| Pages in topic: [1 2] > | how is the global financial crisis affecting YOU? Thread poster: Konstantin Kisin
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I have been pondering this very question myself recently.
On the one hand, unlike employees we've got our eggs in different baskets, so even if one client goes out of business or simply stops sending us work we've still got others to keep us afloat.
On the other hand, as we know from polls, lots of us have 1 or 2 major clients, losing whom might result in a loss of rev... See more I have been pondering this very question myself recently.
On the one hand, unlike employees we've got our eggs in different baskets, so even if one client goes out of business or simply stops sending us work we've still got others to keep us afloat.
On the other hand, as we know from polls, lots of us have 1 or 2 major clients, losing whom might result in a loss of revenue ranging from 20% to 90%.
In my case, I have 1 major client who works exclusively with a very large international bank, so I had great cause for concern. Luckily, it seems this particular bank is actually doing very well out of this crisis. Had it been, say, Northern Rock or Bear Stearns, it would be a different story.
What about you? ▲ Collapse
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I have 6 major customers and the flow of work is much the same as last year (the first 3 weeks of this year were slow, i.e., 15,000 words per week on average), but ever since then I am back to turning work down.
| | | | Ralf Lemster 
Germany
Local time: 08:03
English to German
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| More work... | Mar 18, 2008 |
Hi Konstantin,
A very relevant question, which affects anyone specialising in financial markets work in particular.
So far, all I can say is that we've had more work as a result of the crisis, as financial instutions need to make sure they maintain a high level of communication.
From a default risk perspective, it's a wake-up call (or at least should be...) for anyone who still believes banks and financial institutions are immune from insolvency. Very clearly, the... See more Hi Konstantin,
A very relevant question, which affects anyone specialising in financial markets work in particular.
So far, all I can say is that we've had more work as a result of the crisis, as financial instutions need to make sure they maintain a high level of communication.
From a default risk perspective, it's a wake-up call (or at least should be...) for anyone who still believes banks and financial institutions are immune from insolvency. Very clearly, they're not. We insist on short payment terms, requesting payment in advance in some cases.
Best regards,
Ralf ▲ Collapse
| | | | Steffen Walter
Germany
Local time: 08:03
Member (2002)
English to German
+ ...
| Steady work at a high level - diversified customer base | Mar 18, 2008 |
Hi Konstantin,
I'm doing just fine (and have to decline new offers on a regular basis) as my customer base is sufficiently diversified, albeit with three or four major accounts contributing about 50-60% of my total income. In addition, I have "more than one leg to stand on", so to speak, in terms of my fields of specialisation.
Best,
Steffen
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I'm spending a fair bit of time reading about it and watching the news.
So, I'm going to bed later so as to get the actual work done, and so I'm much grumpier than usual (and I'm usually pretty grumpy anyway!).
I daresay my wife will leave me and my kids will get taken into care, and this time next year I will be drinking cider from a bottle in the park and shouting abuse at the lamp posts.
| | | | Konstantin Kisin
United Kingdom
Local time: 07:03
Russian to English
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TOPIC STARTER
Charlie Bavington wrote:
I daresay my wife will leave me and my kids will get taken into care, and this time next year I will be drinking cider from a bottle in the park and shouting abuse at the lamp posts.
This plan is contingent on you being able to afford the cider, and given the recent budget you'll probably struggle
| | | | Clare Barnes
Sweden
Local time: 08:03
Swedish to English
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...so far. There was an interesting discussion on The Bottom Line (Radio 4) at the weekend, where the general consensus was that the money is still there, it's just become more discriminating. Small and medium businesses should be much less affected by turbulence on the financial markets than larger businesses who may need to borrow millions - and not be able to.
On the other hand, I don't have a lot of financial work and have a broad client base in Sweden and the UK. I haven't not... See more ...so far. There was an interesting discussion on The Bottom Line (Radio 4) at the weekend, where the general consensus was that the money is still there, it's just become more discriminating. Small and medium businesses should be much less affected by turbulence on the financial markets than larger businesses who may need to borrow millions - and not be able to.
On the other hand, I don't have a lot of financial work and have a broad client base in Sweden and the UK. I haven't noticed any slowdown in work at all...
Clare ▲ Collapse
| | | | Thorson
Local time: 08:03
Danish to English
| 15,000 words per week is slow? | Mar 18, 2008 |
Marijke wrote:
I have 6 major customers and the flow of work is much the same as last year (the first 3 weeks of this year were slow, i.e., 15,000 words per week on average), but ever since then I am back to turning work down.
15,000 words per week is slow?
lol, you have nothing to worry about.
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Konstantin Kisin wrote: Charlie Bavington wrote:
I daresay my wife will leave me and my kids will get taken into care, and this time next year I will be drinking cider from a bottle in the park and shouting abuse at the lamp posts. This plan is contingent on you being able to afford the cider, and given the recent budget you'll probably struggle
As an informed reader, Charlie has carefully chosen cider as his preferred drink for a reason: it's gone up only 3 pence a litre!
G
| | | | Steven Capsuto
United States
Local time: 02:03
Member (2004)
Spanish to English
+ ...
| An American perspective | Mar 18, 2008 |
The euro and pound are strong and my own currency, the dollar, is worth very little.
As a result, business is booming, but I'd still like to see the dollar crawl back up into the sunlight.
| | | | Henry Hinds
United States
Local time: 00:03
English to Spanish
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In memoriam | Another American perspective | Mar 18, 2008 |
When I travel abroad to a developing country that used to have raging inflation and has had three zeros knocked off the currency on more than one occasion...
...and find out that the US dollar is now third-world currency and theirs is first-world.
| | | | | It's affecting my stock portfolio | Mar 18, 2008 |
And I have to work quite a bit more to fill the gap and plan for my pension...
Also I adjust my rates in USD on an (almost) weekly basis.
Philippe
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Andrea Riffo
Chile
Local time: 02:03
English to Spanish
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The US dollar to chilean peso ratio has lowered considerably (little more than 10%) in the past 3 months, which means I am currently earning around 10% less from my overseas clients.
Add that to the high inflation we've been having the past year...
Not good. Not good at all.
| | | | Joan Berglund
United States
Local time: 02:03
Member (2008)
French to English
| I accept stupid deadlines | Mar 18, 2008 |
I want to buy a house myself in the next few months and I am worried about getting a mortage in the current tightwad climate since both my husband and I are self-employed. As a result, I am agreeing to some really stupid deadlines because the money is too good to turn down and I want to save the biggest down payment possible.
As far as my customers are concerned, I think an economic downturn makes them more litigious. Instead of doing R&D and developing new projects they hang on t... See more I want to buy a house myself in the next few months and I am worried about getting a mortage in the current tightwad climate since both my husband and I are self-employed. As a result, I am agreeing to some really stupid deadlines because the money is too good to turn down and I want to save the biggest down payment possible.
As far as my customers are concerned, I think an economic downturn makes them more litigious. Instead of doing R&D and developing new projects they hang on tooth and nail to whatever patents they have while trying to get competitors patents annulled, so as to hang on to the biggest market share they can. It's still work for me, though it's not my favorite. ▲ Collapse
| | | | Henry Hinds
United States
Local time: 00:03
English to Spanish
+ ...
In memoriam | Right, Andrea | Mar 19, 2008 |
Because I was just in Chile. I'm happy for Chile, of course, things sure have changed for the better!
Except for some wine-growers who have contracted for long-term sales in dollars.... oh well, so I'll enjoy some here!
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