Financing MSME Using Analysis of IFAS and EFAS Matrix: Case Study in Honey Pumpkin Business

Islamiati Hidayah -  Institut Agama Islam Negeri Kediri, Indonesia
M. Kurnia Rahman Abadi* -  Universitas Darussalam Gontor, Indonesia
Ghulam Falach -  Institut Agama Islam Negeri Kediri, Indonesia
Moh Ismail -  University of the Holy Qur’an and Islamic Science Sudan, Sudan

DOI : 10.30863/al-bayyinah.v8i1.4546

This study is aimed to find out how the Honey Pumpkin business development strategy is carried out by Honey Pumpkin Farmers in Banyusokah Village, Sampang Regency based on EFAS and IFAS Matrix. The method employed in this study is descriptive qualitative which is aims to describe, describe, record, and analyze existing and current conditions. The result of the study showed that Honey Pumpkin business in Banyoksah Village of Sampang Regency is able to implement the growth oriented strategy for developing its business. The suggested strategies are firstly, to distribute the products in the store at Sampang Regency and utilizing social media such as IG, whatsApp and so on for marketing. Secondly, diverging the processed product from honey pumpkin and turning customer into reseller. Thirdly, replacement of production technology used with more sophisticated and modern to increase the production effectively and efficiently. Lastly, opening several branch of store that owned by the company. Meanwhile, financing aspect regarding to growth oriented strategy several financing model could be useful. For example, working capital loan, digital marketing loan, business expansion loan, and equipment loans or leasing arrangement. Therefore, research and approach of financial institutions, banks, and alternative lenders is necessary to explore specific financing options that suit with growth strategies.
Keywords
MSME; SWOT Matrix; IFAS and EFAS Matrix; Financing.
  1. Alamsyach, Niko, and S. T. Ratnanto Fitriadi. “Strategi Pengembangan Usaha Melalui Business Model Canvas (Studi Kasus: Industri Kecil Gethuk Lawu).” Universitas Muhammadiyah Surakarta, 2017.
  2. Anggraini, Novy. “Analisis Usaha Mikro Dengan Pendekatan Business Model Canvas (BMC).” Ekonomi dan Bisnis 6, no. 2 (January 21, 2020): 139–156. https://ejournal.upnvj.ac.id/ekobis/article/view/1313.
  3. Azadegan, Arash, and Kevin Dooley. “A Typology of Supply Network Resilience Strategies: Complex Collaborations in a Complex World.” Journal of Supply Chain Management 57, no. 1 (January 9, 2021): 17–26. https://onlinelibrary.wiley.com/doi/10.1111/jscm.12256.
  4. Burhanuddin, Alfi Amalia, Abdul Latif, and Irvan Murizal. “The Influence of Leadership and Organizational Culture on Sharia-Based Business Development in Washliyin in North Sumatera.” In Proceedings of the First International Conference on Science, Technology, Engineering and Industrial Revolution (ICSTEIR 2020), 2021. https://www.atlantis-press.com/article/125954078.
  5. David, Fred R. Strategic Management: Concepts and Cases. 13th ed. New Jersey: Pearson Prentice Inc, 2011.
  6. Deb, Rajat, and Devi Baruah. “Working Capital Financing for MSMEs in the Pandemic Era: Challenges and Opportunities.” SEDME (Small Enterprises Development, Management & Extension Journal): A worldwide window on MSME Studies 49, no. 2 (June 11, 2022): 131–140. http://journals.sagepub.com/doi/10.1177/09708464221097224.
  7. Dewi Samad, Telsy Fratama. “Pengaruh Persepsi Label Halal Terhadap Preferensi Konsumen Pada Restoran Pizza Hut Dan KFC Di Yogyakarta.” FALAH: Jurnal Ekonomi Syariah 4, no. 1 (March 26, 2019): 1. http://ejournal.umm.ac.id/index.php/JES/article/view/7960.
  8. Ebrahim, Reham Shawky. “The Role of Trust in Understanding the Impact of Social Media Marketing on Brand Equity and Brand Loyalty.” Journal of Relationship Marketing 19, no. 4 (October 1, 2020): 287–308. https://www.tandfonline.com/doi/full/10.1080/15332667.2019.1705742.
  9. Ermaya, Sir Kalifatullah, and Nana Darna. “Strategi Pengembangan Bisnis Dengan Pendekatan Business Model Canvas (Studi Kasus: Industri Kecil Kerupuk).” Business Management and Entrepreneurship Journal 1, no. 3 (2019): 201–218.
  10. Fatih, Alan, and Hilda Fachrizah. “Business Coaching of a Local F&B MSME: Building Financial Projection for External Funding and Measuring Digital Marketing Activities.” Journal of International Conference Proceedings 4, no. 1 (July 22, 2021): 12–27. http://ejournal.aibpm.org/index.php/JICP/article/view/1121.
  11. Grönroos, Christian. “Relationship Marketing: Strategic and Tactical Implications.” Management Decision 34, no. 3 (April 1, 1996): 5–14. https://www.emerald.com/insight/content/doi/10.1108/00251749610113613/full/html.
