November & December News: LANGUAGE MANAGEMENT STRATEGIES

DOING BUSINESS IN A DIFFERENT LANGUAGE

The barriers that European SMEs face when exporting abroad are often related to the quality and effectiveness of their communication. Two studies conducted in Europe have found that success in international trade is linked to developing effective language management strategies(LMS).

The ELAN Survey (2006) concluded that higher performance in international trade is associated with four factors, one of which has to do with the company’s approach to language issues in new markets.

The PIMLICO Report (2011) found that 41% of European SMEs experienced a significant increase in their turnover (more than 25%) after implementing measures to ensure effective and proficient multi-language communication.
percentage increase

A significant amount of business is also being lost as a result of lacking language skills. Across a sample of nearly 2000 businesses, 11% of respondents had lost a contract due to lack of language skills.

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