The business name shall be Zhuhai Speed International
Logistic Co., Ltd. It will be a registered company based in Zhuhai City in
China. The company will provide logistics services handling cargo handling and
transportation for foreign companies operating within Zhuhai. The initial
capital outlay of the business will be 200,000 CNY which will be sourced from
the 5 main shareholders of the company. The operational strategy will emphasise
on minimising operational costs and an appropriate pricing regime that will
ensure that savings are passed on to the consumer in terms of lower pricing.
The company’s projected areas of competence will be customer relationship
management and innovation where the unique needs of the customer will be
understood or projected and new services or service delivery approaches created
to uniquely meet these needs. The goals of the company can be itemised as
below:
- To achieve
revenues of CNY 500,000 within 12 months
- To grow
annual revenues by 60% per annum
- To realise
gross margins of at least 30% every year
- To increase
the level of repeat customers to 60% of the total customers
Financial
projections are that the company will be able to start making profits in the
second year of operation; hence it should be attractive for short term
investors intending to make returns within 3-5yrs of operation.
Zhuhai Speed International Logistic Co.,
Ltd will be a third party logistics provider. It will provide logistics support
in transporting cargo into and out of China.
The business name shall be Zhuhai Speed
International Logistic Co., Ltd and it shall be registered as a limited
company. There shall be 5 principal partners who will invest in the company and
own shares according to the amount invested.
The rationale for choosing the limited
company as a business structure is that as a legal entity, the business will
have the capacity to enter into contracts as well as the benefit of limited liability (Coate, 2007). As
legal entities, companies can also raise funds with ease through sale of shares
or acquisition of long and short term loans. These aspects of the business
structure will be important for promoting the long term competitiveness of the
business. The nature of the business is that it will be entering into contracts
with leading clients and this will require that the business has the legal
capacity to enter into contracts.
Shareholders shall constitute the board
of directors with only the CEO being involved in the daily operations of the
business. Other workers in the company shall be employees to be hired when
appropriate.
The vision of the company will be to be
the leading provider of export/import cargo services in China.
This vision shall be achieved by
focusing on providing swift and cost effective logistics services to foreign
companies in China. The initial focus will be on Zhuhai after which expansion
to other parts of China will be pursued.
The main areas of competence to be
developed in the business will include innovation, customer relationship
management, and operational excellence. A customised approach to service
delivery shall be created based on the unique needs of the customers. This will
be the result of an innovative approach to service delivery as well as
effective customer relationship management aimed at understanding the unique
needs of the clients.
The objectives of the company shall be
as follows:
- To achieve
revenues of CNY 500,000 within 12 months
- To grow
annual revenues by 60% per annum
- To realise
gross margins of at least 30% every year
- To increase
the level of repeat customers to 60% of the total customers
Defining the keys to success highlights
the most important elements of the business concept; hence areas of emphasis in
the course of running the organisation. In this business, the keys to success
will be:
Customer
relationship management capabilities: This will ensure that
the organisation is able to understand the customer very well and be able to
know how to uniquely satisfy their current and future needs.
Innovation:
This
will be manifested in the organisation being able to flexibly implement changes
in service delivery approaches as well as introduce new services. Innovation
shall be directional; conforming to the company’s understanding of its
customers.
Cost
effective operations: This will be the key to
profitability where lean strategies shall be used to minimise the cost of
operations. Minimising operating costs will help in realising greater margins
and help in accumulating savings to be used for marketing and expansion of the
business.
The business shall be located near the
Port of Zhuhai. This location will be strategic in coordinating operations with
reference to goods transported by sea. It is also expected that companies
interested in import/export based businesses and are located in Zhuhai city
will be using the port services, hence the likelihood that they will easily be
identified for purposes of direct marketing to them.
The business shall be presided over by
the CEO who will be reporting to the board of directors. The main functions in
the company shall be: marketing, operations, and financial management. T
While the functions have been clearly
outlined, the initial workers at the company will be responsible for all
operations within their departments and will only limit their contribution to
management roles when the company grows and more employees are hired.
