Two parties often communicate to find a middle ground to conduct a transaction. One party expresses its interest in what another party currently has or has the opportunity to produce.
From there, a business transaction has begun. It is often the initial point of contact where both sides exchange interest, and a desire to move forward with a transaction.
When people from different backgrounds, counties, or areas conduct business, there is a barrier to overcome between the two sets of different business standards.
Communication and language in business
A lot of how the barriers and obstacles are overcome is through communication. The way the two companies communicate is through language.
Language going back to the beginning of time has been one of the most crucial parts of the world we live in.
People communicate through language, and it is through translation that two people or parties trying to do business are able to communicate in two different languages or dialects, and ultimately conduct a business transaction.
Language is the basis of any business transaction or any business deal. The two parties involved have to be able to communicate with each other.
The terms, conditions, and nuances of every deal or transaction are hashed out by the use of negotiation. Negotiation is the back and forth between people who are trying to find a shared interest or middle ground.
The only way to get to that middle ground is through communication.
Language is the interface people exchange and communicates through in order to find common ground or a shared interest. The translation is how people from two separate or different areas who communicate differently are able to communicate with each other.
The translation is an important part of the business world, and without it, a lot of business would never be conducted.
A lot of business nowadays has gone global and international, where people have had to conduct business with each other through translators or middlemen to help verbalize their points to the other parties.
This has meant a lot of business comes down to the way in which a translator or third party has expressed the communication from the other side.
It has evolved into a big business, and big skill companies look for in potential employees.
If you’re able to speak multiple languages, and one that the companies does business in, you’re going to be ahead of the curb. You’ll be able to make yourself into a key resource, and valuable commodity by being able to translate foreign business dealings.
Translating what one person says to another is incredibly important when dealing with two foreign nations, who speak in different languages.
The business deal or the faith of the business deal relies upon the translator, who sometimes don’t have a vested interest or any skin in the game.
The translator can sometimes be the reason a transaction gets done, or the reason a transaction doesn’t get done.
In some countries, there are high levels of respect, and nuances that come with every transaction. If a translator isn’t able to properly express that level of respect, and class, it might be tough to make a deal happen.
The way or in the context the translator delivers one party’s message can be all the difference in conducting business, or in not conducting business.
The one thing that’s constant and doesn’t need translation is numbers. Numbers are universal and people in all languages, dialects, and regions understand numbers.
Every business deal is going to revolve around numbers in some capacity. Whether it’s the finances, economics, or structure of the deal, there will be some level of numbers utilized.
The finances behind a business transaction don’t have a need for translation or communication through a language.
Numbers are the language in certain industries like finance, economics, and banking. These industries function off of numbers and are the barometer they use to analyze and measure the performance or current level of production.
Understanding the numbers is something that takes time, skill, and expertise. It is a skill that developers with practice, and with more repetition.
Understanding numbers in business
Often times, the people who are tasked with interpreting those numbers are financial analysts.
Financial analysts try to translate a financial deal or situation into an example or structure that creates a beneficial outcome for both parties.
They try to evaluate the current structure, or the business transaction into a way they can assess or interpret its numbers.
Financial Analysts try to understand the current state of the market, the outlook of an investment, or the current performance of an investment to see the effect and metrics at play.
They are usually constantly analyzing and running numbers on a day to day basis. A lot of what they do is to try and figure out how a certain project, deal, or investment is going to look in the future.
In other words, if the company will make money on it, and if so, how much they’ll make it. They usually do this by developing different scenarios and outcomes for a given transaction, dependent on XYZ.
Every business deal has a level of communication involved with it. The different terms, structures, conditions, and nuances of a deal have to be communicated to both parties.
The people in charge of this, are often the higher-level employees.
When two different countries or nationalities are present, there is often an interpreter that is involved in the exchange.
Even though they might not speak the same language, or in the same tongue, they need to be able to communicate to the other party.
People and companies talk to each other and communicate what they are trying to achieve, and what they comfortable performing.
Through communication, business happens.
Whether that means the person buying the candy bar, or the company buying another company, communication is how the world of business functions.
Translation, language, and communication all work together in order for companies to transact and interact with each other.
Each one plays an important part in the business world and are responsible for substantial amounts of business every year.
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Howie Bick is the founder of The Analyst Handbook. The Analyst Handbook is a collection of 16 guides created to help current and aspiring Analysts advance their careers. Prior to founding The Analyst Handbook, Howie was a financial analyst.