Virtual Assistants Deal With High Canadian Dollar

My latest Press Release:

The high Canadian dollar may be good news for some businesses online, but for others it is causing them to rethink their marketing plans to US customers and clients.

Virtual assistants are among the latter group. For years, Canadian VAs have been able to offer competitive rates to their US clients. Now with the dollar being so high against the American dollar, they are losing money and in some cases, clients. Some American clients are finding it more cost effective to find US-based virtual assistants.

This has lead many virtual assistants to take another look at how they market to prospective clients in the US. Some are marketing more to Canadian prospects and since the Canadian market for virtual assistants is smaller than of that in the US, this is making the Canadian virtual assistant industry more competitive. Some virtual assistants are lowering their prices in response to the surge in the Canadian dollar.

Darrell Williams, of Right-Hand-Man Virtual Assistant Services has decided to lower his basic rate from $30/hour to $25.00/hour so his American clients will be able to continue to pay the same amount for his services. Williams says, “I would rather lose a few dollars an hour than lose my clients in the US. It makes sense to me to take a small loss, temporarily, than to possibly lose clients while our dollar is high.”

The high Canadian dollar is also hard on virtual assistant organizations, trainers and coaches. One of the largest VA organizations, the Virtual Assistant Networking Association (VANA), which is based in Canada, is now losing about $120 each time they sell the Virtual Business Startup System to new virtual assistants in the US.

Virtual assistants are global service providers. What happens to the economy of their country, or that of the country where their clients are based, will affect their bottom line. It doesn’t mean they will be forced into financial ruin, but it does mean they have to change to meet the challenges of their global industry.