MBA Program Project: Send A Letter

Running head: MBA PROGRAM PROJECT: SEND A LETTER 1

Aron Blesch

October 16, 2014

E-Mail: [email protected] Fax +431/4801624

Telephone +13152393664 Vienna, Austria 1170

Aron Blesch

Taubergasse 15-15

OWNER

MBA Program Project: Send A Letter

MBA PROGRAM PROJECT: SEND A LETTER 2

Table of Contents

I. Executive Summary………………………………………………………………….3

II. Background ………………………………………………………………………….3

III. Introduction…………………………………………………………………………3

IV. Our Values, Vision, and Mission……………………………………………………5

V. Value Proposition……………………………………………………………………5-6

VI. Organizational Chart and Leadership Team………………………………………...5

VII. Marketing Mix ……………………………………………………………………..6

VIII. Risk Management and Innovation Strategy………………………………………...6-7

IX. Ethics & Legal: Social Responsibility……………………………………………….8

X. Impact of the Global Economy and Opportunities for Growth……………………...8-9

XI. Financial Plan and Assumptions…………………………………………………….9

XII. Ratio Analysis………………………………………………………………………...9

XIII. Analysis of Financial Risks………… ………………………………………………..9-10

XIV. Value Chain Activities. ………………………………………………………………10

XV. Business and Marketing Strategy ……………………………………………………..10-11

XVI. Conclusion. …………………………………………………………………………...11

XVII. Projected Income Statements ………………………………………………………..11-12

XVIII. Projected Balance Sheet …………………………………………………………….13-14

XIX. Ratio Calculations …………………………………………………………………….14

XX. Appendices…..…………………………………………………………………………15-16


Executive Summary

In the Digital Age instant communication is often taken for granted. Notwithstanding,

there is still a pressing need for people to use snail mail and communicate via traditional postal

or mailing services. Investing in these services has proven profitable.

Send a Letter

• is an online solution to streamline and automate the process of letter writing

• will take digitized letters from customers via our website and app and reproduce them in

hardcopy form

• aims to meet the need for mailing services in a manner that is affordable and expedient

• seeks investors to bring app to market

• is seeking $100,000 in initial investment

• is an excellent and profitable opportunity in a niche market

Background

Because snail mail is often overlooked and considered outdated as means of

communication, it is not discussed much in the cultural milieu. However, this reality is also what

gives Send A Letter an advantage because the need for snail mail is still there; many are in the

world are not online. 15 percent of adult Americans remain offline and 9 percent of adults who

use the internet lack home access (Zickuhr, 2013). In cases of personal and business

communication, there are sometimes situations where there is only a physical address is on

record, or a need exists to send a registered, certified letter to that address. There is a recurrent

need to use traditional mailing services for businesses, military personnel, senior citizens, the

disabled, expatriates, travelers, snail mail fans and pen pals who need or like to write letters to

others.

Introduction

Send A Letter as a limited liability company will take digitized letters from customers via

its website, and reproduce them in hardcopy form, snail mailing them to specified recipients. In

so doing, we aim to meet the need for mailing services in a manner that is affordable and

expedient. As a sole proprietor presently, Send A Letter must address and provide the following

in order to meet customer needs more thoroughly: an explanation of how the service works, the

cost of the service, international postal services, corporate accounts: what’s included in them and

how to set them up, special delivery services, adding a return envelope and whether it can be

stamped, what forms of payment are accepted, the discounts that are provided, what kind of

documents can be sent, whether advertisements are placed in the letters, when the service can be

used, whether the same letter can be mailed to many people, whether mail merging is possible,

whether an API can be set up, whether letters can be sent through email to mail, the type of paper

and envelopes used, whether complete letters or additional letters can be sent, the type of formats

supported, whether customers can use their own letterhead, the address to be used as the return

address, the procedure for returned letters and refund possibilities, privacy issues, and receiving


customer support. Each of these areas will be answered thoroughly on our website’s FAQ

section.

Our Values, Vision and Mission

Why should prospective customers send letters through us? Can’t they just use their

stamps when the need to snail mail a letter arises? Our value as a company and as an operation is

that we offer the convenience of knowing that obtaining stamps and envelopes are no longer a

requirement. Our marketing goal is to be on the palette of consumer choices and to be given a try

every now and again by as many as we can reach promotionally and through word of mouth.

