ally savvy custom…t market share, although with the exception of TransferWise, very few have broken out. In addition, these startups mostly target digitally savvy customers with bank accounts vs. cash agents — which is the lion share of the market.
These two factors combine together to create the ultimate margin the money transmitter takes. Today the worldwide average is about 7%. Western Union, for example, had a split of 70% and 27% between fee and FX revenue respectively in its 2016 results.
mprised of $550B in total flows…uals in two different countries, typically by foreign workers to individuals in their home country. According to the World Bank, the total remittance market is comprised of $550B in total flows, 80% of which are within emerging economies.
Plus: always look for new projects: I always find the best projects for my VA by starting with “Wouldn’t my life be incredible if….” One of my favorite projects was having my VA pull together a list of everyone I met for coffee, dinner or drinks in the past two years. I then spent a few minutes going through the list and coming up with the people who I really wanted to stay in touch with but struggled for whatever reason. I set a goal of how many times a year I’d like to connect with each person. This way whenever I had a gap in my schedule my VA could go to my list and see if I could use the time to stay in touch with an old friend or colleague.
Birthdays and work anniversaries: I have never had a VA send an e-mail on my behalf (and Gmail’s delegation system makes it obvious if you do), but I do love to have drafts created for me to fill in and send. In my morning digest e-mail, my VA Kara might flag “There are 3 birthday drafts in your inbox” alre…
et up code … somebody wouldn’t follow up and it would get lost forever. Today I’m operating on a new level, and I even set up code works with my VA to signal how long I want the meeting to be, the format (coffee, drinks, dinner, do we need a room reserved) whether I am willing to travel to their office, and whether the meeting is “clear out my schedule urgent” or “Let’s find time to meet in the next few months.” I won’t share my particular vernacular but it’s a good tip to create your own.
Daily Digest: Once these steps are done, she’ll send a short e-mail with what’s most important for me to work on today. Since she has skimmed my incoming e-mails she’ll also flag anything particularly urgent. There will be a few reminders, and probably several questions for me. Each day this is the very fir…
… all of this happens before I wake up because I always hire VAs at least one time zone ahead of me. Since my VA also has the context of what was important from yesterday, she can take stock of important things that are still pending — and have probably increased in priority.