The company’s main operations shall be
coordination of logistics on behalf of clients. The company will receive
instructions on the goods that need to be transported into or out of the
country. The company will be involved with the clearing processes involved in
import and export and transport the cleared products to the premises of the
importing clients. The reverse will be done for clients who are involved in
exporting where the company will take charge of all legal processes involved in
exporting and transport the products from the clients’ premises to the point of
export.
The actual transportation service shall
be outsourced to a third party transportation service provider. This business
model will reduce the business risk associated with owning transport trucks and
conducting own transportation services. In line with our goal of containing
operation costs, in-house operations are likely to lead to high unit costs,
especially where products have to be transported in small quantities.
Subcontracting this element of operations to an independent transportation
company makes it possible for such a company to put together large quantities
for transportation at any point in time. This enables them to charge lower for
their products. However, this business
model will be revised as the number of customers grow and the volume of
products to be transported at any point in time increases.
Value
to customers: The clients will be able to coordinate
their logistics more effectively and at a lower price. Zhuhai Speed Logistics
will seek to leverage on its handling of logistics for many clients to save on
unit costs and pass this advantage on to the clients through low pricing.
The initial capital shall be at
200,000CNY. This will be raised from the contribution of the shareholders to the
business whose shareholding will be determined by the amount of capital
contributed. The target is to have 5 shareholders who shall also be directors
exercising their authority through the board of directors. The company’s CEO
shall be one of these shareholders.
The initial expenditures to be used
shall be as follows:
|
Start-up Requirements
|
|
|
Start-up Expenses
|
CNY
|
|
Legal expenses
|
3,000
|
|
Stationery, computers and others
|
14,000
|
|
Premise design
|
5,000
|
|
Expensed Equipment
|
12,000
|
|
Wages
|
36,000
|
|
Rent
|
20,000
|
|
Initial marketing
|
15,000
|
|
Total Start-up Expenses
|
105,000
|
|
Start-up Assets
|
|
|
Cash Required
|
40,000
|
|
Long-term Assets
|
25,000
|
|
Other Current Assets
|
30,000
|
|
Total Requirements
|
200,000
|
The intended sources of competitive
advantage can be described as below:
Unique
bonds with customers: This will be realised through a
strategic approach to customer relationship management. With a unique bond and
good understanding of the customer, the company will be able to accommodate
current and future preferences.
Strategic
and operational agility: This will be manifested in the
organisation being able to conform to changing customer preferences and
introducing services or delivery approaches that conform to these preferences.
The goal will be to ensure that Zhuhai Speed Logistics is able to uniquely
present solutions in a manner that is rare and difficult to replicate by
competitors.
Unique
knowledge management model: This will incorporate
members of the supply chain for purposes of recommending to Zhuhai Speed Logistics
to prospective clients they may have worked with in the past, or simply
providing knowledge about potential customers to facilitate effective direct
marketing.
The environmental analysis has been done
focusing on both the industry and the macro environment as described in the
sections below.
The macro environment is analysed using
the PESTEL model which analyses factors that affect business from a
multi-industry or economy-wide perspective. The factors gauged in the PESTEL
model include: political, economic, social, technological, environmental, and
legal factors. These are described as below.
The political/legal factors involve
actions of government that impact political stability as well as laws that
facilitate the running of businesses. With reference to China/Zhuhai city, the
political-legal factors can be summarised as below:
FDI
friendly environment: Through the actions of government
(such as revision on legal provisions on shareholding and repatriation of
profits), China’s attractiveness to FDI has been on the rise. This has
increased the number of foreign companies operating in the country; hence
higher demand for the third party logistics services.
Ease
of processing permits: Ease of doing business is also
facilitated by the improvement in the processing of operating permits which are
regulated by the local authorities at the Zhuhai city. This makes it easy to
start operations.
Labour
laws: These restrict the ability of the business to
perpetually employ temporary workers for more than 2yrs. This will impact the
ability of the business to keep its operating costs low unless business models
such as outsourcing of non-essential functions are done.
These factors apply to demand levels,
economic performance in the economy, and spending power among others. These
factors and their impact on the business are as follows:
Economic
growth: The economic performance of China has been steadily
growing in the past decade. Coupled with the fact that the last few years have
seen recovery in the global economy, the trend can be said to be positive for
business organisations/target clients. This leads to positive demand
projections for Zhuhai Speed Logistics.