An important message we wish to convey is that Send A Letter values and promotes the

tradition of letter writing and snail mailing. Utilizing the tools of the digital age, we hearken an

era that has yet to be completely lost: the old-fashioned writing and mailing of letters. We wish

to preserve and promote the tradition of letter writing and the sending of letters through the mail,

utilizing the Internet and the best available technological tools at our disposal. What makes us

unique is that Send A Letter is an online solution that automates and streamlines the process of

letter writing and snail mailing. Our mission is to provide people with inexpensive and

convenient mailing possibilities, assisting in the manual labor involved in those mailings. We

supplement the work for any business with mailing needs. Send A Letter is useful for letter

campaigns such as resumes, cover letters, sales pitches, legal documents, newsletters and press

releases. We provide all materials and production and mail letters within 24 hours.

Value Proposition

Send A Letter is essentially for anyone behind a computer or mobile device who has the

need to mail a physical letter anywhere in the world. We provide a quick and convenient way to

send a physical message to anyone, anywhere in the world. Send A Letter is a combination of

innovative internet and software technology merged with traditional mailing services in a manner

that benefits the client by being a mechanism the customer to communicate with someone or an

entity whose email address is not available or knowable. The problems we solve vary as people

will use our service for a variety of communication purposes. We wish to add value by being

available to respective clients in a manner that is seamless and efficient via our website and in

our software applications.

Organizational Chart and Leadership Team


Send A Letter will follow a horizontal organizational structure as shown above, the aim of our

collective efforts to bring value to the customer. The top management team will be divided in

three key areas: finance, which also comprises accounting, human resources sales and marketing.

Moreover, product managers will oversee the planning, research, building and testing of products

and services that will be offered to the customer. Each respective management team will

themselves have teams that work together on respective projects and services. The physical labor

involved in mailing the letters and maintenance issues will be HRM’s responsibility in terms of

the team it assembles to carry out those duties.

SWOT Analysis

Strengths: Send A Letter’s strong points lay it its value for a niche market of internet

users and businesses who may wish to utilize mailing services for a host of reasons. In reaching

this market, we offer a valuable service that will save the client time. Moreover, additional

strength is our ability to offer mailing services to Europe in particular at discounted rates by

virtue of being principally located in Vienna, Austria. We will in effect be able to undercut the

competition and still make a profit.

Weaknesses: Send A Letter’s principal strength could also be its weakness in that as

more and more people go online, there may be a point when the market niche depreciates to a

point where the business is no longer profitable due to the lack of people whom our users need to

mail letters to. Determining when the breaking point would come is difficult, however.

Opportunities: The opportunities for growth are manifold especially as we seek to enter

the application markets. It is our intent to market ourselves heavily to internet savvy clients in

such a fashion in order to gain revenue and build the business further. We feel we can create a


revenue stream with an application priced at 99 cents, which will allow further growth in other

areas.

Threats: The consummate threat is the competition. Also, we face the threat of growing

too fast potentially to keep up with orders and maintaining a functioning business model.

Regarding competitors, we have to be mindful of pricing but also of innovations to the service in

the industry, so we do not become displaced and left behind.

Marketing Mix

Send A Letter will offer the right products and services sold at the right price in the right place

using the most suitable promotion. To create the right marketing mix, we are meeting the

following conditions:

Our products and services have the right features - for example, they look good and work well.

The price is competitive. Consumers do not need to buy in large numbers to produce a healthy

profit for the firm. Our strength is usage across a wide variety of customers.

The products and services are offered in the right place and time – online. We make sure that the

letters arrive promptly when and where they were intended.

Or target groups are made keenly aware of the existence and availability of the product through

promotion. Successful promotion helps Send A Letter to spread costs over a larger output.

Risk Management and Innovation Strategy

Send A Letter’s equipment apparatus and products and are digital and hardware based,

including but not limited to printing machines, printing materials supplies, computers, and paper

supplies, and all aspects pertaining to its website. It will be important that there be innovative

methods applied to our product management decision making, implementation, and diffusion.

