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Grow your business with tips, tools, and resources to help new micro businesses succeed. Find business forms and templates, helpful how-to's, and growth strategies. Everything you need to create, run and grow your business.

Deluxe Business Products

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    Thu, 20 Jan 2022 00:35:49 +0000

    Home Business Magazine Online

    Interpreters are responsible for aiding business communication in the global market. They are language experts and can fluently speak in more than one language. They are also high in demand when companies expand. Though different types of interpretation are used in all professional settings, consecutive and simultaneous interpretations are the most common types. Though the goal of both types is to relay spoken information from the original language, both are different. It is important to understand the differences so that you can identify which one is the best fit for your business.

    Differences Between Consecutive and Simultaneous Interpretation

    The main difference between the two interpretation types is that simultaneous interpretation happens in real time. In consecutive interpreting, the interpreters wait for the speaker to pause or finish speaking before they start translating.

    Simultaneous Interpretation

    It takes a lot of experience and field knowledge to become a simultaneous interpreter. In simultaneous interpretation, the interpreter gets a few seconds to listen and interpret. It is quite a difficult task.

    A simultaneous interpreter interprets only in one direction. It means that they only translate for the listeners — without creating a two-way communication. They usually listen to the speaker speaking in their second language and translate it into the listeners’ native language.

    In many cases, a simultaneous interpreter has knowledge of more than two languages, and they are advantageous for an organization. Simultaneous interpretation saves time, and it takes a strong vocabulary and grammatical ability to translate accurately.

    Many organizations are required to hire several interpreters to upkeep the quality of interpretation. The interpreters work together and change their roles every 30 minutes or so.

    Consecutive Interpretation

    In this type, the interpreter listens to the speaker and writes down the information. When the speaker is finished, the interpreter interprets the message into another language. The speaker and the interpreter have to maintain strict time management. In this type of interpretation, the interpreter gets more time to translate the message accurately and fluently.

    Like simultaneous interpretation, a consecutive interpreter also needs to have superb linguistic skills and a great memory. They need to listen to the speaker’s entire message and convey it into another language. Consecutive interpretation takes more time than simultaneous interpretation, as the interpreter delivers the translated version after the original speech.

    The type of interpretation you need highly depends upon the kind of events for which you are hiring an interpreter. However, whether it is a small business meeting, court proceeding, or a conference, you will find an interpreter for everything.

    The post Consecutive Interpretation vs. Simultaneous Interpretation appeared first on Home Business Magazine.

    Category: Feature Articles
    Thu, 20 Jan 2022 01:03:20 +0000

    Home Business Magazine Online

    Translating any kind of document requires a high level of accuracy and attention to detail. However, when it comes to technical documents, the skill required is on an entirely different level. You have to be very careful in choosing a technical document translation service provider. The slightest error can cause disastrous results, depending on the purpose of your document.

    What Are Technical Documents?

    The formal definition of a technical document is any written content that refers to information about a certain product that includes technical details. There are some kinds of technical documents that are meant for end-users and come with products when you buy them. Some examples are operating instructions, product manuals, user guides, technical specifications, and so on.

    There are also kinds of technical documents that are meant for internal use within a business. These include project plans, case studies, business standards, market requirements documentation, and so on. Scientific reports and research papers also fall under technical documentation. Technical documents are usually needed in industries like engineering, IT, medicine, and so on.

    Why Is There a Need for Technical Document Translation Service?

    Obviously, technical document writers write these documents in their own native languages. However, oftentimes, these documents are not confined to local or regional use. They are either accessible to the public or must be physically distributed to a global market.

    In the case of product documentation, for instance, these products are typically distributed to different countries for selling. If the language in the user manual is different from the spoken language of the buying public, how is the buying public going to operate the product properly? This is why technical document translation service is important for these global products.

    As for research papers, scientists usually publish them online to share the results of their work with the rest of the world. By using a good technical document translation service, they can reach wider audiences. They can also share their research with fellow scientists, researchers, students, or companies from any part of the world.