These factors mainly refer to consumer
preferences. In the context of institutional clients, understanding market
trends helps in anticipating their future needs. The constant change in market
conditions and consumer preferences is an opportunity for highly innovative
organisations to be the first to introduce the most innovative products and
capture market share. Zhuhai Speed Logistics shall focus on exploiting its
knowledge management capabilities to understand changing market trends and use
them to offer their consumers the best services in the market.
Changes in technological advancements
can be summarised as follows:
New
media: This comprises of the social media which is becoming
very central to communication in the market.
Data
mining technologies: This is important for analysing
information received from customers, transaction records, and the supply chain
network.
Collectively, these technological
developments play a role in facilitating market communications, knowledge
management, fleet management, and implementation of an integrated logistics
management system that could facilitate accuracy and effectiveness.
Zhuhai is a vibrant city in China
characterised by a large population of foreign companies and third party
logistics providers. These can be estimated into hundreds or organisations,
meaning that even though demand would be high, the level of competition is also
high. The number is high because even logistics providers not based in Zhuhai
have the capacity to serve customers based in the city. The paragraphs below
explain the level of competition based on the Porter’s five forces model which
considers buyer power, supplier power, threat of substitutes, threat of entry,
and market rivalry among current companies.
The buyers include companies that would
need to import/export cargo. The buyers are many and it is unlikely that they’d
come together to impose pricing. However, they tend to be well informed and
would be expected to engage the services of competitors if offered better
terms. They are also capable of backward integration by opting to coordinate
their logistics instead of outsourcing. This raises buyer power substantially.
Buyer power is therefore moderate.
Suppliers vary and could include
providers of transportation services, office equipment and others. They are
large in number and are therefore unlikely to come together to influence
pricing. Besides, the industry players can easily integrate backwards by
purchasing trucks and overseeing their own transportation. Supplier power can
be assessed as moderate.
Entry is made easier by the existence of
low legal barriers to entry. However, the competitive environment is quite
difficult to penetrate with clear market leaders being in place. This means
that even though there are no legal barriers, most potential clients are
already customers of some logistics companies hence it is difficult to
penetrate the market. The threat of entry is therefore moderate.
Substitutes would include companies
integrating backwards to handle their own logistics. Even though they outsource
in the interest of saving costs and efficiency, they could easily take up this
function for purposes of gaining control over the processes. Overall threat of
substitutes can be said to be moderate.
The industry is characterised by
hundreds of logistics companies. Some of them are multinationals with offices
in many countries around the world including DHL and American Express. They
have a clear advantage in that they can facilitate import and export to most
parts of the world without having to coordinate with other industry players.
However, the majority of industry players are relatively small and tend to work
on collaborative arrangements with rivals to provide reliable services in the market.
Even though there is a sense of diversification, services tend to be quite
similar and the pricing is also quite similar. This homogeneity raises the
level of market rivalry which can be rated as being high.
The main rivals and their strengths and
weaknesses are as listed briefly in the table below:
|
DHL
International GmbH
|
|
|
Strengths
- Strong international network
- Strong brand name
- Diversified services
|
Weaknesses
- Standardised/bureaucratic service
delivery approach
|
|
American
Express
|
|
|
Strengths
- Strong global presence
- Fair pricing when compared to DHL
- Well-known brand
|
Weaknesses
- Office at Zhuhai is elementary and
not actively involved in marketing
|
|
Vanguard
Logistics Services (Zhuhai)
|
|
|
Strengths
- Has a regional presence with links
in Hong Kong
- Strong presence in Zhuhai with
active marketing offices
- Low pricing
|
Weaknesses
- Little presence in markets other
than Hong Kong
|
|
Nam
Kwong Logistics Co., Ltd
|
|
|
Strengths
- It has an efficient transportation
service with fleets of trucks to facilitate delivery
- A strong brand, especially in China
and Hong Kong
|
Weaknesses
- Low flexibility in conforming to
customer needs
|
Sources: JCtrans Logistics Network,
2014; HSBC, 2013; Fung Group, 2013 Cui, Su and Hertz, 2012; American Express
China, 2015; DHL Guide China, 2015; Nam Kwong Logistics Co., Ltd, 2015; Vanguard
Logistics Services (Zhuhai) Limited, 2015
The
opportunities and threats identified in the external environment are as
follows:
|
Opportunities
- Friendly legal infrastructure making
it easy to invest
- A thriving economy increasing demand
for industry services
- Technological advancements
facilitating marketing and operational excellence
|
Threats
- Large number of competitors
including multinationals
- Threat of backward integration by
client organisations
|
The target customers will be business
organisations that owned or run by foreigners. Due to their contact with
international markets, they are highly likely to either procure supplies or
sell products to international markets. This makes it likely that they’d demand
for import/export logistics services.