When obtaining our technology externally key implementation issues must be addressed,

furthermore. According to White and Bruton (2007) this involves proper integration and due

diligence, leadership strategies for critical activities, policy alignment and proper execution

training and development. People and market situations may change and much is predicated on

the handling of those evolving circumstances. Decisions can usually be improved by breaking a

problem into parts and analyzing their features and challenges individually (Schanteau, 2001).

Risk avoidance must be in our stratosphere too, where the knowledge of how to balance passion

of the soul with passion of the mind, looking at each aspect of our business separately, and then

combining them to make wise strategic decisions, is key. For example, our choice of location,

Austria, we feel is will be beneficial in keeping costs down on international mailings, particularly

to Europe, enabling us to undercut particularly any US based competition. We will be mailing all

our letters through the Austrian postal service, Austrian Post, which will be considerably cheaper

than the $1.10 it costs to mail an internationally stamped letter to Europe from the US for

example.


Countries with lower uncertainty avoidance tend to be more trusting in their business

operations (Long 2009, as cited in Steers & Nardon 2006, p. 280-88). As a US company, we are

trusting of the business climate in Austria to be a supportive and stable presence in our

operations. Whatever cost-based risks develop, we feel the market situation is suitable in Central

Europe to support our business endeavors, particularly those geared towards German native

speakers who have a need to reach out to others in Europe and abroad using our snail mail

services.

The initiation and the planning and design of our website, its execution and construction,

the monitoring and the controlling of systems and completion of tasks are also paramount. What

comprises each of the latter? Which components do we need to develop them? Which systems?

How many people should be on each respective team? Which technologies shall we employ and

what is the software we choose overall purpose? In general, the answer to these important

questions will depend on factors that are not yet fully known as they are in development. It is

enough that we know at this stage, which questions to ask and to understand what needs to be in

place. To accomplish our goals, and to be an operating entity, we must have the necessary budget

and finance plan in place, and then the components, systems and the best people will emerge out

of what will be a growth process to develop, implement and diffuse our innovation strategy.

According to White and Bruton (2007), there are key things that need to be done in the

implementation and diffusion of innovation. First there needs to be planning, a vision, mission,

goals and objectives, as well as tactics and objectives. What needs to be done? What are the

requirements for activities and who is delegating what to whom? In the implementation phase,

leadership roles are needed. Here, there must be engagement, extension and alignment of

implementation criteria (White & Bruton, 2007). Therefore, it is essential that the comprised

teams at Send A Letter are all are all tremendously talented in their respective areas of expertise,

on the same page strategically, and exhibit a cohesiveness moving forward in accomplishing said

objectives.

As we move forward in the implementation of our innovation strategies, any

improvements to our website should be in response to the assessments and feedback of the end

user. If customers as a whole do not feel the updates mark an improvement, then there is no

advancement of innovation. Over time, there must be significant technical improvements to the

website, fewer glitches, and more features. It will also be advantageous for the website to have

social networking possibilities, in which information can be shared with friends. As a result

users will feel connected to a community of snail mail lovers, each pleased about the there being

such a website that they can go to for their snail mailing needs. To stay innovative means

keeping it fresh and new over time, and that the website’s place in the growth and maturity

phases on the S-Curve means analytically, that there is still a value proposition that is worthwhile

to the user to have such an option to send physical letters in a manner that is easy and seamless.

Generally, there must be an overall experience of the website and software application that the

end user is satisfied with and wishes to come back to.


Ethics & Legal: Social Responsibility

Josephson (2010) highlighted three ethical principles that related to personal and

corporate behavior. These are honesty, respect for others, and abiding by the law. We uphold the

responsibility to not deceive or state mistruths for gain, to follow the Golden Rule, and to abide

by the laws and regulations relating to our business activities. Moreover, we aim to be socially

responsible by putting environmental issues, such as recycling in the forefront of our product

purchasing and waste disposal practices.

One of the concerns we have often heard during Send A Letter’s planning phase involves

the protection of personal information. We value privacy tremendously and realize that we have

to establish trust and maintain it credibly to achieve a reputation that makes us worthy of that

trust. In greater response to privacy concerns, we plan to encrypt all letters sent through our

website and in using snail mail, ensure that the information in the letters is securely delivered via

traditional means. This solution we feel is an innovative way to offer secure transactions between

those who are online and those whom may not be.

