| Pages in topic: < [1 2 3] > | Poll: Is your business being negatively affected by the current financial crisis? Thread poster: ProZ.com Staff
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sarandor 
United States
Local time: 16:03
English to Russian
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| In some ways... | Oct 3, 2008 |
I have one very good client that provides traslation services to one of the very few remaining investment banks. I've been receiving less jobs from them in the recent months, although, overall, my business is growing. But I can't help but think that I could've been even busier (or had a luxury to choose which jobs I want to take) if I had the same amount of work from that client as I did during better economic times. So, for me, the cost of the current crisis is lost opportunities...
| | | | Jenni Jelse
Sweden
Local time: 22:03
English to Swedish
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| Good point - getting paid | Oct 3, 2008 |
Lawyer-Linguist wrote:
The other way we can be affected, of course, is if agencies are undercapitalised and fail to meet their obligations because they cannot obtain further financing to tide them over until their own clients pay.
Again, I'm lucky - touch wood - to have a very stable and good mix of agency and end clients, but I'd urge all colleagues to be especially vigilant these days and to act immediately if they experience any delay in payment.
[Edited at 2008-10-03 15:47]
Very good point. I was just thinking the other day that I need to keep better track of payments. It usually takes me months to realise that I haven't been paid, very bad I know.
I'm also putting my savings in two different banks, just in case one of them goes under!
| | | | | As others said... | Oct 3, 2008 |
...it is too early to tell.
The only crisis I remember in my 14 years of profession was the year 2003, after the introduction of the Euro and due to the political situation in my native country.
Our industry doesn't react that quick to this kind of events though.
[Edited at 2008-10-03 17:46]
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I'm currently busier than my kids and health would wish. I see the exchange rate for USD smart under consumption (no time for monthly invoices ), but that's all there is to it so far.
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| THAT WILL NOT HAPPEN | Oct 3, 2008 |
When the crisis was first mentioned, I DECREED that far from being negatively affected, we translators would be getting more and bigger projects. And it worked for me!!
THINK POSITIVE, GUYS! Globalization makes us more necessary than ever before. Actually, the huge project I am working on these days exemplifies this assertion (I would love to share the details, but I am bound by a confidentiality agreement) AND the us... See more When the crisis was first mentioned, I DECREED that far from being negatively affected, we translators would be getting more and bigger projects. And it worked for me!!
THINK POSITIVE, GUYS! Globalization makes us more necessary than ever before. Actually, the huge project I am working on these days exemplifies this assertion (I would love to share the details, but I am bound by a confidentiality agreement) AND the usual demand from my regular clients has not changed.
We are not at risk. Please keep this in mind. Negative vibes are not admitted here
Cheers! ▲ Collapse
| | | | | On the contrary | Oct 4, 2008 |
I am so busy I hope I don't get sick because then I wouldn't be able to handle all the contracts I'm getting.
I live in Canada, the US dollar is sinking, I get paid mostly in US dollars... do the math! If anything, I am simply making slightly more money than before the crisis because of the exchange rate. I also don't spend any money on goods that are affected by the crisis, so I get more buying power.
If this crisis lasts and keeps heading in more or less the same dire... See more I am so busy I hope I don't get sick because then I wouldn't be able to handle all the contracts I'm getting.
I live in Canada, the US dollar is sinking, I get paid mostly in US dollars... do the math! If anything, I am simply making slightly more money than before the crisis because of the exchange rate. I also don't spend any money on goods that are affected by the crisis, so I get more buying power.
If this crisis lasts and keeps heading in more or less the same direction, the Canadian dollar might just recover from the recent parity. All the better for me!
Fine and dandy! ▲ Collapse
| | | | Interlangue (X)
Angola
Local time: 22:03
English to French
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Ahmet Murati wrote:
Currently I am not affected at all by current financial crisis due to a fact that currently I am working on a project and the payment is done only with Euros and in My country where I do reside, Kosovo, the valid currency is Euro.
Do you mean to say that Europe is not affected by the turbulences?
Keep an eye on stock-exchange indexes and the news: 2 major banks have been nationalised in the Benelux this week! (Fortis and Dexia)
I do not think Britain is better off either: http://www.guardian.co.uk/business/2008/sep/28/bradfordandbingley
[Modifié le 2008-10-04 11:56]
| | | | Textklick
Local time: 21:03
German to English
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In memoriam | The lady said it | Oct 4, 2008 |
María Eugenia Wachtendorff wrote: THINK POSITIVE, GUYS! Globalization makes us more necessary than ever before. Actually, the huge project I am working on these days exemplifies this assertion (I would love to share the details, but I am bound by a confidentiality agreement) AND the usual demand from my regular clients has not changed. We are not at risk. Please keep this in mind. Negative vibes are not admitted here
Thanks Maria, you saved me a few keystrokes there.
O.K. - the 'credit squeeze', currency fluctuations and other aspects may affect our personal financial situation*, but not our business.
Basic economics dictates that the tougher the situation gets, the harder companies have to work to sell their goods and services (I mean our clients - not us!). Ergo - demand from us will increase.
And should anyone dare to ask for reduced rates on the strength of all this, I shall be only too pleased to remind them of *above, and ask them how far back on line they want to stand.
Back to work...
Cheers,
Chris
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Gad Kohenov
Israel
Local time: 23:03
English to Hebrew
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| It's already influencing Israeli translators | Oct 4, 2008 |
The $us, GBP and Euros we are owned are worth much less when we get paid.
1$us used to be 4.50 NIS - now it's around 3.5 NIS.