However, these foreign companies are likely
to be affiliated to global logistics providers which have a weak presence in
Zhuhai with some like DHL only running basic operations. Zhuhai Speed Logistics
will seek to gain these customers by being keen to understand their unique
needs and offer services that meet such needs. They are also likely to be
attracted by the need to maintain healthy relations with a company that
uniquely understands Zhuhai and is flexible in its operations.
The number of target customers can be
estimated at 5,000 companies. Zhuhai Speed Logistics will target to have a
market share of 5% of these in the first year and aim at growing this market
share by 10% annually for the next 3 years.
The main benefits to be offered to the
market will be customised services, competitive pricing, and value addition.
The company will be offering speed, efficiency, and cost saving. The focus of
the business will primarily be based on the need to maintain an innovative
approach to service delivery and ensure that services provided satisfy the
unique needs of the customers. An operational model that accommodates complex
operations conforming to the needs of a wide range of customers shall be
developed. This shall be captured in the unique selling proposition “Tap your
potential with Zhuhai Speed Logistics”.
Flexibility
of services: This will be achieved by being
innovative and being ready to conform to unique customer needs. The customers
will be involved in the design of the actual service and delivery approach to
help in expectations management and boost satisfaction.
Suitable
location: Being placed close to the Port of Zhuhai makes it
easy to identify customers who import or export products. It is also expected
that the providers of similar services will be clustered around the port and
this would make it easier to identify suitable suppliers for transportation
services, besides making it easy for them to price lower as a result of being
able to put together many orders.
Pricing
strategies: The business shall use the
cost-leadership strategy where cost of operations is minimised to facilitate
low pricing. A cost-plus strategy shall be used where the organisation will be
seeking to minimise operation costs and passing the savings made to the
customers in terms of low pricing. This will attract organisations that are
keen on minimising their cost of operation while running efficiently.
Promotion
strategy: The dominant marketing approach shall be through
direct marketing which will be done in person, mail, and through participation
in tenders. Greater emphasis will be on customer relationship management aimed
at understanding the unique needs of the customers, anticipating future needs,
and modifying services and service delivery approach to uniquely meet these
needs.
Sources of funds: The
sources of funds shall include shareholders’ capital to be contributed by each
of the shareholders. A total of CNY 200, 000 shall be raised as capital.
The
business shall also be at liberty to take loans from financial institutions
wherever possible. This will especially be in regards to overdraft provisions
to help the company overcome short term cash flow deficits and ensure that
operations are not interrupted by lack of funds.
The
company shall also capitalise on credit terms with its suppliers to minimise
the need for immediate cash. This will help to ensure that liquidity of the
company is maintained.