Send A Letter will also aim in its future, to support cultural institutions as well as

integration projects and various social measures of concern to us. Our business decisions will be

made with a long-term view in mind, and our cultural and social activities will be an important

part of this perspective.

Impact of the Global Economy and Opportunities for Growth

Without having a sustainable strategic intent and vision that is informed and shaped in a

manner that balanced and clear, our business operations could become vulnerable. We will not

be where we want to be in the future without reassessing our business operations and making

necessary changes to corresponding business strategies and innovation initiatives in the global

marketplace. Forward thinking strategies such as the strategies Ice (2007) outlined can help

differentiate an innovative business such as ours from our competitors. These strategies involve

defining the determined strategic outcome, assessing the current state of affairs, determining our

strategic intent and articulating that vision, in addition to following through on its

implementation and diffusion in terms of evangelizing it throughout the company. This can also

prepare us to anticipate and adapt to the challenges ahead in terms of staying relevant and in the

growth phase on S-Curve of technological progress.

Our knowledge of the international business environment is rooted in my (the founder’s)

direct experience living overseas in Europe, in Vienna, Austria over the past eight years.

Observation of both US organizations abroad and international firms in this timeframe has shed

light on the varying contrasts between each, thus aiding our overall knowledge in terms of

ascertaining key opportunities for growth globally. As a result of this process, we aim to gain

market-share in the German-speaking world by offering our services in the German language in

addition to marketing our services in English. As evidenced by Deutsche Post’s Letternet.de site

that has over 250,000 members in over 100 countries, opening up our services to German

speakers means reaching an audience that already has shown culturally a liking for snail mail

(Flippo, n.d.).


Financial Plan and Assumptions

Send A Letter’s financial plan reflects its assumptions. The most basic assumption is that

there is a relative low cost in starting the business. It will start at its founder’s residence. The

company will initially begin as a sole proprietorship and this is assumed when calculating rent

and utilities, and certain transportation cost related to the business, for example. The owner

assumes all responsibility for profit and loss, and repairs and maintenance of equipment

purchases. It is assumed that in its first fiscal year, there will be investment in developing the

website, advertising, and office equipment purchases. There will be capital allotted for these

purchases that will be accounted for. It is expected that there will be a significant loss the first

year, but a gradual turning of break-even profit in the subsequent fiscal year, assuming the

advertising campaigns are effective and consumer interest in the idea. If they are not as effective

as hoped, more capital may be allotted to the campaigns to attain more business. Moreover, once

the website is complete, there will be investment allotted towards developing the software

application and the putting of that on the market in the effort to gain market share. Lastly, it is

assumed that reoccurring expenses will remain relatively fixed, as shown in the following

income statements. Moreover, the level of business in the first year it is believed shall be

consistent and steady, with no sudden jumps but a gradual increase with the hope that the

business will eventually be profitable.

Ratio Analysis

Because Send A Letter is anticipated to be operating at a loss, its first year it will see a

negative net income, which effects its profit margin considerably. It simply will not be a

profitable venture its first year, though it will do better in its second as it continues to grow. Send

A Letter’s total asset turnover its initial year is 0.89, which is below the industry average which

shows it will not be generating enough sales in 2014. Return on assets (ROA), therefore is well

below the industry average, but is not necessarily bad as it is a conscious decision to use a lot of

our debt, which causes our net income to be very low. The news gets better in looking at our

current ratio, which is higher than the industry average which suggests a relatively strong

liquidity position in converting assets to cash (Brigham & Houston, 2007). Worrisome,

however, is Send A Letter’s debt management ratio, which is very high at 85% suggesting we

may be relying too much on credit financing, which could make it difficult to secure subsequent

funding in the forthcoming 2015 fiscal year.

Analysis of Financial Risks

Financial weaknesses: The financial position of Send A Letter is not optimal due to the

company using debt for growth purposes. Taking such a route deeply affects the future prospects

of the company potentially. The company in 2014 will not be successful in generating sufficient

return from its investment. The main reason behind this is the lack of cash for every dollar

invested in the business, as per our projected negative net income. The projected return on assets

is also a negative signal and indicates a weakening performance over a period of time, unless

corrective measures are taken. Is spending considerable amount of money on buying new

equipment or investing more in advertising in order to generate more business the answer?

