The effect of inflation in the UK and translation rates
Thread poster: Mari Noller
Mari Noller
United Kingdom
Local time: 10:45
English to Norwegian
+ ...
Sep 5, 2008

We all know that the cost of living in the UK has increased drastically over the last year, and it's not looking like this will improve anytime soon. The last month or two I've felt that there might be a need to increase my rates.
I was thinking that an initial increase of 0.02 EUR for the clients that pay below 0.12 EUR, making 0.12 EUR my target rate.

Has anyone else increased their rates or are you planning to do so?

[Subject edited by staff or moderator 2008-09-05 12:22]


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Mari Noller
United Kingdom
Local time: 10:45
English to Norwegian
+ ...
TOPIC STARTER
Good points Sep 5, 2008

Thanks for your answer Kevin. I've also noticed the increase in dairy products and meat. The simple shopping trip to Tesco once a week for the essentials is no longer under £100. What is the most worrying is the rise in energy prices, up around 30% this winter. That will affect us all.

Kevin Lossner wrote:
I plan to use the financial news about xxx in many future price discussions. It's probably time for most of us to polish our acts and upgrade the business models.


I think I must have missed this news. What happened?

[Edited at 2008-09-05 15:40]

[Edited at 2008-09-05 15:40]


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Mari Noller
United Kingdom
Local time: 10:45
English to Norwegian
+ ...
TOPIC STARTER
Google knows Sep 5, 2008

After a bit of googling I found out something about them and how much money they had been making on translators were leaked by an employee in Poland.

[Edited at 2008-09-05 15:40]


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xxxJPW  Identity Verified
Local time: 10:45
Spanish to English
+ ...
What great links! Sep 5, 2008

I'm rather glad I made you snort coffee now! (Apologies)

But great links to explore (laters). I like the sound of that: "And what do you do?"

"Who, me? Oh, I am a Negotiation Ninja!"


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N.M. Eklund  Identity Verified
France
Local time: 11:45
Member (2005)
French to English
+ ...
I smell java everywhere! Sep 5, 2008

John Paul Weir wrote:

I like the sound of that: "And what do you do?"

"Who, me? Oh, I am a Negotiation Ninja!"


Glad to help Grasshoppa

I have a whole list of interesting sites like that, though most are in French.


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Susanna Garcia  Identity Verified
Local time: 10:45
Italian to English
+ ...
Rate increases Sep 5, 2008

I too have had to increase my rates as of September 1 but I'm not sure of the effect as yet as I've been away for over a month and am just re-establishing links. I had been doing a lot of work for a very nice agency in Italy who kept me very busy but whose rates were ridiculous. Moreover, they applied a 5% discount in their favour for a certain volume plus 60 days payment, thus making it virtually 90 days for work undertaken at the beginning of the month. After 3 months, I realised that I was turning down better paid work by being so tied up with them, told them I would need to raise my rate on my return and, guess what......they have said that I am now too expensive and that they would only use me if there was no one else! So, there must be a ready supply of morti di fame out there, and I am now trying to re-establish my relationships with other agencies.
Still, I'm holding my ground but there are some really poor payers and desperate translators around. I'm lucky, I can hold out at present, but not everyone is so fortunate and that just makes the situation worse for everyone.


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N.M. Eklund  Identity Verified
France
Local time: 11:45
Member (2005)
French to English
+ ...
Strategies picked from other professions Sep 5, 2008

Hi Susanna, yeah I understand that shaky feeling when making such a transition.

One of my clients, the senior partner of a small accounting firm of about 50 people, has a very good strategy for this kind of thing (everyone knows that accountants are notorious for being told their fees are too high).

For those who aren't negotiation ninjas this strategy is a good compromise.
Keep your clients, keep them happy, and at the same time look for better ones, when a better one pops up, drop the worst one. This way you always keep the same load without shocking your income.

So, maybe make a list of your clients in the order of preference (you should have 5-10)
Then once you get a new client, email number 10 on the list and tell them that you're increasing your rates. It's their choice to continue working with you. If they say yes, then you just won twice in a row!


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Ralf Lemster  Identity Verified
Germany
Local time: 11:45
English to German
+ ...
No discussion of specific outsourcers in the forums, please Sep 5, 2008

Hi all,
Having just returned to the office, I noticed various postings in this topic referring to a specific outsourcer.

May I just remind everyone of forum rule no. 8?

Kindly edit your postings (or quotes referring to those) accordingly; thanks in advance.

Best regards,
Ralf


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John Rawlins  Identity Verified
Spain
Local time: 11:45
Spanish to English
+ ...
This is a killer strategy! Sep 5, 2008

N.M. Eklund wrote:

So, maybe make a list of your clients in the order of preference (you should have 5-10)
Then once you get a new client, email number 10 on the list and tell them that you're increasing your rates. It's their choice to continue working with you. If they say yes, then you just won twice in a row!


Hi NM

This is exactly my strategy.

So far this year, I have contacted my two least profitable clients (both mid-volume and direct) and told them that I was going to have drop them from my client list, because I wasn't making enough profit. Both clients agreed to increase their rates, and one of them has substantially increased the volume as well.

I am now deciding who gets the next 'Sorry, but business is business' email.

By the way, both of these clients initially contacted me through Proz.

Cheers,

John

[Edited at 2008-09-06 11:04]


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Mari Noller
United Kingdom
Local time: 10:45
English to Norwegian
+ ...
TOPIC STARTER
List Sep 6, 2008

Thank you all for your replies and suggestions. I have made my list of clients and it's interesting to see how the rates vary with the lowest paying agency offering half the rate of the highest paying agency.
Certainly something to work on


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The effect of inflation in the UK and translation rates

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