Trump and the Canadian Translation Industry
Trump and the translation industry? How are these two even remotely related one may ask. Well, for one, the translation industry and translation services providers do not exist in a vacuum. All sectors of the Canadian and world economy are interconnected and performance in one particular sector is directly or indirectly reflected in other sectors. For GTA Translation for example, fluctuations in the financial sector affects us both directly and indirectly. We devote a lot of time and resources catering for financial services providers and when markets are roaring and these companies are doing well, we tend to benefit directly from that. On the other hand, a recessionary financial landscape is a bane for us. Translation services providers are also indirectly affected by fluctuations in financial markets which have become a benchmark for measuring the overall health of an economy. Of course, a lot of experts tend to dissociate the real economy from the financial markets, but the reality is that investor sentiment in all sectors of the economy is heavily influenced by the behavior of financial markets.
The Trump factor
Canadian businesses are very aware of how tied the Canadian and U.S. economies are. However, translation services providers operating mainly within the national borders might not intuitively conclude that the latest political events taking shape in the U.S. have a direct impact on our business. A lot has been said about how Donald Trump will guide executive decisions that will have ripple effects around the whole world. After all, the economic powerhouse that is the U.S. remains highly influentialin guiding economic policy around the world, especially here in North America. Will Mr. Trump act on his electoral promise of enacting protectionist measures or was all this just an electoral campaign strategy? If a new era of protectionism is on the horizon, how will Canadian businesses and Canadian translation services providers be affected? Will Mr. Trump act indiscriminately between Mexico and Canada? Is it the end of NAFTA? We think only two safe conclusions can be drawn from this questioning. The first is that well, nobody really knows. Mr. Trump is a peculiar leader to say the least and the combination of a New-York businessman starring in reality-TV shows or making cameo appearances at wrestling matches is something new to all of us. Does he mean what he says and does he say what he means? Only time will tell as analysts are divided on the question. The second conclusion that is safe to draw is that we are entering a period of uncertainty, at least in the short run. To be fair, I think we have been warned many times already to get used to an era of uncertainty. However, the election of Donald Trump at the head of the U.S. takes the game to a higher level. Is uncertainty necessarily bad for business? It really depends on the business model one is operating, but company culture also plays a role. Businesses who are adventurous might or might not be graciously rewarded for their high-risk appetite as other more prudent actors miss out on opportunities.
As a translation services provider, GTA translation is inclined to follow the 3 golden rules of operating a business. Diversification. Diversification. Diversification. We remain focused on Canada as this is the market we know best. Translation services in Canada are also highly valued as Canadian companies have exceptionally high standards when it comes to the quality of service. The game is drastically different internationally. However, we believe that it is important for a company like ours to have an international presence. The fluid business model we operate enables us to do that. We also intend for more diversification from a sectorial perspective. Like mentioned above, all sectors of the economy are interconnected and fluctuations in one particular sector is bound to reflect on the others. However, the correlation between the different sectors can be positive or negative. Understanding where the economic wind is blowing can only be helpful for translation services providers like us in determining where to focus our resources.
GTA TRANSLATION SERVICES
439 Wallenberg Crescent, Mississauga, ON, Canada L5B 3M2
Tel 1-800-399-9795 / 416-428-1765, Email
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