Unfortunately, for Send A Letter, the cost of these costs have to be met from debt. Our current

debt management ratio is forecasted as such to make securing such funding as we proceed,


dubious at best. Indeed, for creditors, it is not at present a very positive investment opportunity

because of the high debt burden.

Financial strengths: Send A Letter, however, can retain its profits by increasing sales

and this is forecasted to begin occurring more in the forthcoming 2015 fiscal year. This may help

Send A Letter in gaining a stronger position to invest in its future, so it can begin purchasing new

equipment, and in variety of other marketing options. By effective use of earnings, Send A Letter

can strongly improve its long-term economic viability. The company can also reduce its costs

when required, generating positive cash flows. If Send A Letter can move to generating more

profit relative to its revenue, it will begin growing quickly. The long-term prospects of the

company are overall favorable, the first signs success beginning to emerge in the forthcoming

fiscal year. Therefore, Send A Letter is an attractive investment opportunity for creditors and

venture capitalists.

Value Chain Activities

In order to have value-innovation: explanation, clarity of expectation and engagement are

essential (Kim & Mauborgne, 2005). At Send A Letter we aim to give these aspects special focus

by carrying out the value chain activities that are structured above in the flow chart. In each area

listed above value innovation can and must occur if Send A Letter is to be successful.

Burk, et al. (2010) argued for a blended approach in terms of strategy and innovation.

They argue for companies to slow down profit erosion with effective competitive strategies for

existing markets, whilst increasing availability of funding for blue ocean investments in order to

find "an untapped market with plenty of customers" (p.28). In this vein, strategy and innovation

are of equal importance to Send A Letter’s overall outlook. A key resource and strategy, too, of

Send A Letter is its strong focus on people – within the firm, but also concerning its clients and

customers, whom we greatly value. Thus, employees will be encouraged to try new things and

learn from their mistakes across the board. Everyone will be welcomed to share ideas and argue

for or against those ideas put forth in our efforts to offer quality products and services.

Respect for employees’ ideas and opinions are, therefore, essential. Strategic decisions in

terms of implementation of a new plans or processes must be explained clearly and there must be

clarity in delineating what is expected of everyone on the team. Goals, benchmarks, and

standards of performance and responsibilities need to be set fairly and clearly explained. This

approach we feel will result in better management decisions and higher employee dedication.

Business and Marketing Strategy

Buisson and Silberzahn (2010) stated that the “First Mover” “Blue Ocean” approach

supported by Kim and Mauborgne (2004) is not always an advisable business and marketing

strategy. Instead the “Fast Second” approach defended by Markides and Geroski (2005) may

sometimes be more suitable, which advises against companies being pioneers; the aim is rather

to target the newly created market in second position. However, neither strategies convincingly

explain market domination nor at present is relevant to Send A Letter’s business strategy and

planning.

Citing their studying of twenty-four innovation cases, Buisson and Silberzahn (2010)

contended that innovation which successfully leads to market domination comes about through


four types of breakthroughs that are simultaneous or separate. The breakthroughs are categorized

as follows:

A technological breakthrough: A new technology that winds-up dominating the leading

technology

Business model breakthrough: A new way to create value through the exploitation of business

opportunities

Design breakthrough: A new way to design a product without changing it profoundly.

Process breakthrough: A new way to do things (manufacturing, logistics, value chain, etc.

(Buisson & Siberzahn, 2010, p. 370).

With their concept of four breakthroughs, Buisson and Siblerzahn (2010) conveyed a framework,

relevant to Send A Letter that goes beyond the opposition between Blue Ocean and Fast Second

in terms of an explanation of dominance in a new market; it is these breakthroughs that we shall

seek to implement.

