Journal Article10.55057/ajafin.2023.5.3.2
Improving Business Performance Using Financial Planning Towards Customizable Fashion Startup: Case Study of FEMS
TL;DR: Improving business performance of FEMS, a customizable fashion startup, through effective financial planning.
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Abstract: In recent years, the creative industry in Indonesia, particularly in the field of fashion, has experienced significant growth. One emerging sector within the fashion industry is customizable fashion, which has gained traction due to increasing awareness of sustainability issues and consumers' growing emphasis on the quality of their purchases. These factors have contributed to the overall expansion of the customizable fashion industry. FEMS is a startup operating in the customizable fashion industry in Indonesia. However, the company is currently facing poor financial performance resulting from inadequate financial planning within the organization. Therefore, the objective of this research is to enhance FEMS's business performance through the implementation of effective financial planning strategies. This research adopts a quantitative method and utilizes both primary and secondary data sources. Primary data will be collected through surveys and interviews, while secondary data will be obtained from relevant publications and reports. By analyzing the collected data, the researcher will develop a financial projection/forecast for the next five years. Assumptions, both internal and external, will be considered during the creation of the financial plan. The financial feasibility of the proposed plan will be assessed by analyzing metrics such as internal rate of return (IRR), net present value (NPV), and payback period. These indicators will provide insights into the potential profitability and return on investment of the financial plan. Furthermore, an implementation plan will be created to ensure the smooth execution of the financial strategy. This plan will outline the necessary steps, timelines, and responsible parties involved in implementing the proposed financial initiatives. Through the careful implementation of this plan, FEMS aims to improve its financial performance and achieve sustainable growth in the customizable fashion industry.
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