The
initial costs will be as contained in the table below:
|
Start-up Requirements
|
|
|
Start-up Expenses
|
CNY
|
|
Legal expenses
|
3,000
|
|
Stationery, computers and others
|
14,000
|
|
Premise design
|
5,000
|
|
Expensed Equipment
|
12,000
|
|
Wages
|
36,000
|
|
Rent
|
20,000
|
|
Initial marketing
|
15,000
|
|
Total Start-up Expenses
|
105,000
|
|
Start-up Assets
|
|
|
Cash Required
|
40,000
|
|
Long-term Assets
|
25,000
|
|
Other Current Assets
|
30,000
|
|
Total Requirements
|
200,000
|
Revenue model:
The
main source of revenues shall be fees charged from the services offered to the
customers. The pricing model shall be based on both mark-up calculations and
considerations of the average market prices with emphasis on pricing lower than
the main competitors. The projections for cash flow and profits are as below:
|
Projected Cash Flow
Statement
|
|||
|
|
Year 1
|
Year 2
|
Year 3
|
|
Fees chargeable from operations
|
¥260,000.00
|
¥416,000.00
|
¥665,600.00
|
|
Other revenues
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Sale of assets
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Subtotal Cash from Operations
|
¥260,000.00
|
¥416,000.00
|
¥665,600.00
|
|
Additional Cash Received
|
|
|
|
|
Sales Tax, VAT, HST/GST Received
|
¥0.00
|
¥0.00
|
¥0.00
|
|
New Current Borrowing
|
¥0.00
|
¥0.00
|
¥0.00
|
|
New Other Liabilities (interest-free)
|
¥0.00
|
¥0.00
|
¥0.00
|
|
New Long-term Liabilities
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Sales of Other Current Assets
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Sales of Long-term Assets
|
¥0.00
|
¥0.00
|
¥0.00
|
|
New Investment Received
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Subtotal Cash Received
|
¥260,000.00
|
¥416,000.00
|
¥665,600.00
|
|
Expenditures
|
Year 1
|
Year 2
|
Year 3
|
|
Expenditures from Operations
|
|
|
|
|
Cash Spending
|
¥112,000.00
|
¥120,000.00
|
¥140,000.00
|
|
Bill Payments
|
¥85,000.00
|
¥120,000.00
|
¥150,000.00
|
|
Subtotal Spent on Operations
|
¥197,000.00
|
¥240,000.00
|
¥290,000.00
|
|
Additional Cash Spent
|
¥0.00
|
¥30,000.00
|
¥60,000.00
|
|
Principal Repayment of Current
Borrowing
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Other Liabilities Principal Repayment
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Long-term Liabilities Principal
Repayment
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Purchase Other Current Assets
|
¥30,000.00
|
¥45,000.00
|
¥85,000.00
|
|
Purchase Long-term Assets
|
¥24,000.00
|
¥90,000.00
|
¥210,000.00
|
|
Dividends
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Subtotal Cash Spent
|
¥251,000.00
|
¥405,000.00
|
¥645,000.00
|
|
Net Cash Flow
|
¥9,000.00
|
¥11,000.00
|
¥20,600.00
|
|
Cash Balance
|
¥9,000.00
|
¥20,000.00
|
¥40,600.00
|
The
liquidity position of the company is expected to improve with time. This
indicates improved profitability and also the need to ensure that better
investment strategies are implemented to have more cash go into investment
instead of just being help in form of cash.
The
projected profit and loss statement for the three years is as below:
|
Projected Profit and Loss
|
|||
|
|
Year 1
|
Year 2
|
Year 3
|
|
Sales
|
¥260,000.00
|
¥416,000.00
|
¥665,600.00
|
|
Direct Cost of Sales
|
¥60,000.00
|
¥100,000.00
|
¥120,000.00
|
|
Other expenses
|
¥12,000.00
|
¥20,000.00
|
¥22,000.00
|
|
Total Cost of Sales
|
¥72,000.00
|
¥120,000.00
|
¥142,000.00
|
|
Gross Margin
|
¥188,000.00
|
¥296,000.00
|
¥523,600.00
|
|
Gross Margin %
|
72.31%
|
71.15%
|
78.67%
|
|
Expenses
|
|
|
|
|
Payroll
|
¥85,000.00
|
¥90,000.00
|
¥100,000.00
|
|
Sales and Marketing and Other
Expenses
|
¥25,000.00
|
¥40,000.00
|
¥55,000.00
|
|
Depreciation
|
¥3,600.00
|
¥17,100.00
|
¥48,600.00
|
|
Utilities
|
¥85,000.00
|
¥120,000.00
|
¥150,000.00
|
|
Payroll Taxes
|
¥17,000.00
|
¥18,000.00
|
¥15,000.00
|
|
Other
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Total Operating Expenses
|
¥215,600.00
|
¥285,100.00
|
¥368,600.00
|
|
Profit Before Interest and Taxes
|
-¥27,600.00
|
¥10,900.00
|
¥155,000.00
|
|
EBITDA
|
-¥27,600.00
|
¥10,900.00
|
¥155,000.00
|
|
Interest Expense
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Taxes Incurred
|
¥0.00
|
-¥2,180.00
|
¥31,000.00
|
|
Net Profit
|
-¥27,600.00
|
¥13,080.00
|
¥124,000.00
|
|
Net Profit/Sales
|
-10.62%
|
3.14%
|
18.63%
|
The
projection above indicates that the company will start having profits in the
second year of operations. The implication is that investors should be patient
and not expect to draw any drawings from the company for a period not less than
2 years.