Projected Income Statements

In its first year of operation, 2015, Send A Letter will be entirely run by its founder, as a

sole proprietorship, its goal being to break even in its subsequent year, 2016. Consequently, its

projected income statement, taking in to account the above assumptions in 2015, is as follows:

Revenue:

Gross Sales

25.400

Less Sales Returns and Allowances 7.260

Net Sales

17.780

Expenses:

Software investment 6.300

Web hosting 360.00

Rent 8.196

Office Equipment 2.200

Repairs & maintenance 1.200

Advertising 3.600

Insurance 3.020

Utilities 2.268

Transportation & travel 1.100

Internet & phone 1.152

Total Expenses

30.396

Net Operating Income

(12.616)


Income Before Tax

(12.616)

Income Tax (0.25)

1.463

Net Income

(14.079)

Income statement over 12

months:

2015 Send A Letter Pro-forma Income Statement

Jan Feb March April May June July August September October November December Total

Total Revenue 0 300 500 600 1.000 2.000 2.000 3.000 3.500 3.500 4.000 5.000 25.400

Less: Sales returns and allowances0 90 150 180 300 600 600 900 1.050 1.050 1.200 1.500 7.620

Net Sales 0 210 350 420 700 1.400 1.400 2.100 2.450 2.450 2.800 3.500 17.780

Expenses

Software investment 3.150 3.150 0 0 0 0 0 0 0 0 0 0 6.300

Web hosting 30 30 30 30 30 30 30 30 30 30 30 30 360

Rent 683 683 683 683 683 683 683 683 683 683 683 683 8.196

Office equipment 2.200 0 0 0 0 0 0 0 0 0 0 0 2.200

Repairs & maintenance 183 183 183 183 183 183 183 183 183 183 183 183 2.196

Advertising 300 300 300 300 300 300 300 300 300 300 300 300 3.600

Insurance 252 252 252 252 252 252 252 252 252 252 252 252 3.024

Utlil ities 189 189 189 189 189 189 189 189 189 189 189 189 2.268

Transportation 91 91 91 91 91 91 91 91 91 91 91 91 1.092

Internet & phone 96 96 96 96 96 96 96 96 96 96 96 96 1.152

Total Expenses 7.174 4.974 1.824 1.824 1.824 1.824 1.824 1.824 1.824 1.824 1.824 1.824 30.388

Profit/(loss) Before Interest & Taxes-7.174 -4.764 -1.474 -1.404 -1.124 -424 -424 276 626 626 976 1.676 -12.608

Taxes (0.25) 0 0 0 0 0 0 0 97 219 219 342 587 1.463

0 0 0 0 0 0 0 97 219 219 342 587 1.463

Projected Balance Sheet

2014 2015

Cash and equivalent 15,000 25,000

Accounts receivables 2,800 6,000


Total current asset 17,800 31,000

Equipment 2,200 6,000

Total assets 20,000 37,000

Liabilities:

Accounts payable 10,000 15,000

Total current liabilities 10,000 15,000

Bank loan 7,000 16,000

Total debt 17,000 31,000

Owner’s equity 3,000 6,000

Total liabilities and equity 20,000 37,000

Ratio Calculations

Industry Average Send A Letter (“Industry Income-Expense Statements,” n.d).

Profit margin = Net income/ Sales = (14,079)/17,780 -- (79%) 79.5%

Total Asset turnover: Sales/Total asset = 17,780/20,000 -- 0.89 1.77

Return on assets (ROA): Net Income/ Total asset = (14,079)/20,000 -- (70%) 6.24%

Current ratio: Current asset/Current liabilities = 17,800/10,000 -- 1.78 1.33

Debt management ratio: Total debt/ Total asset = 17,000/20,000 -- 85% 65.3


Conclusion

For Send A Letter to be ultimately successful, there needs to be continued focus put on

technological aspects, particularly in developing an app that would service smartphone users.

This affects business strategy as well, and accordingly, this area needs development, particularly

in making it all the more clearer what our business model is. There should greater explanation as

to how the company can gain competitive footing and market share utilizing technological tools,

in light of being one of many who offer this service.

Furthermore, greater emphasis needs to be put into Send A Letter’s marketing strategy. In

order to establish and maintain the services we offer in and advantageous way, there must be

features or qualities that while indistinguishable from our competitor’s, also help our image to

match consumer values, so we can reach a larger population segment. We can customize and

differentiate ourselves in terms of our image presentation to the consumer, heightening our

perceived value; this area will require our continued focus.

In conclusion, areas of business strategy, use of technology, and more clarity in terms of

marketing strategy will enhance the company, in addition to making sure all the other areas

stated above are properly addressed. Send A Letter continues to welcome all input and feedback

on matters relative to improving its position as a leader in snail mail services.


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MBA Program Project: Send A Letter

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