    With business papers, it may not always be necessary to have them translated if you are a local business where everyone speaks the same language. However, for multinational companies, it is advisable to have some translations prepared. This can effectively bridge the language gap for the foreign members of the company.

    Criteria for Excellent Technical Document Translation Service

    When looking for a technical document translation service provider, there is more to consider than just the typical factors of cost, turnaround, accuracy, and so on. Technical document translation service is a very particular type of translation, so you have to be extra meticulous when choosing your provider. For your guidance, here are some things that you should expect from a reliable company:

    Simplifies Complicated Wording

    Technical documents often include overly complex sentences and fancy words that can actually be simplified to make statements that are more concise and actually easier to understand. A good translator should be able to simplify these sentences without losing the intended meaning in the original content.

    Uses the Correct File Format

    Different file types can result in different formatting and pagination. For instance, PDFs can sometimes disrupt all the original formatting once the text is modified. However, CSS and HTML can retain the original layout even when making modifications. In order to avoid wasting time, the translator should use the correct format.

    Pays Attention to Cultural References

    When translating technical documents, there may be some cultural references in the content that are not very easy to translate into foreign languages. There may also be some symbols in the original that are unfamiliar with the target audience. For this reason, you should choose a technical document translation service whose translators are not only fluent in the target audience’s language but also very familiar with the target audience’s culture.

    Localizes Content for the Target Audience

    Localization means creating a translation that feels like it was specifically written for the target readers — instead of being an obvious translation. In order to create great localized content, a translator should pay attention to details. This includes units of measurements, currencies, date formats, and even layouts. The translator has to make sure that these fit perfectly with the local culture.

    Why Do You Need a Professional Technical Document Translation Service?

    Translating a technical document is harder than it seems. Even if you are fluent in the target language and know everything about the subject matter, there are still many other factors to consider that only a skilled and seasoned technical translator would be able to do very well.

    There is usually a large amount of jargon involved in technical translation, so many companies use Computer Assisted Translation or CAT tools that will help the human translator to provide the best technical document translation service. You will typically need to pay more for a technical translation than an ordinary one, but it is worth the expense, as this will definitely help your business and help you reach a wider audience.

    The post The Importance of Professional Technical Document Translation Service appeared first on Home Business Magazine.

    Category: Business Spotlights
    Wed, 19 Jan 2022 16:40:30 +0000

    Home Business Magazine Online

    As an entrepreneur, you likely have a set monthly budget that consists of all of the overhead costs needed to keep your enterprise running smoothly. For example, your budget may include payroll for employees and freelancers, payments for internet service and cloud-based project management software, rent for an office space, etc. It is paramount that you stick to this monthly budget in order to maximize your business’s financial health — if you spend way too much money in a month, it can really hurt your company’s overall profits.

    Have you lately been going over your business’s monthly budget and you’re not sure why? Do you want to prevent possible future financial struggles? In my experience as the CEO & founder of CMA Exam Academy, a Certified Management Accountant exam review program, I’ve discovered a number of common ways that business owners unknowingly drain their enterprises’ monthly budgets. Here are just a few of these mistakes to prevent in order to optimize your company’s financial standing and boost your overall business success.

    Not Regularly Comparing the Budget to Actual Expenses and Revenue

    Oftentimes, business owners don’t maintain a steadfast discipline when it comes to comparing their company’s budget to actual overhead costs and revenue made each month. Whether they’re scrambling to meet project deadlines or rushing to answer urgent emails from clients and employees, their focus is always pulled in so many directions, causing this necessary accounting task to constantly be pushed to the back burner. Don’t make this mistake! It is vital that you take the time to regularly compare your budget to your actual expenses and revenue.

