December 25, 2024
5 Tips for Preparing Your Translation Budget
Are you in the process of planning next year’s translation budget? Perhaps you’ve already finalized your budget but need to make some adjustments or allocate spending across specific tasks. Or maybe your budgeting deadline isn’t until spring, but it’s time to start laying the groundwork now.
You might have recently been tasked with managing a translation budget and feel unsure about where to begin. If this sounds like your situation, now is the perfect moment to take a step back and think strategically about how to allocate your budget effectively.
How Can You Effectively Plan Your Translation Budget?
Every organization is different, and there’s no universal formula for budgeting. However, here are some key recommendations to help you create a well-thought-out translation budget:
1. Assess the Performance of Last Year’s Multilingual Content
Start by reflecting on the effectiveness of your previous efforts:
- Did your translations receive positive or negative feedback?
- Were your documents delivered alongside product launches?
- Did website localization lead to increased traffic?
- Can complaints from sales teams, marketing departments, or customers be linked to translation issues?
- Did translated content contribute to growth in international sales? (Has the ROI of translation on sales been evaluated?)
If you’re unsure of the answers, consider investigating further. Conducting surveys or gathering insights from stakeholders can provide clarity about what worked and what didn’t.
2. Analyze Last Year’s Translation Spending
If you don’t already have centralized records, reach out to your translation vendors for detailed reports. It’s common for large companies to lack a clear view of their translation expenses, so don’t hesitate to ask. Request standardized data to make analysis easier, such as:
- Total number of translation projects
- Costs associated with these projects
- Language combinations covered
- Delivery timelines
- Word counts
- Savings achieved through Translation Memories
3. Anticipate Translation Needs for the Coming Year
Determine if new products or services requiring translation are planned for release next year. If this information isn’t readily available, take the lead by reaching out to stakeholders and gathering projections through surveys or discussions.
4. Identify Opportunities for Cost Optimization
Not every piece of content may need to be translated into every language. Engage your translation vendor in a conversation about potential savings. Instead of focusing on lower word rates, explore creative cost-saving measures like volume discounts, optimized workflows, or innovative tools. Vendors may surprise you with practical suggestions that can also earn you recognition within your company.
5. Think Beyond Basic Translation Needs
If terminology inconsistencies were an issue last year, consider creating a translation glossary. While this may require an initial investment, it can streamline future translations, improve quality, and save money in the long term. You’ll quickly wonder how you managed without one!
Simplify and Focus Your Budget Planning
These ideas can help you build a comprehensive translation budget. To summarize, focus on the following key points:
- Evaluate last year’s spending and results.
- Clearly define your translation requirements for the upcoming year.
- Align your multilingual content strategy with company objectives.
Finally, ensure you present your strategy to senior management. A well-planned translation budget is an integral part of your company’s international growth strategy and can directly impact revenue. Treat it as a priority!