Projected
balance sheet
The
projected balance sheet for the first 3 years is as below:
|
Projected Balance Sheet
|
|||
|
|
Year 1
|
Year 2
|
Year 3
|
|
Assets
|
|
|
|
|
Current Assets
|
|
|
|
|
Cash
|
¥9,000.00
|
¥20,000.00
|
¥40,600.00
|
|
Inventory
|
¥12,000.00
|
¥15,000.00
|
¥20,000.00
|
|
Other Current Assets
|
¥5,000.00
|
¥8,000.00
|
¥10,000.00
|
|
Total Current Assets
|
¥26,000.00
|
¥43,000.00
|
¥70,600.00
|
|
Long-term Assets
|
|
|
|
|
Long-term Assets
|
¥24,000.00
|
¥90,000.00
|
¥210,000.00
|
|
Accumulated Depreciation
|
-¥3,600.00
|
-¥17,100.00
|
-¥48,600.00
|
|
Total Long-term Assets
|
¥20,400.00
|
¥72,900.00
|
¥161,400.00
|
|
Total Assets
|
¥46,400.00
|
¥115,900.00
|
¥232,000.00
|
|
Liabilities and Capital
|
Year 1
|
Year 2
|
Year 3
|
|
Current Liabilities
|
|
|
|
|
Accounts Payable
|
¥32,000.00
|
¥40,000.00
|
¥47,000.00
|
|
Current Borrowing
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Other Current Liabilities
|
¥0.00
|
¥0.00
|
¥0.00
|
|
Subtotal Current Liabilities
|
¥32,000.00
|
¥40,000.00
|
¥47,000.00
|
|
Long-term Liabilities
|
¥15,000.00
|
¥30,000.00
|
¥75,000.00
|
|
Total Liabilities
|
¥47,000.00
|
¥70,000.00
|
¥122,000.00
|
|
Paid-in Capital
|
¥200,000.00
|
¥200,000.00
|
¥200,000.00
|
|
Retained Earnings
|
-¥47,600.00
|
-¥24,100.00
|
-¥12,000.00
|
|
Earnings
|
-¥27,600.00
|
¥13,080.00
|
¥124,000.00
|
|
Total Capital
|
-¥600.00
|
¥45,900.00
|
¥110,000.00
|
|
Total Liabilities and Capital
|
¥46,400.00
|
¥115,900.00
|
¥232,000.00
|
|
Net Worth
|
-¥600.00
|
¥45,900.00
|
¥110,000.00
|
At
this point, it is difficult to estimate average expenditure/revenue per
customer. The break even analysis will therefore be based on revenues. The
formula used is:
TFC/(c/s ratio)
Where: 1. TFC = Total fixed cost
2. c/s
ration: Contribution or Gross Margin / sales
In
this case, the TFC = 215,600
The
gross margin = 188,000
Sales
= 260,000
Break-even
point = TFC /Contribution margin
The
contribution margin = Gross Margin / sales = 188,000/260,000 = 0.72
The
Break-even point = 215,600/0.72 = 1,122,168.28 = 299,445.
The break-even point is CNY 299,445. This means that profitability will
only be reached where the sales reach this amount. From the sales projections
in the section above, this point is to be reached in the second year since
sales projections for year 1 are at CNY 260,000 and CN 416,000 for year 2.
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January 2015)
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