    Why is this? Well, it’s because it is easy to completely forget about recurring expenses (like subscriptions to software you stopped using months ago), which will really eat away at the budget. You may also be totally unaware that the monthly fees for internet, utilities, manufacturing, and other operational costs may have increased, which could hurt your bottom line. Therefore, stay disciplined by scheduling a day every month to review your financial statements. Then you can compare budget versus actual expenses, cut unnecessary costs, and make operational changes to ensure you don’t overspend.

    Not Pushing Big, Nonessential Expenditures to Later Months with New Budget Cycles

    This is a major mistake that so many business owners commit. They will get excited to upgrade their computer, spend thousands of dollars on a new software platform, pay a developer a ton of money to revamp their business website, and make other large-but-nonessential expenditures right away. Don’t also commit this big blunder — it would be in your business’s best interest to always check if a large expenditure is within the current month’s budget, or if it should be pushed to a later month with a new budget cycle.

    You can check with your accountant on this, or do the aforementioned step and compare your actual expenses to your budget to see if there is enough budget to make the big expenditure during the current month. However, if the expense is essential to keep your business running — for example, if the equipment you use to manufacture products must be replaced — then you can make the big purchase right away and adjust the next month’s budget to make up for overspending during the current month.

    Pursuing New Projects That Weren’t Budgeted For

    How many times have you discovered exciting new marketing strategies, expansion opportunities, sales tactics, and customer service initiatives that you immediately wanted to implement into your own company? A lot of business owners will get amped up about a new project and then make the mistake of pursuing it without considering how it affects other elements of their monthly budget. Even though the project wasn’t budgeted for, they will spend cash in capital expenditures to get it moving forward. This is not a smart move to make in your own enterprise.

    If you make the hasty decision to pursue the brand new project or capital expenditure, you will be taking cash away from other items in your budget that were already accounted for. For example, the money you spend on a new customer service initiative can lower the amount of capital that you can put towards your monthly digital marketing strategy or print advertising campaign. This can then mean a possible drop in sales for that month. That said, always think about how one purchase would affect another one in your budget.

    Confusing Net Profit with Available Cash

    As a certified management accountant, I’ve seen many business owners make the mistake of considering the profit in their Profit & Loss Statement as the basis for how much available “cash” they had in their bank. They would then erroneously make major business decisions based on this figure alone. However, it is so important that business owners know that net profit does not equal the amount of cash in the bank that is available to spend. 

    Since cash is typically an organization’s most critical and liquid resource, it has a tremendous effect on liquidity, financial flexibility, and operating capacity. FASB ASC Topic 230, Statement of Cash Flows (formerly SFAS No. 95), states that a statement of cash flows “must report on a company’s cash inflows, cash outflows, and net change in cash from its operating, financing, and investing activities during the accounting period, in a manner that reconciles the beginning and ending cash balances.” 

    So readers of the cash flow statement can ascertain if the company has generated enough cash (not just net income) to meet all of its obligations. The Statement of Cash Flows (SCF) is the report that contains the inflows and outflows of cash during a specified period of time.

    To Wrap It All Up

    In order to keep your business running smoothly, it is crucial to set and abide by a monthly budget. Avoid unknowingly draining your monthly budget by comparing it to your actual expenses and revenue. Also, if the current month’s budget doesn’t allow for it, push a big, nonessential expenditure to a later month with a new budget cycle. You can also ensure you don’t unknowingly drain your budget by researching how pursuing a brand new project would affect other initiatives that were already budgeted for. Finally, put together a thorough cash flow statement to always stay on top of how much cash is actually available to make purchases.

    The post 4 Ways Business Owners Unknowingly Drain Their Monthly Budget appeared first on Home Business Magazine.

    Category: Money Management
    Tue, 18 Jan 2022 17:01:03 PST
    Forex trading is a great opportunity for someone to hone their skills in a comprehensive yet competitive financial market of the world.
    Category: Make Money with Foreign Exchange
    Sun, 16 Jan 2022 12:47:45 PST
    Communication apps allow companies of all sizes to coordinate their operations by making the process more effective. This post will discuss how you can use communication apps to further your business coordination!
    Category: Technology for Businesses