or documentation management this will impact your international sales and your translation process and costs.
Actions to consider around Translation and Sales
- New Export Markets: Translate Your Website
What new export markets could you export into?
If you’re looking for a fast way to enter a new market – you could simply translate your website and start selling in a new country. Not ready for a full translation? Try a Microsite: A quick way to test the water is to create a microsite in a new language. Rather than translate your entire site you can pick the most popular pages and translate them. This new website can then be promoted and you can see what traction you are getting in that market. If you have customers coming in then translate the remainder of your website. You can manage the budget and track the expansion.
- Use a One-Stop Shop: Cost Reductions
Now might be the time to start looking at a new translation agency that can provide a one-stop-shop for all your work. Review your translation agency and process. The larger agencies like STAR provide translation, desktop publishing and layout work, and Web Translation all under one roof. We also employ technical teams that can analyze how best to share your content across your departments to reduce your overall translation spend. Often if you can control how you author your content better – this can have a dramatic impact on your costs. Get advise in this area. Can you change how you write and produce content to optimize your costs?
- Video Translation
Speaking of costs, they say a picture speaks a thousand words. Rather than have a complex manual for your product – have you consider translating your videos? The setup costs can be high, but it’s a great way to sell products. Video subtitling is relatively cheap. A professional voice-over might be a way to boost sales with content you already have in house. What content could you take, translate and open up new markets with quickly?
- Google Ads
If you are targeting new regions, plan for Google Ad Translation as well. Putting a budget into Google Ads, translated and targeted at new regions around the globe could kick start your new export market. Multilingual SEO is important to break new ground quickly and cost-effectively.
- Enterprise Ireland Support
If you are in Ireland, now is the time to start talking to your Enterprise Ireland team.
They are putting in place plans to support exporters around Brexit. View their FAQ and Brexit page.EI state that over the next two years there will be a level of uncertainty in the marketplace, so you should put in place a medium term strategy to manage your business during this time.
Business Impacts Infographic
Here’s what PWC say about Brexit and the impact on exporters – download the infographic.
They have a dedicated page to Brexit.
Read more about Brexit in our “Are you Brexit Ready?” Article.