  12. Hakim, Rahmad, and Adib Susilo. “Makna Dan Klasifikasi Amanah Qur’ani Serta Relevansinya Dengan Pengembangan Budaya Organisasi.” AL QUDS : Jurnal Studi Alquran dan Hadis 4, no. 1 (May 11, 2020): 119. http://journal.iaincurup.ac.id/index.php/alquds/article/view/041.
  13. Kosasi, Velicia Magdalena. “Analisis Dan Evaluasi Model Bisnis Pada Pantai Seafood Restaurant Dengan Pendekatan Business Model Canvas.” Agora 3, no. 1 (2015): 314–323.
  14. Kurniawan, Dhika Amalia, and Mohammad Zaenal Abidin. “Strategi Pengembangan Wisata Kampoeng Durian Desa Ngrogung Kecamatan Ngebel Ponorogo Melalui Analisis Matrik IFAS Dan EFAS.” Al Tijarah 5, no. 2 (January 30, 2020): 93–103. https://ejournal.unida.gontor.ac.id/index.php/altijarah/article/view/3706.
  15. Van Loon, Jelle, Lennart Woltering, Timothy J. Krupnik, Frédéric Baudron, Maria Boa, and Bram Govaerts. “Scaling Agricultural Mechanization Services in Smallholder Farming Systems: Case Studies from Sub-Saharan Africa, South Asia, and Latin America.” Agricultural Systems 180 (April 2020): 102792. https://linkinghub.elsevier.com/retrieve/pii/S0308521X18314914.
  16. Maiti, Moinak. “Scope for Alternative Avenues to Promote Financial Access to MSMEs in Developing Nation Evidence from India.” International Journal of Law and Management 60, no. 5 (September 10, 2018): 1210–1222. https://www.emerald.com/insight/content/doi/10.1108/IJLMA-06-2017-0141/full/html.
  17. Mandasari, I.A. Cynthia Saisaria, and I Gede Surya Pratama. “Use of E-Commerce during COVID-19 Pandemic towards Revenue and Volume of MSMEs Sales.” International research journal of management, IT and social sciences 7, no. 6 (November 6, 2020): 124–130. https://sloap.org/journals/index.php/irjmis/article/view/1022.
  18. Masrifah, Atika, Haris Setyaningrum, Adib Susilo, and Imam Haryadi. “Perancangan Sistem Pengelolaan Limbah Durian Layak Kompos Di Agrowisata Kampung Durian Ponorogo.” Engagement: Jurnal Pengabdian Kepada Masyarakat 5, no. 1 (May 30, 2021): 268–282. http://engagement.fkdp.or.id/index.php/engagement/article/view/285.
  19. Moleong, Lexy J. Metodologi Penelitian Kualitatif. 38th ed. Bandung: PT Remaja Rosdakarya, 2018.
  20. Mulchandani, Kalyani, Sahil Singh Jasrotia, and Ketan Mulchandani. “Determining Supply Chain Effectiveness for Indian MSMEs: A Structural Equation Modelling Approach.” Asia Pacific Management Review (May 2022). https://linkinghub.elsevier.com/retrieve/pii/S1029313222000124.
  21. Rangkuti, Freddy. Analisis Swot Teknik Membedah Kasus Bisnis. 7th ed. Jakarta: Gramedia Pustaka Utama, 2006.
  22. Setijawibawa, Melina. “Evaluasi Model Bisnis Pada Perusahaan x Menggunakan Business Model Canvas.” Agora 3, no. 1 (2015): 305–313.
  23. Sugiyono. Metodologi Penelitian Kuantitatif Kualitatif Dan R&D. Bandung: Alpabeta, 2011.
  24. Suliswanto, Muhammad Sri Wahyudi, and Mochamad Rofik. “Digitalization of Micro, Small & Medium Enterprises (MSMEs) in East Java, Indonesia.” Muhammadiyah International Journal of Economics and Business 2, no. 1 (July 10, 2019): 34–43. http://journals.ums.ac.id/index.php/mijeb/article/view/9380.
  25. Susilo, Adib. “Identifying Factors That Affect Consumer Satisfaction of Parklatz Café in Ponorogo City, East Java, Indonesia: An Application of Exploratory Factor Analysis.” Falah: Jurnal Ekonomi Syariah 5, no. 1 (2020): 1–14.
  26. Susilo, Adib, Muhammad Kurnia Rahman Abadi, Abdullah Sahroni, and Mufti Afif. “The Influence of Service Quality towards Customer Satisfaction on Garuda Airline of Yogyakarta International Airport on Pandemic Covid-19.” Al Tijarah 8, no. 1 (2022): 1–14.
  27. Tambunan, Tulus, Wimboh Santoso, Ida Busneti, and Sukarela Batunanggar. “The Development of MSMEs and the Growth of Peer-to-Peer (P2P) Lending in Indonesia.” International Journal of Innovation, Creativity and Change 15, no. 2 (2021): 585–611.
  28. Weber, Paull, Louis Andre Geneste, and Julia Connell. “Small Business Growth: Strategic Goals and Owner Preparedness.” Journal of Business Strategy 36, no. 3 (May 18, 2015): 30–36. https://www.emerald.com/insight/content/doi/10.1108/JBS-03-2014-0036/full/html.
  29. Wesz Junior, Valdemar João. “Soybean Production in Paraguay: Agribusiness, Economic Change and Agrarian Transformations.” Journal of Agrarian Change 22, no. 2 (April 7, 2022): 317–340. https://onlinelibrary.wiley.com/doi/10.1111/joac.12436.
  30. Yao, Becatien, Aleksan Shanoyan, Hikaru Hanawa Peterson, Cheryl Boyer, and Lauri Baker. “The Use of New‐media Marketing in the Green Industry: Analysis of Social Media Use and Impact on Sales.” Agribusiness 35, no. 2 (April 28, 2019): 281–297. https://onlinelibrary.wiley.com/doi/10.1002/agr.21581.

Full Text:
Article Info
Submitted: 2023-06-02
Published: 2024-06-10
Section: Articles
Article Statistics: 86 54
In Vol 8, No 1 (2024): Al-Bayyinah