Africa, Worth Investing But With Proper Strategy

invest-africaAfrica is a goldmine for foreign investors and there are massive growth opportunities for companies in the region. The whole continent needs development projects to be initiated, infra-structure to be built and training programs to be organized for more skilled labors. But if compared with other countries, Africa’s share of manufactured goods in the global markets is just an 11% compared to a 31% for east Asia, which is quite low. According to Carlos Lopes, the executive secretary of the United Nation Economic Commission for Africa (ECA), this global share of manufactured goods from Africa can be increased up to a 20% of GDP. With its developing economy, Africa has the room for any number of foreign investors. In the past few years, after the recent oil discoveries in many African countries, a hundred thousand jobs have been created in the region. The boom in industrial zone has also raised the demand for French translators, Portuguese translators and Chinese translators. 

It is not easy to set up a new business anywhere. But to do so in a foreign environment is even more difficult. Foreign investors often show haste in setting up their companies in Africa which results in disaster and a huge financial setback. They witness other companies thriving in the region and presume that due to its development needs, any new business will flourish in Africa. But this is not true. A few factors must be kept in mind before an investor decides about investing in Africa. You must begin by contacting a qualified translation agency which would help you bridge the language barriers you are going to face in a new country. Several good translation companies are doing a remarkable job in negotiable rates. Houston translation service company and New York translation services company are among those few reputable translation firms.

Tips on how to make your business flourish in Africa

When you enter a new market, you must know that the tips and strategies which you followed to establish your company in your own country, could not prove to be useful in a foreign atmosphere, with a few exceptions. African people work with those whom they can trust and the key to run a successful enterprise in the region is to develop business relationships with proper planning. The business community in Africa is of the view that conducting business in Africa might prove to be an arduous task. For good business relationships in the African community, collaboration with local partners is necessary. Your local partners would know the “ins and outs” of running a company in their own country and would likely have the proper connections which you would need as a new investor in the market. Here again comes the necessity of hiring the services of a good translation company which would arrange translators for you according to your need. Usually French, Arabic, Portuguese and English are the official languages in African countries. The translation company you would hire will arrange the translators/interpreters according to your needs.

Inaccurate data is also another factor which leads to the failure of a business. It is not prudent to rely on others to collect data for you or to depend on figures available on the internet. Before initiating anything, you must survey the country yourself and the potential it has, for satisfactory growth of a company. It may feel costly to run an initial market research, but it is going to save a lot of trouble and will minimize the percentage of risk.

It is also very important to set up a website of your company on the internet with key features of the company mentioned. The site should also mention the names and contact numbers of the executives of the company. Business cards can go a long way in establishing a relationship of trust and good rapport with the local community. The top officials of the company should always be available for face to face interactions. All channels for communication should be used, including phone, internet, fax and postal services. You must understand that people like to do business dealings with those, whom they can trust and rely upon. All communication should be done with a consideration for the local customs and traditions of the public. Constant communication would be fruitful only if both parties would be able to understand each other. To hire translators should be among your top priorities when setting up business. Any investment should be done with the intention of improving the situation of the local African man and to create job opportunities for him, in order to keep the interest of the local community intact in your company.

Translating Collection Letters For The Urgency Stage

Following from a previous discussion, if your collection efforts reach the Urgency Stage, The Marketing Analysts Translation Company recommends that companies adopt similar strategies to write their non-English speaking clients.  When these letters are translated into the language of your client, they can become very powerful tools.

Dear Ms. Bachmeier:

For six years now, Ms. Bachmeier, you have been a valued client. During that time, your credit limit with us has increased from $400 to $1,200.  And during that same period, we’ve given you five favorable credit references.

You can be justifiably proud of such an excellent credit rating.  You’ve worked hard to earn it.  Unfortunately, your rating is in jeopardy because your balance of $926.34 is four months overdue.  Unless we’ve received your check within five days, we’ll be forced to report you to the Northampton Credit Bureau and to our collection agent.

Neither of us will benefit from such reports.  We will lose a valued customer, and your will lose a rating you’ve spent years building.  Why not be fair to yourself and us?

Please send your check today for $923.34 and retain your excellent credit rating.

Yours truly,

Frank Kowalski
Executive Vice President

The executive vice president of the company that sent this letter signed this letter to stimulate payment.  Earlier letters to Ms. Bachmeier were signed by someone in the credit department.  Rather than appeal to fear, many Washington D.C. translators suggest that the letter writer chose a softer tone and appeals t pride and self-interest, since the addressee’s credit history is excellent.

In the next letter, the letter writer appeals to fear because the addressee is a poor credit risk.  In his case, the collection department skipped the inquiry stage, going directly from reminders to an urgent letter.

Ultimatum.   If a debtor fails to respond to your letter of urgency, send an ultimatum.  Stress that the debt must be paid voluntarily or by force.  Most legal translation workers in New York recommend that their business clients make it clear that they intend to seek legal action, and outline the procedures you plan to follow (e.g., attorney, collection agency, court) to enforce your claim.

A Collection Letter: Urgency Stage

Dear Mr. Russo:

When we shipped you the radial-arm router four months ago, Mr. Russo, we did so in good faith.  And we expected you to act in good faith by paying us within 30-days.

But you’ve ignored our reminders for payment.  Therefore, unless we receive your payment for $738.69 within seven days, we will be forced to turn your account over to our attorneys.  You can avoid this action by coming in within five days and signing a 60-day promissory note at 16-percent interest.

Choose whichever option is best for you.  Mr. Barnes, but you must act now to avoid the loss of credit and the expense of litigation.

Yours truly,

Thomas Moreno
General Sales Manager