1 Euro was 5.5 NIS - now it's barely 4.8. The Euro is crashing .
The GBP was 8.00 NIS - now it's less than 6.50NIS.
Is the Israeli Shekel the strongest currency right now??
You are all avoiding the simple fact. It is not only your payment for translations which is at stake - it is your entire life savings.
Paper money will be wor... See more The $us, GBP and Euros we are owned are worth much less when we get paid.
1$us used to be 4.50 NIS - now it's around 3.5 NIS.
1 Euro was 5.5 NIS - now it's barely 4.8. The Euro is crashing .
The GBP was 8.00 NIS - now it's less than 6.50NIS.
Is the Israeli Shekel the strongest currency right now??
You are all avoiding the simple fact. It is not only your payment for translations which is at stake - it is your entire life savings.
Paper money will be worth nothing in the not so far future. Experts see the US$ going South by 40%!
This crisis will make the one of 1929 look like a Sunday picnic. The bailout program is a joke 700 milliards (or billions as they call it in the US) is a joke. A trillion too.
41 trillions are neede and no one knows where to get them from.
The only way to save yourselves is Gold, Silver and other commodities.
Gold and Silver coins = you can't find them anymore or have to wait in line for months. Gold bars, Silver bars? pretty much the same.
Junior mining stocks? there is still time to buy them now when they are still low.
Take money out of the bank and keep them under your mattress, if you don't do anything else.
Read an excerpt of what a expert has to say:
"If you're counting on the government bailout to work, you're putting your trust in the hands of Barney Frank and Chris Dodd, the men who brought you Fannie and Freddie's ever-expanding balance sheets and pushed no-down-payment lending onto the mortgage industry. These guys are complete clowns. Together, they're the two worst financial bunglers in the history of our government."
The junior mining stocks will go up immensely in the near future. It's the only thing you can buy without too much loss of time.
Waiting for the PTB (Powers to Be) to save us will be a grave mistake.
D.F. ▲ Collapse
| | | | | yes, but in an indirect way. | Oct 4, 2008 |
I put all my money I earned from translation into the stock market, and you know the result...
Also same with desertfox, I suffer from the devaluation of USD against Chinese RMB. 1 USD used to be 8 RMB and now it's around 6.7
| | | | Interlangue (X)
Angola
Local time: 22:03
English to French
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[quote]Dallas Cao wrote:
I suffer from the devaluation of USD against Chinese RMB.
The USD is going up against the Euro... or is the Euro just going down?
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Actually, I am gradually raising my rates in one or two cents/word, but still they seem to be affordable by the majority of countries I work with.
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megane_wang
Spain
Local time: 22:03
Member (2007)
English to Spanish
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| Yes, but not as a translator | Oct 5, 2008 |
I work as a translator but I also receive other communication/multimedia projects which help to keep on running my "micro-company" with a designer (who helps in DTP tasks) and a programmer (who helps in some localization tasks). Thus, I work as a translator and also keep an eye on a few multimedia projects/customers.
Even though our *** Minister for Economic Affairs still would try to say that there is no crisis anywhere (Crisis, what crisis??) and that Spanish finances are strong a... See more I work as a translator but I also receive other communication/multimedia projects which help to keep on running my "micro-company" with a designer (who helps in DTP tasks) and a programmer (who helps in some localization tasks). Thus, I work as a translator and also keep an eye on a few multimedia projects/customers.
Even though our *** Minister for Economic Affairs still would try to say that there is no crisis anywhere (Crisis, what crisis??) and that Spanish finances are strong amongst the strongest (ayee!), we are noticing it since last September 07, when customers started cutting their investment in communication and promotion. In addition to this, we suffered from our bank changing the credit policies. In Spain, there still does not exist a rule that forbids payments longer than 30 days and it's difficult to survive when your customers have 90-day payment terms (and you must pay for taxes in advance), unless you have some sort of credit. Our bank just decided to cancel our credit contracts without prior notice, so we have been going through the worst 5 months of the last 8 years as a micro-company.
As a translator, though, I have not noticed a decrease in activity.
Just one point: as Euro has grown more and more expensive in dollars, I have noticed that getting new customers in the US has become harder. Of course, Spanish translators from America, who always deal with dollars, are more competitive right now, unless we look at projects in European Spanish. Fortunately, current customers are satisfied and keep coming back
Ruth @ MW
[Edited at 2008-10-05 09:52]
[Edited at 2008-10-05 10:48] ▲ Collapse
| | | | Yassen Tounev
Bulgaria
Local time: 23:03
English to Bulgarian
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| Definitely not | Oct 5, 2008 |
Our business is not directly related to financial markets. Moreover, in this situation companies start looking for new international relations with partners from countries not so affected by the crisis- Eastern Europe and Russia. So I feel an increase in some extent- for example many UK investors come to Bulgaria now in order to to participate in tenders for infrastructural projects, funded by EU - mainly large construction companies, lost a part of their business at home due to the fact, th... See more Our business is not directly related to financial markets. Moreover, in this situation companies start looking for new international relations with partners from countries not so affected by the crisis- Eastern Europe and Russia. So I feel an increase in some extent- for example many UK investors come to Bulgaria now in order to to participate in tenders for infrastructural projects, funded by EU - mainly large construction companies, lost a part of their business at home due to the fact, that construction industry in the UK and other EU countries was affected by the crisis. So, I'm very optimistic. ▲ Collapse
| | | | | Well, we all need a little time off once in a while...... | Oct 5, 2008 |
The amount of postings in the last little while is a definite indication of the crisis. Although my business is not based on answering job postings, I do like to read them and there have been remarkably few this last week.
I have never seen anything like it............
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